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Profile of Arab Bangladesh(AB) Bank

AB Bank Limited is one of the first generation private commercial banks (PCBs) incorporated in Bangladesh on 31 December 1981 as a public limited company under the Companies Act 1913, subsequently replaced by the Companies Act 1994, and is governed by the Banking Companies Act 1991. The Bank went for public issue of its shares on 28 December 1983 and its shares are listed with Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd respectively. AB bank Limited has 82 Branches including one (1) Islami Banking Branch, one (1) Overseas Branch in Mumbai, India. The Bank has four subsidiary companies, AB Investment Limited, AB Securities Limited, Cashlink Bangladesh Limited, incorporated in Bangladesh and AB International Finance Limited, incorporated in Hong Kong. 

Brokerage business of Arab Bangladesh Bank Foundation has been transferred on 01 August 2010 to the newly form AB Securities Limited (ABSL) vide Bangladesh Bank approval letter BRPD(R-1)717/2009-493 dated 08 November 2009.

AB Bank Limited started its Islami Banking operation through its Dilkusha Islami Banking Branch, Dhaka on 23 December 2004 following the permission of Bangladesh Bank vide letter no. BRPD (P) 745 (12)/2004- 2702 dated 08 July 2004. Subsequently the Branch has been shifted to Kakrail, Dhaka on 18 October 2006.

AB Investment Limited (ABIL) and AB Securities Limited (ABSL) are recently incorporated as subsidiary companies following the approval of Bangladesh Bank following instructions from Securities and Exchange Commission. These two subsidiaries are being put into operations to cater the merchant banking and brokerage business which were previously done by the Bank itself. The Bank through its Branches and non-banking subsidiaries provides a diverse range of financial services and products in Bangladesh and in certain international markets. The Bank has expanded its capital market oriented service horizon to its customers through AB Investment Limited. The Bank obtained permission to embark upon Merchant Banking from the Securities and Exchange Commission (SEC) vide its certificate no. MB-1.02/2001-30 dated 15 May 2001 under the Securities and Exchange Commission Act 1993. Subsequently, the Bank has formed a subsidiary company named AB Investment Company Limited in accordance with approval of Bangladesh Bank vide its letter # BRPD(R-1)717/2009-538 dated 09 December, 2009 and Securities and Exchange Commission vide its letter # Sec/Reg/MB-79/2010/73 dated 10 March 

2010 for dealing the Merchant Banking business. General The Bank obtained permission as a security custodian from the Securities and Exchange Commission vide its certificate no. SC-05/2007 dated 22 January 2007 under the Securities and Exchange Commission (Security Custodian Service) Rules 2003. 

In the year 2009, the Bank obtained permission to operate Off Shore Banking Unit (OBU) vide letter # BRPD (P-3)744/(106)/2009-4486 dated 06 December 2009 of Bangladesh Bank. OBU operation has been carried out from 28 April 2010 through the Bank's EPZ Branch, Chittagong. 

The Bank has a dedicated philanthropic unit named Arab Bangladesh Bank Foundation (ABBF) which is operating since 2002. Foundation has obtained Brokerage Licenses from SEC on 15 August 2006 and 23 October 2006 for Dhaka Stock Exchange (DSE) and Chittagong Stock exchange (CSE) respectively and started its operation from 28 August 2006 and 05 December 2006 on DSE and CSE respectively. However, in view of the recent decision of Bangladesh Bank and upon due agreement to that effect subsequently by the Board of Directors of ABBL and ABBF respectively, launching of a new subsidiary company AB Securities limited for the operation of brokerage business, the business of ABBF has now being conducted by AB Securities limited. Bangladesh Bank has given approval for the mentioned new subsidiary.