Background of BCBL

Background

Bangladesh Commerce Bank Limited (BCBL) was established by the act no. I2 of 1997, passed by the Parliament of the People’s Republic of Bangladesh. Subsequently on February 8, 1998 as per clause 7(7) of act 12 of 1997, the Government constituted an 11 member Board of Directors to organize BCBL and administer the affairs of the Bank in accordance with the Act.

Bangladesh Commerce Bank Limited was incorporated on June 1, 1998 as a public limited company under the company act 1994, Banking Companies act 1991 and in accordance with the act no. 12 of 1997. The Bank formally started operation from September 16, 1999 with the slogan of “A People’s Bank with a Mission”.

Capital:

The Authorized and the Paid-up capital of the Bank is Tk.2000 million and Tk.920 million respectively. Out of Tk.920 million, the Government contributed Tk.300 million and the depositors of former BCI contributed Tk.520 million as their equity share. The balance Tk.100 million is subscribed by 3 nationalized Bank.

Commencement of Business:

Having been registered with the Registrar of Joint Stock Companies (RJSC) and Firms with the prior approval of Securities and Exchange Commission (SEC) Bangladesh Commerce Bank Limited commenced banking operation with the opening of its Principal Branch at 19, Rajuk Avenue, Motijheel Commercial Area, the financial hub of the capital city Dhaka on September 16, 1999. By the end of the accounting year1999, the other 23 branches in Dhaka, Chittagong, Khulna, Sylhet metropolitan area and Bogra, Naogaon, Narayangonj started functioning. At present BCBL is successfully running operation in 25 branches with its last branch opened in Comilla. Export/Import/Foreign Exchange business is being done through our A/D Branches. We are also member of SWIFT. Import-Export, Foreign exchange, remittance related activities are performed with SWIFT.

Board/EC/Audit Committee Meeting:

The Board of Directors is constituted with 11 members, 7 of them nominated by the Government & other 4 members from private equity holders as per the memorandum and article of association & as a public-private partnership. The Board of Directors meets at least once in a month to consider and review various important policy matters relating to its operation and management. Besides, EC & Board Audit committee meetings are also held regularly.

Auditors:

HODA VASI CHOWDHURY & Co. conducted audit of the Bank’s accounts for the years 2007 & 2008. HOWLADAR YUNUS & Co. is appointed as external auditor of the Bank for the year 2009.