Bank name and
backgroundFull name and establishment time: Eastern Bank Limited (Eastern Bank), established in 1992.
Headquarters location: Dhaka, Bangladesh.
Shareholder Background: Eastern Bank is a private bank in Bangladesh that was originally founded by a group of local Bangladeshi entrepreneurs. It is not listed, has no foreign shareholders, and is completely controlled by local private capital. As a private bank, Eastern Bank is committed to providing a range of financial services to individuals, businesses, and international customers.
Service Coverage
: Mainly operating in Bangladesh, especially in large cities and rural areas, it has a wide range of business layout. Although it has relatively little international presence, the bank maintains partnerships with a number of foreign financial institutions to provide cross-border financial services.
Number of offline branches and ATM distribution: Eastern Bank has more than 100 branches in Bangladesh and multiple ATMs in major cities and busy areas. With the expansion of digital banking, the distribution of ATMs has increased.
Regulatory & Compliance
Regulator: Eastern Bank is regulated by the Central Bank of Bangladesh (Bangladesh Bank) and complies with the Banking Act of Bangladesh and other relevant laws and regulations.
Deposit Insurance Scheme: The bank, as a registered bank in Bangladesh, participates in the deposit insurance scheme in Bangladesh to safeguard the deposits of its customers.
Recent Compliance Record: Eastern Bank has performed well in recent years with no major compliance issues, and the bank has a relatively good track record in terms of fund transparency and anti-money laundering measures. With the enhancement of regulatory requirements, banks have also strengthened their compliance and improved their internal control and risk management capabilities.
Financial Health
Capital Adequacy Ratio: The Eastern Bank's capital adequacy ratio performs well among Bangladeshi banks, meeting the capital adequacy requirements of the Central Bank of Bangladesh and has a strong capital base to effectively respond to the risks posed by economic fluctuations.
Non-Performing Loan Ratio: Although the Eastern Bank mainly serves small and medium-sized enterprises and individual customers, and is affected by the economic fluctuations in Bangladesh and the credit risk of some industries, its non-performing loan ratio remains below the industry average, showing relatively stable loan management capabilities.
Liquidity Coverage Ratio: The liquidity coverage ratio of Eastern Bank is relatively stable and fully meets regulatory requirements, which can ensure sufficient liquidity support in times of financial stress.
Deposit & Loan ProductsDeposit
Class
demand deposit interest rate: Eastern Bank's demand deposit interest rate is relatively low, but it provides flexible deposit and withdrawal services, which is suitable for daily banking needs.
Time Deposit Rates: Eastern Bank offers a variety of time deposit options, with competitive interest rates depending on the length and amount of the deposit.
Featured deposit products: The bank has also launched customized high-yield savings accounts and large certificates of deposit (CDs), which are suitable for large-amount fund management customers.
Loans
Mortgages: Eastern Bank offers relatively low mortgage interest rates and flexible repayment terms. Banks have certain qualification standards for home buyers, paying special attention to the customer's credit status and income level.
Car Loans: Personal car loans are available at affordable interest rates and flexible repayment plans to suit the needs of most customers.
Personal line of credit: Banks also provide relatively lenient personal credit loans, with competitive interest rates and relatively low thresholds, suitable for low- and middle-income groups.
Flexible repayment options: Eastern Bank's loan products provide flexible repayment options, especially for customers with special financial conditions, the bank will provide customized repayment plans according to individual circumstances.
List of common fees
Account Management Fee: Some accounts may charge an administration fee, which varies depending on the account type and frequency of transactions.
Transfer fees: Domestic transfer fees are low, while cross-border transfer fees are relatively high.
Overdraft fees and ATM inter-bank withdrawal fees: Overdraft fees and ATM inter-bank withdrawal fees are reasonable and in line with industry standards.
Hidden fees: Some accounts have a minimum balance and may be subject to an administrative fee if they do not meet the target.
Digital Service Experience
APP & Online Banking
User Rating: The Eastern Bank app has a medium rating on the App Store and Google Play, and user feedback shows that its functions are relatively simple. The interface needs to be optimized, but basic services such as account inquiry, transfers, and bill payments can meet daily needs.
Core functions: The bank's APP and online banking have basic functions such as account management, real-time transfer, bill payment, etc., but compared with their peers, they lack some innovative value-added services, such as investment tools and intelligent financial management.
Technological innovation: Eastern Bank has already started to introduce AI customer service and robo-advisors, and plans to strengthen open banking API support in the future to improve users' digital experience.
Customer Service Quality
Service Channels: 24/7 phone support and live chat services are available, and response times are relatively fast, although the response speed and quality of social media platforms still need to be improved.
Complaint handling: The bank has a low complaint rate and a good track record of handling complaints, with a short average time to resolution.
Multi-language support: Eastern Bank offers services in Bengali and English, which cater to the needs of most local and international customers, but there is still a lack of support in other languages.
Security Measures
: Bank of the East participates in the Bangladesh Deposit Insurance Scheme to ensure the safety of customers' deposits. At the same time, banks employ real-time transaction monitoring technology to deal with possible anti-fraud risks.
Data security: Eastern Bank pays attention to data security, and although it has not yet obtained ISO 27001 certification, it is strengthening the construction of an information security system to ensure the protection of customer data.
Featured Services & Differentiated
Market Segments
student accounts: Eastern Bank offers fee-free accounts for students and young people to manage their daily expenses.
Exclusive wealth management for the elderly: Exclusive wealth management products for elderly customers to help them better manage their retirement funds and personal assets.
Green financial products (ESG investment): Banks have launched a number of green financial products that are committed to supporting environmental protection and sustainable development projects.
High-net-worth services: Eastern Bank provides customized private banking services to high-net-worth clients, covering wealth management, investment planning and other fields.
Market Position &
Honors: Eastern Bank occupies an important position in Bangladesh's banking industry, and although it is not among the top 50 banks in the world, it has maintained steady growth in terms of domestic assets and market share.
Awards: Eastern Bank has received several industry awards for its innovative digital services and premium customer experience, especially in the categories of "Best Digital Bank" and "Customer Satisfaction".
