Pubali Bank Limited is
the successor of the erstwhile Eastern Mercantile Bank Limited incorporated in
1959 under the Companies Act 1913. Eastern Mercantile Bank Ltd was nationalized
under Bangladesh Bank's (Nationalization) Order 1972 and was renamed as Pubali
Bank.
It was denationalized on
30 June 1983 under the Bangladesh Bank's (Nationalization) Amendment Ordinance
1983. Since inception this Bank has been playing a vital role in
socio-economic, industrial and agricultural development as well as in the
overall economic development of the country through savings mobilization and
investment of funds.
After being handed over
to the private ownership and management, Pubali Bank consolidated its business
and profitability and earned profits in the years 1985 to 1989. However with
the increase in classified loans and advances especially to Govt. and Semi
Govt. sector, and due to the implementation of the financial sector reform
program of the Govt. in 1989 requiring strict classification provision, the
Bank fell into catastrophe and started to incur loss.
Through the efforts of
the management, the Bank started making operating profit from 1994. In 1996
Bangladesh Bank identified Pubali Bank as a problem bank considering the
capital inadequacy, provision shortfall, amount of classified loans etc and the
Board signed a Memorandum of Understanding with the central bank to regularly
report on the improvements in these areas. Pubali Bank has improved its
performance in the recent years.
The Bank expanded its
operation through opening 7 new branches at different places during the year
2011. As such the total number of branches of the bank stand at 406 all over
the country. At Present, Pubali Bank is the largest private commercial bank
having 410 branches and it has the largest real time centralized online banking
network.
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