Rupali Bank

Rupali Bank Limited was constituted with the merger of 3 erstwhile commercial banks i.e. Muslim Commercial Bank Limited, Australasia Bank Limited and Standard Bank which operated in the then East Pakistan on 26 March 1972, under the Bangladesh Banks (Nationalization) Order 1972.

Rupali Bank worked as a nationalized commercial bank until 13 December 1986. When the bank went public, but the majority of the shares were still retained by the Government.{{Cite Banglapedia|article=Rupali Bank Limited}} Rupali Bank Limited emerged as the largest Public Limited Banking Company of the country on 14 December 1986.

Rupali Bank automated its foreign exchange services in January 1999.{{Cite news |date=7 January 1999 |title=Rupali Bank computerises forex branch |url=https://www.thedailystar.net/news/rupali-bank-computerises-forex-branch |access-date=4 November 2022 |work=The Daily Star |language=en}}

From 1994 to 2003, Hafiz Ibrahim, member of parliament from Bhola served as the director of Rupali Bank Limited.{{Cite news |title=Rupali Bank directors rally behind Ibrahim |url=https://archive.thedailystar.net/2003/09/16/d30916012323.htm |access-date=4 November 2022 |work=The Daily Star}} He was re-elected to board in 2003 despite Bangladesh Bank seeking an explanation why a director had served more than 6 years in a row at the bank against its rules. Rupali Bank was of the opinion as a state owned Bank that rule did not apply to them. Bangladesh Bank removed him in 2005.{{Cite news |title=Hafiz Ibrahim loses Rupali Bank directorship |url=https://archive.thedailystar.net/2005/05/04/d50504050650.htm |access-date=4 November 2022 |work=The Daily Star}} Syed Muhammad Yunus, a tube well businessman, admitted to the Anti Corruption Commission that he embezzled 240 million taka from the bank with the help of Ibrahim.{{Cite news |date=2 January 2008 |title=Credits granted under influence of Ex-BNP MP Hafiz Ibrahim |url=https://www.thedailystar.net/news-detail-17416 |access-date=4 November 2022 |work=The Daily Star |language=en}}

Rupali Bank signed an agreement with Arif Habib Securities Limited to explore the option of starting a joint venture in Pakistan in 2004.{{Cite news |title=Rupali Bank all set to launch jt venture bank in Pakistan |url=https://archive.thedailystar.net/2004/07/18/d40718050148.htm |access-date=4 November 2022 |work=The Daily Star}} The bank's branch in Pakistan became a joint venture with Arif Habib Securities Limited in 2005.{{Cite news |title=Rupali Bank's Karachi branch now Pak-Bangla jt venture bank |url=https://archive.thedailystar.net/2005/09/19/d50919012319.htm |access-date=4 November 2022 |work=The Daily Star}} It received the Bangladesh Best IT Use Award sponsored by Dutch-Bangla Bank Limited and awarded by Bangladesh Association of Software and Information Services.{{Cite news |title=12 business houses get Best IT Use Award |url=https://archive.thedailystar.net/2005/12/01/d51201050651.htm |access-date=4 November 2022 |work=The Daily Star}} Altaf Hossain Choudhury, Minister of Commerce had handed over the award to the bank.

In June 2008, Bangladesh Bank refused to handle the privatization of Rupali Bank due to the large size of the Bank.{{Cite news |last=Rahman |first=Sajjadur |date=19 June 2008 |title=BB declines to take over Rupali Bank privatisation |url=https://www.thedailystar.net/news-detail-41777 |access-date=4 November 2022 |work=The Daily Star |language=en}} A Saudi-backed group had expressed interest in taking over the bank in 2006.{{Cite news |title=No job cuts after purchase of Rupali Bank, say Saudis |url=https://archive.thedailystar.net/2006/07/20/d60720050269.htm |access-date=4 November 2022 |work=The Daily Star}}{{Cite news |title=Saudi prince keen to invest $5-6b |url=https://archive.thedailystar.net/2007/2006/07/16/d60716050366.htm |access-date=4 November 2022 |work=The Daily Star}} More than 20 companies had expressed interest in buying Rupali Bank including Abu Dhabi United Group, Alliance Bank Malaysia Berhad, AmBank, Habib Bank Limited, ICICI Bank, State Bank of India, Melewar Industrial Group Berhad, and United Bank Limited.{{Cite news |last=Byron |first=Rejaul Karim |title='Road show' today in KL to woo potential buyers of Rupali Bank |url=https://archive.thedailystar.net/2006/03/12/d60312050144.htm |access-date=4 November 2022 |work=The Daily Star}}

The bank established Rupali Investment Limited as a fully owned subsidiary in 2010.{{Cite web |title=Rupali Investment LTD |url=http://www.riltd.org/ |access-date=4 November 2022 |language=en-US}}

In September 2015, a court in Dhaka ordered the bank to 600 thousand taka to a man runover and killed by a staff bus of the bank in 1996.{{Cite news |date=22 September 2015 |title=Road crash victim's family wins compensation |url=https://www.thedailystar.net/country/road-crash-victim%E2%80%99s-family-wins-compensation-147133 |access-date=4 November 2022 |work=The Daily Star |language=en}}

In 2016, Rupali Bank's top loan defaulter was AHZ Agro.{{Cite news |date=10 May 2016 |title=Four banks hostage to top loan defaulters |work=Prothom Alo |url=http://en.prothom-alo.com/economy/news/104141/Four-banks-hostage-to-top-loan-defaulters |url-status=dead |access-date=28 July 2016 |archive-url=https://web.archive.org/web/20170320060915/https://en.prothom-alo.com/economy/news/104141/Four-banks-hostage-to-top-loan-defaulters |archive-date=20 March 2017}} 10 branches of the bank made a loss in 2016.{{Cite news |last=Sakib |first=Sanaullah |date=9 May 2016 |title=State banks run on tax money |work=Prothom Alo |url=http://en.prothom-alo.com/bangladesh/news/104071/State-banks-run-on-tax-money |url-status=dead |access-date=28 July 2016 |archive-url=https://web.archive.org/web/20161012181514/https://en.prothom-alo.com/bangladesh/news/104071/State-banks-run-on-tax-money |archive-date=12 October 2016}} Rupali Bank had distributed 137.71 billion taka of which 15.49 billion taka was bad loans, defaulted, and 10.19 billion taka in loans were written. It had a capital shortfall of 1.45 billion taka.{{Cite news |last=Kallol |first=Asif Showkat |date=7 April 2016 |title=State banks to get Tk3,000cr less to meet capital shortfall |work=Dhaka Tribune |url=http://www.dhakatribune.com/bangladesh/2016/apr/07/state-banks-get-tk3000cr-less-meet-capital-shortfall |url-status=dead |access-date=28 July 2016 |archive-url=https://web.archive.org/web/20160416152607/http://www.dhakatribune.com/bangladesh/2016/apr/07/state-banks-get-tk3000cr-less-meet-capital-shortfall |archive-date=16 April 2016}}

In November 2017, Bangladesh Industrial Finance Company could not return 317.3 million taka to Rupali Bank due to fund shortages.{{Cite news |last=Uddin |first=AKM Zamir |date=30 November 2017 |title=Now BIFC faces liquidity crunch |url=https://www.thedailystar.net/frontpage/bifc-failing-repay-rupali-banks-tk-32cr-1498375 |access-date=4 November 2022 |work=The Daily Star |language=en}} it became a shareholder of Padma Bank after the government used Rupali Bank and three other stated owned banks to injects funds into Padma Bank.{{Cite news |date=1 September 2021 |title=Padma Bank seeks to merge with state bank |url=https://www.thedailystar.net/business/economy/banks/news/padma-bank-seeks-merge-state-bank-2165686 |access-date=4 November 2022 |work=The Daily Star |language=en}}

The recruitment exam of the three state owned banks, Rupali, Sonali Bank Limited, and Janata Bank Limited were stayed by a High Court bench composed of Justices Moyeenul Islam Chowdhury and Justice J. B. M. Hassan in January 2018.{{Cite news |date=7 January 2018 |title=Sonali, Rupali, Janata banks' recruitment exams stayed |url=https://www.thedailystar.net/country/sonali-rupali-janata-bank-recruitment-examination-stayed-1516270 |access-date=4 November 2022 |work=The Daily Star |language=en}}

In January 2019, Justices Md Nazrul Islam Takukder and K. M. Hafizul Alam of the High Court Division summoned S. M. Atiqur Rahman, general manager, Mohammad Ali, deputy general manager, and Md Abdus Samad Sarkar, principal officer of the bank after their names were exempted from a 150 million taka corruption case.{{Cite news |date=30 January 2019 |title=Three Rupali Bank high-ups summoned |url=https://www.thedailystar.net/city/corruption-case-high-court-summon-3-top-officials-rupali-bank-1694512 |access-date=4 November 2022 |work=The Daily Star |language=en}} The issued the order on an appeal filed by AHM Bahauddin, managing director of Everest Holding and Technologies Limited, who had been sentenced life imprisonment in the embezzlement case. In August, Md Obayed Ullah Al Masud was made managing director of Rupali Bank from Sonali Bank and Rupali Bank managing director Md. Ataur Rahman Prodhan was made managing director of Sonali Bank.{{Cite news |date=20 August 2019 |title=MDs of Sonali Bank, Rupali Bank swapped |url=https://www.thedailystar.net/business/banking/md-of-sonali-rupali-bank-swapped-1787860 |access-date=4 November 2022 |work=The Daily Star |language=en}} The Bank offered to reschedule a 11.68 billion taka loan to Mother Textile, a subsidiary of Euroasia Mattress, which defaulted in 1993.{{Cite news |last=Uddin |first=AKM Zamir |date=5 October 2019 |title=Outrageous offer for a defaulter |url=https://www.thedailystar.net/frontpage/rupali-banks-outrageous-offer-for-a-defaulter-1809571 |access-date=4 November 2022 |work=The Daily Star |language=en}} The Daily Star described the offer as "outrageous".

Rupali Bank gave loans to 11 companies, including Beacon Pharmaceuticals, Bashundhara Paper Mills, Mother Textile, violating rules of the bank.{{Cite news |date=22 December 2020 |title=Rupali Bank lends Tk 350cr ignoring banking norms |url=https://archive.dhakatribune.com/business/2020/12/22/rupali-bank-lends-tk-350cr-ignoring-banking-norms |access-date=4 November 2022 |work=Dhaka Tribune}}

In 2021, Agrani Bank, Rupali, Sonali Bank Limited, and Janata Bank Limited, all state owned banks, paid the highest bonus to their employees despite poor performance and against the recommendation of Bangladesh Bank.{{Cite news |last=Uddin |first=AKM Zamir |date=26 July 2021 |title=Hefty incentives for state bank employees |url=https://www.thedailystar.net/business/economy/banks/news/hefty-incentives-state-bank-employees-2137156 |access-date=4 November 2022 |work=The Daily Star |language=en}} Dhaka Stock Exchange disclosed that Rupali Bank had insufficient capital to manage its risks in 2022.{{Cite news |date=10 May 2022 |title=Rupali Bank has insufficient capital to manage risks |url=https://www.thedailystar.net/business/organisation-news/news/rupali-bank-has-insufficient-capital-manage-risks-3020146 |access-date=4 November 2022 |work=The Daily Star |language=en}} It was part of a syndicated 5.2 billion taka loan organized by Dhaka Bank Limited for Chandpur Power Generations Limited of Doreen Group.{{Cite news |date=19 January 2022 |title=Dhaka Bank arranges Tk 520 crore for Chandpur Power |url=https://www.thedailystar.net/business/news/dhaka-bank-arranges-tk-520-crore-chandpur-power-2942696 |access-date=4 November 2022 |work=The Daily Star |language=en}} Anti Corruption Commission sued the former managing director of the bank, M Farid Uddin, and nine officials of the bank and HR Spinning Mills Limited for embezzling 1.48 billion taka from the bank.{{Cite news |title=ACC okays charge sheet against ex-Rupali Bank MD, 9 others |url=https://www.newagebd.net/article/159088/acc-okays-charge-sheet-against-ex-rupali-bank-md-9-others |access-date=4 November 2022 |work=New Age (Bangladesh) |language=en}} It was made a Critical Information Infrastructure by the government of Bangladesh under the Digital Security Act restricting access to information of the bank.{{Cite news |title=29 public orgs named Critical Information Infrastructure |url=https://www.newagebd.net/article/182758/29-public-orgs-named-critical-information-infrastructure |access-date=4 November 2022 |work=New Age (Bangladesh) |language=en}} It is one of banks financing the gold refinery venture of Bashundhara Group.{{Cite news |title=6 banks move to finance Bashundhara Gold Refinery |url=https://www.newagebd.net/article/160344/6-banks-move-to-finance-bashundhara-gold-refinery |access-date=4 November 2022 |work=New Age (Bangladesh) |language=en}}

{{Update section|date=December 2024}}

• Rupali Bank Securities Limited{{Cite web |title=Rupali Bank Securities Limited |url=http://www.rbsl.com.bd/ |access-date=4 November 2022 |website=RBSL}}
• Rupali Investment Limited

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