AB Bank (formerly Arab Bangladesh Bank) is a leading private sector bank in

Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world, with a population exceeding 165 million pe ...

. AB Bank Limited was incorporated on 31st December, 1981 and its the first commercial private bank in

History

AB Bank was established on 31 December 1981. This was the first joint venture private bank in Bangladesh. On 14 November 2007

Bangladesh bank Bangladesh Bank ( bn, বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh. The bank is active in developing green ba ...

approved the name change to AB Bank from Arab Bangladesh Bank. A former deputy managing director was charged with embezzling 3.25 billion

taka The Bangladeshi taka ( bn, টাকা, sign: , code: BDT, short form: Tk) is the currency of the People's Republic of Bangladesh. In Unicode, it is encoded at . Issuance of bank notes 10 and larger is controlled by Bangladesh Bank, while ...

from the bank. In February 2008, AB Bank was fined 100 million taka for violating securities law with excessive marginal loans. The majority of these loans from the merchant banking wing of AB Bank went to bank employees and their relatives. In 2014 AB bank completed its acquisition of Cashlink Bangladesh Limited. A former vice president and his wife were sentenced to life in prison for

embezzlement Embezzlement is a crime that consists of withholding assets for the purpose of conversion of such assets, by one or more persons to whom the assets were entrusted, either to be held or to be used for specific purposes. Embezzlement is a type ...

of 67.4 million taka from the bank in 2016.According to an investigation by Bangladesh Bank, AB Bank had laundered 1.65 billion taka to United Arab Emirates. The investigation identified Cheng Bao General Trading LLC and Pinnacle Global Fund Pte Limited for being involved in laundering the money. According to the Anti-Corruption Commission, M Morshed Khan, founder of the bank, unduly favored loans to Citycell which was also owned by him. On 14 June 2022, Justices Md Nazrul Islam Talukder and

Kazi Md Ejarul Haque Akondo Kazi Md. Ejarul Haque Akondo (born 24 May 1971) is a Bangladeshi justice of the High Court Division. He was appointed in 2012. Early life Akondo was born on 24 May 1971. He completed his bachelors and masters from the University of Dhaka. Ca ...

the High Court Division criticized the Anti-Corruption Commission and Bangladesh Police for not being able to arrest the 15 accused in the 1.76 billion taka embezzlement case.

References

Banks established in 1981 Banks of Bangladesh 1981 establishments in Bangladesh Banks of Bangladesh with Islamic banking services {{asia-bank-stub