Bengal Commercial Bank starts journey

Bengal Commercial Bank (BGCB) has started its journey as 60th commercial bank in the country with a vision of 'Inspiring Growth'.

Finance Minister AHM Mustafa Kamal inaugurated the bank at a hotel in the capital on Wednesday night.

Speaking online as the chief guest, AHM Mustafa Kamal said, "There are many challenges in the financial sector. This has created a crisis of confidence for businessmen and investors. 

Everyone must work together to overcome the crisis, the minister added.

Urging the bank authorities not to open a branch at the instigation of anyone, the minister further said, "We have to work keeping in mind the purpose of setting up the bank. We have to look at the weaknesses of other banks and create our own path."

Industries Minister Nurul Majid Mahmud Humayun welcomed the initiative to help small and medium enterprises, a major force in the country's economy.

Commerce Minister Tipu Munshi urged for a new roadmap. 

Besides, Salman F Rahman, private sector industry and investment adviser to the Prime Minister, called for building inclusive banking services.

Mentioning that the board of directors will not interfere in the management of the banks, such instructions are only on paper, Nazrul Islam Majumder, chairman of the Bangladesh Association of Banks (BAB), said that managing directors of banks run banks as per decision of board. 

He said that no matter what Bangladesh Bank says, the board of directors will not interfere in the management, but it is just on paper. In the true sense of the word, the board runs the bank.

"If there is a breakdown in the board of directors or if there is decay in the head, it goes all over the body. Due to this many banks have gone bankrupt," said Nazrul Islam. 

At that time, he demanded to increase the amount of tax-free deposit from Tk5 lakh to Tk 50 lakh.

Jasim Uddin, chairman of Bengal Commercial Bank and former vice-president of the FBCCI, said, "Bengal Bank would work to overcome the crisis of customer confidence, created by various negative developments in the financial sector."

"We will give utmost importance to increase the reliance on technology in providing banking services, so that everything can be given centrally. Besides, Bengal Bank wants to boost economic growth by providing loans to small and medium entrepreneurs," he said. 

With this objective in mind, the slogan has been inspired "inspiring growth", said the chairman. 

FBCCI President Sheikh Fazle Fahim, Bengal Group Chairman and Member of Parliament Morshed Alam and other entrepreneurial directors and businessmen of Bengal Bank attended the inaugural event.