Performance

1.Introduction

Bank Asia Limited is a scheduled commercial bank in the private sector established under the Banking Company Act 1991 and incorporated in Bangladesh as a public limited company under the Companies Act 1994, on September 28, 1999. Bank Asia Limited is a new entrant in the private banking scenario of Bangladesh. The bank started its journey on November 27, 1999 when the Honorable Prime Minister, Sheikh Hasina inaugurated Bank Asia's corporate office at Rangs Bhaban, on the Old Airport road. Bank Asia has been launched by a group of successful entrepreneurs with recognized standing in the society. The initial paid up capital of the Bank is over Tk. 218.00 million. The management of the Bank consists of a team led by senior bankers with vast experience in national and international markets.

Bank Asia Limited conducts all types of commercial banking activities. The core business of the bank comprises of import, export, working capital finance and corporate finance. The bank is also rendering personal credit, services related to local and foreign remittances. The “Personal Credit” scheme of the bank, which is designed to help the fixed income group in raising standard of living is competitively priced and has been widely appreciated by the customers. The bank’s strategy is to gradually cover the total arena of banking.

Within a short span of time, Bank Asia Limited has established itself as one of the fast growing local private banks. It has at present a network of 44 branches serving many of the leading corporate houses, small and medium enterprises and individuals. In 2001, the bank set a milestone by acquiring the business operations of the Bank of Nova Scotia in Dhaka, first in the banking history of Bangladesh. Again in 2002, the bank acquired the Bangladesh operations of Muslim Commercial Bank Ltd. (MCB) of Pakistan. In the year of 2003, the bank went public by offering shares to the general investor and in 2004 the bank listed itself with...