Sonali Bank Limited In Bengali: সোনালী ব্যাংক লিমিটেড is the principal state-owned leading public commercial bank in Bangladesh. It is the largest bank in the country.
History of Sonali bank
Sonali-bank was established in 1972 under the Bangladesh Banks (Nationalisation) Order, through the amalgamation and nationalization of the branches of National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank branches located in East Pakistan until the 1971 Bangladesh Liberation War. When it was established, Sonali-Bank had a paid-up capital of 30 million takas. In 2001, its authorized and paid-up capital were Tk 10 billion and Tk 3.272 billion respectively.
Presently, it’s authorized and paid-up capital is Tk 10 billion and Tk 9 billion respectively. The bank’s reserve funds were Tk 60 million in 1979 and Tk 2.050 billion on 30 June 2000. In 2013, $250,000 was stolen from the bank by Cybercriminals using the Swift International payments network. In 2016 the Bank signed a Memorandum of Understanding with PayPal.
Branches of Sonali bank
Sonali-Bank has a total of 1229 branches. The most recent branch that opened services is in Rajshahi University Campus Branch, Rajshahi. Out of them, 467 are located in urban areas, 746 in rural areas and 2 are located overseas (India). It also operates the Sonali Exchange Company Inc. in the USA, Sonali Exchange in Dubai (UAE), Sonali Bank (UK) Ltd., United Kingdom, Hong Kong, (HAR), and Singapore to facilitate foreign exchange remittances. Sonali-Bank UK remits up to 25 destinations across Bangladesh directly, these include Dhaka, Chittagong, Sylhet, Moulvibazar, Beanibazar, Balaganj, Biswanath, Jagannathpur, Sunamganj, Gopalganj, Nabiganj Upazila, Hobigonj, Kulaura, Tajpur.
There are currently four in the US Washington DC, New York, Chicago, and Los Angeles.
There are four branches in the UK, one located in Osborn Street, in London, another in Small Heath; Birmingham and in Manchester.
There are two branches in India, one in Kolkata & other in Siliguri of the West Bengal state of India.
In 2010, Islamic-banking was launched in 5 branches of different districts of the country through Sonali Bank. In 2009, again Islami banking was launched in six other branches of Sonali Bank in different districts across the country.