Bangladesh Development Bank is a state-owned commercial bank in Bangladesh.
History of Bangladesh Development Bank ( BDBL )
With the decision of the Government, Bangladesh Development-Bank Ltd. (BDBL) was incorporated on 16 November 2009 as a Public Company Limited by shares under the Companies Act, 1994 by the amalgamation of former Bangladesh Shilpa Bank (BSB) and Bangladesh Shilpa Rin Sangstha (BSRS), two Development Financial Institutions (DFIs) in the public sector.
Bangladesh Shilpa Bank (BSB) was established on October 31, 1972, for accelerating the industrial pace of the country by providing loans and equity to the industrial projects as per Bangladesh Shilpa Bank Order, 1972 (President’s Order No. 129 of 1972).
With the same objective, Bangladesh Shilpa Rin Sangstha (BSRS) was also established on October 31, 1972, as per the Bangladesh Shilpa Rin Sangstha Order, 1972 (President’s Order No. 128 of 1972).
In order to carry on the business of BD-BL, Bangladesh Bank issued a banking license on 19-11-2009.
Two Vendors’ Agreements were signed between the Government of the People’s Republic of Bangladesh and the BD-BL on 31 December 2009 to acquire and take over all of their (BSB & BSRS) assets, benefits, rights, powers, authorities, privileges, liabilities, borrowings and obligations and to carry on with the same business.
As a Public Limited Company, BD-BL formally embarked on its journey on January 03, 2010. It extends financial assistance for setting up industries and provides all kinds of commercial banking services to its customers through its branch network in Bangladesh.
The BD BL also inherited membership of Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). In order to contribute to the capital market, it acts as a stock dealer and stockbroker and operates brokerage houses, at Motijheel to provide services to small and medium investors. BD-BL also established a fully owned subsidiary company namely BD-BL Securities Limited and transferred its membership with DSE and another membership with CSE. It acts stock dealer and stockbroker and operates a brokerage House At 12, Karwan Bazar Dhaka to provide Investors. The BBL is also managing a close-end Mutual Fund with paid-up capital of Tk. 5.00 crore.
Bangladesh Development Bank was established on 16 November 2009 as a Public Limited Company by merging the state-owned Bangladesh Shilpa Bank with the Bangladesh Shilpa Rin Sangstha; both were established on 31 October 1972. Bangladesh Development Bank started in 2010 with 534 court cases concerning 21 billion takas and 24.6 billion takas in written off liabilities.
The bank has had issues with loan defaulting, as of 2018, the total defaulted loans at the bank stood at 23.32 billion takas. On 11 June 2019, the Anti-Corruption Commission sued officials of the bank for allegedly embezzling 250 million takas from the bank.