United Commercial Bank PLC (UCB) Is A Commercial Bank In Bangladesh. It Was Established In 1983.
History
The Bank Was Incorporated On June 26, 1983. The Government Owns Shares In The Bank. The Bank Was Listed On The Dhaka Stock Exchange (DSE) In 1986 And On The Chittagong Stock Exchange (CSE) In 1995.
On April 8, 1993, Humayun Zahir, The First Chairperson Of United Commercial Bank, Was Murdered After A Dispute With Other Bank Directors. UCB Director Akhtaruzzaman Chowdhury Babu Is Suspected Of Having Committed Murder. On August 26, 1999, Akhtaruzzaman Forcibly Seized Control Of The UCBL Board At Gunpoint During A Meeting With His Son Saifuzzaman Chowdhury And 40 Armed Men. Another Chairperson, Zafar Ahmed Chowdhury, Was Again Forced To Resign. Bangladesh Police Refused To Take Any Action Against Him, Citing Close Links Between Akhtaruzzamanu And Prime Minister Sheikh Hasina. Later, Zafar Ahmed Returned To The Board With A Court Verdict In His Favour.
In February 2008, The Bangladesh Bank Appointed Observers To The United Commercial Bank Due To An Ownership Dispute. In 2010, Akhtaruzzaman Became A Director. The Anti-Corruption Commission (ACC) Has Indicted Four Officials Of UCB And A Managing Director Of A Real Estate Company, Accusing Them Of Misappropriating 90 Million Bangladesh Taka From The Bank. Four Officers Of The Bank Used Forged Credit Cards To Steal 100 Million Taka From The Bank Between 2007 And 2012 Until It Was Discovered In May 2012. In 2012, The Anti-Corruption Commission Indicted Six People For Allegedly Misappropriating UCB's 129 Million Bangladeshi Taka.
In March 2016, A Chittagong Court Sentenced An Officer Of UCB To Prison For Allegedly Helping A Businessperson Fraudulently Obtain A Loan 181.80 Million Bangladeshi Taka, The Property Had Been Mortgaged To Bangladesh Krishi Bank And Then Laundering The Money Outside Bangladesh.
In September 2017, Union Commercial Bank Granted A Loan Waiver To Russel Vegetable Oils Limited, Which Is Affiliated With Sultana Hashem, A Director Of The Bank, Who Is The Wife Of M.A. Hashem, Chairperson Of Partex Group. The Loan Waiver Violated The Banking Rules In Bangladesh.
Humayun Zahir Was The First Chairperson Of United Commercial Bank. In 2013, Sharif Zahir, The Eldest Son Of Humayun Zahir, Was Elected As The Deputy Chairperson Of The Bank. In 2013, MA Hashem Was Re-elected Chairperson Of UCB.
In September, Bangladesh Bank Sought Clarification From UCB Over Its Alleged Profit From Selling Dollars At High Prices During The Foreign Exchange Market Crisis. The Complaint Was Later Resolved, Resulting In The Bank Being Authorized To Allocate 50% Of Its Dollar Trading Profits To Its Corporate Social Responsibility (CSR) Fund, While The Remaining 50% Could Be Retained As Income. In July, Bangladesh Businessperson MNH Bulu Filed A Lawsuit Against UCB Seeking Compensation From BDT For Defamation Caused By False Allegations. In May 2023, UCB Disclosed A Decrease In Its Operating Profit And An Increase In Its Operating Expenses, According To A Report Prepared Under International Financial Reporting Standards (IAS) -34.
In 2024, Sharif Zahir, Who Became Chairperson Of The Bank, Said He Was Forcibly Removed From The Bank With The Knowledge Of Former Prime Minister Sheikh Hasina.
Operation
With 228 Branches And 159 Branch Networks, The Bank Offers Personalized Services, Innovative Practices, A Dynamic Approach And Efficient Management. Since Its Inception In 2006, Consumer Products Such As UCB Cards Have Been Growing And Have Quickly Become A Leader In The Local Market With Around 40,000 Cardholders.
The Bank Is Listed On The Dhaka Stock Exchange Limited And Chittagong Stock Exchange Limited.
Financial Events
CRM/ATM Kiosk At Mirpur UCB
In 2009, United Commercial Bank Signed A Contract With The Bangladesh Cricket Board To Become The Official Sponsor Of The Bangladesh National Cricket Team. In September 2015, United Commercial Bank Launched A New Logo Designed By Rafiqun Nabi And Mustafa Manwar.
Mobile Financial Services (MFS) Ucash Was Launched In 2013. After Eight Years Of Service, The Name Has Been Changed To Upay. In November 2020, United Commercial Bank PLC Established Its Subsidiary, UCB Investment Ltd.
In 2021, UCB Launched A Digital Financial Services Brand Called Upay （উপায়） , A Digital Financial Services Brand Owned By UCB Fintech Company Limited, A Subsidiary Of United Commercial Bank. Upay Acquired Grameenphone, Robi And Banglalink To Ensure That Their Users Do Not Need A Valid Internet Connection To Use The Upay App.
In 2022, UCB Achieved The Highest Profit, Exceeding $39 Million, An Increase Of 32% Compared To The Previous Fiscal Year. [ 8] The Bank Plans To Set Up A Subsidiary In Singapore, United Arab Emirates And Qatar This Year [43] To Process Money Transfers.
In 2024, UCB Plans To Acquire National Bank, UCB Has Expressed Interest In Acquiring NBL, Which Has Been Hit Hard By High Loan Default Rates In 2022, Resulting In Losses Of 32.85 Billion Baht - The Highest Ever Recorded In The Bangladeshi Banking Industry
