United Commercial Bank PLC

United Commercial Bank PLC[9] (UCB) is a commercial bank in Bangladesh. It was established in 1983.[10][11][12]

United Commercial Bank PLC
Native name
ইউনাইটেড কমার্শিয়াল ব্যাংক পিএলসি
FormerlyUnited Commercial Bank (Bangladesh)
TypePublic limited company, commercial bank
ISINBD0108UCBL05
IndustryBanking
Financial services
FoundedJune 27, 1983 (1983-06-27)
HeadquartersGulshan, ,
Number of locations
Area served
Bangladesh
Key people
Services
Increase$105.7 million (2022)
Increase$37.1 million (2022)
Total assetsIncrease$5.8 billion (2022)
Total equityIncrease$382.9 million (2022)
Number of employees
5060 (2021)
Subsidiaries
  • Upay
  • UCB Stock Brokerage Ltd.
  • UCB Fintech Company Ltd.
  • UCB Asset Management Ltd.
  • UCB Investment Ltd.
RatingAA
Websitewww.ucb.com.bd
Footnotes / references
[1][2][3][4][5][6][7][8]

History

1980s

The bank was incorporated on 26 June 1983. The government owns shares in the bank. The bank was listed in the Dhaka Stock Exchange (DSE) by 1986 and Chittagong Stock Exchange (CSE) by 1995.[10][13]

1990s

On 8 April 1993, Humayun Zahir, the first chairman of the United Commercial Bank was murdered following a dispute with other bank directors.[14] Akhtaruzzaman Chowdhury Babu, director of UCB was suspected for the murder.[15] Babu fled the country and returned in 1996 after the Awami League government came to power replacing the Bangladesh Nationalist Party.[15]

On 26 August 1999, Babu forcefully seized control of UCBL's board of directors during a meeting with his son, Saifuzzaman Chowdhury by gunpoint with 40 armed men.[15][16] Again another chairman, Zafar Ahmed Chowdhury was forced to resign.[15] Bangladesh Police declined to initiate any action against him citing the close association between Babu and Prime Minister Sheikh Hasina.[15][16] Later, Zafar Ahmed returned to the board of directors with a court verdict in his favor.[15]

2000s

CRM/ATM booth of UCB in Mirpur

In February 2008, Bangladesh Bank appointed an observer to United Commercial Bank due to ownership disputes.[17]

In 2009, United Commercial Bank signed a contract Bangladesh Cricket Board to become the official sponsor of Bangladesh national cricket team.[18]

2010s

In 2010, while Awami League returned to power Babu again became a director.[15]

The Anti-Corruption Commission (ACC) sued four officials of UCB and a managing director of a real estate company for embezzling 90 million Bangladeshi taka from the bank.[19] Between 2007 and 2012, four officials of the bank stole 100 million taka from the bank using forged credit cards until they were detected in May 2012.[20] In 2012, the Anti-Corruption Commission sued six for embezzling 129 million BDT from UCB.[21]

In 2013, Humayun Zahir's elder son Sharif Zahir was elected as the vice chairman of the bank.[22][23] A mobile financial service (MFS), Ucash, has been introduced at the end of this year.[24] After eight years of services the name has been changed to Upay.[25][26]

In September 2015, United Commercial Bank launched a new logo, designed by Rafiqun Nabi and Mustafa Manwar.[27] M. A. Hashem was re-elected chairman of UCB.[28]

In March 2016, a Chittagong Court sentenced an official of UCB to jail for allegedly helping a businessman secure 181.8 million BDT loan against a property, which was already mortgaged to Bangladesh Krishi Bank, through fraud and then laundering the money outside of Bangladesh.[29]

In September 2017, United Commercial Bank provided loan waiver to Russel Vegetable Oils Limited, a company liked to bank director, Sultana Hashem, wife of the chairman of Partex Group M. A. Hashem.[30] The loan waiver violated banking rules of Bangladesh.[30]

2020s

In November 2020, United Commercial Bank PLC inaugurated its subsidiary, UCB Investment Ltd.[31]

In 2021, UCB launched the MFS called Upay (উপায়), a digital financial service brand owned by UCB Fintech Company Limited, a United Commercial Bank affiliate.[32] Upay had acquisitions with Grameenphone, Robi, and Banglalink to ensure that their users will not need an active internet connection to use the Upay application.[33]

In 2022, UCB achieved its highest profit, exceeding US$39 million, representing a growth rate of 32% compared to the previous fiscal year.[6] The bank plans to establish a subsidiary at this year in Singapore[34] the United Arab Emirates and Qatar[35] to handle remittances.

In September, Bangladesh Bank asked UCB to provide clarifications regarding their suspected profiting from selling dollars at inflated prices during the foreign exchange market crisis.[36] Later the complaint has been resolved, resulting in the bank being mandated to allocate 50% of its profit from dollar trading to its corporate social responsibility (CSR) funds, while the remaining 50% can be retained as income.[37] In July, MNH Bulu, A Bangladeshi businessman filed a lawsuit against UCB seeking BDT 400 million in damages for alleged defamation caused by false charges.[38]

In May 2023, according to a report prepared in accordance with International Accounting Standard (IAS)-34, UCB disclosed a decline in its operating profit along with an increase in operating expenses.[39]

References

  1. "Corporate Information - United Commercial Bank (UCB)". Archived from the original on 2023-04-05. Retrieved 2023-06-07.
  2. ইউসিবি'র ইসলামিক ব্যাংকিং সেবা 'ইউসিবি তাকওয়া'র আনুষ্ঠানিক যাত্রা শুরু. Jugantor (in Bengali). 12 October 2020. Archived from the original on 4 November 2021. Retrieved 12 October 2020.
  3. "CSE". Archived from the original on 2023-02-02. Retrieved 2023-06-07.
  4. "Display Company Information | Dhaka Stock Exchange". Archived from the original on 2021-11-03. Retrieved 2023-06-07.
  5. "ATM Locator - United Commercial Bank (UCB)". Archived from the original on 2023-04-05. Retrieved 2023-06-07.
  6. "UCB reports record 32pc profit rise". The Financial Express.
  7. "Independent Auditor's Report and Audited Consolidated and Separate Financial Statements for the year ended 31 December 2022" (PDF). UCB.
  8. "UCB Profile - United Commercial Bank (UCB)".
  9. Habib, Ahsan (2023-01-20). "Why firms switching to 'PLC' suffix". The Daily Star. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  10. "United Commercial Bank Limited". Banglapedia. Archived from the original on 31 October 2016. Retrieved 30 October 2016.
  11. "United Commercial Bank signs Microsoft Enterprise Agreement". Dhaka Tribune. 25 September 2016. Archived from the original on 30 August 2017. Retrieved 30 October 2016.
  12. "Jayati Chakraborty performance at Uttra Club". Dhaka Tribune. 1 October 2016. Archived from the original on 17 September 2018. Retrieved 30 October 2016.
  13. "DSEX and DS30 indexes reshuffled". Dhaka Tribune. 21 July 2016. Archived from the original on 2 March 2017. Retrieved 1 March 2017.
  14. "Fresh arguments in Humayun Zahir Murder Case begin". The Daily Star. 17 January 2000. Archived from the original on 2023-06-03. Retrieved 2023-06-07.
  15. Hossain, Shawkat. "Lessons from three black chapters of the banking sector". Prothom Alo. Archived from the original on 2022-11-01. Retrieved 2023-03-24.
  16. Mahmud, Arshad (1999-08-28). "Official accused of storming bank in Bangladesh". The Guardian. ISSN 0261-3077. Archived from the original on 2022-11-01. Retrieved 2023-03-24.
  17. "BB appoints observers for 3 pvt banks". The Daily Star. 2008-02-01. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  18. "UCBL made official sponsor of Tigers". The Daily Star. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  19. "4 UCBL officials among 5 sued". The Daily Star. 2017-04-05. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  20. Rahman, Sajjadur; Ch, Chaitanya; Halder, ra (2012-06-05). "Credit card fraud ring busted". The Daily Star. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  21. "More scam in banks". The Daily Star. 2012-11-07. Archived from the original on 2023-01-20. Retrieved 2023-03-24.
  22. "UCB gets vice chairman". The Daily Star. 18 June 2013. Archived from the original on 2023-06-03. Retrieved 2023-06-07.
  23. "Sharif Zahir made UCBL vice-chairman |". Archived from the original on 2023-05-13. Retrieved 2023-06-07.
  24. "UCB mobile financial service UCash launched". bdreports24.com. Archived from the original on 2023-05-22.
  25. "UCB plans to set up separate MFS subsidiary "upay"". The Business Standard. 8 March 2021. Archived from the original on 2023-05-13. Retrieved 2023-06-07.
  26. "'upay' offers lowest cash-out fees, highest client security". The Financial Express. Archived from the original on 2023-05-13. Retrieved 2023-06-07.
  27. "UCB unveils new logo". The Daily Star. 2015-09-20. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  28. "UCB re-elects chairman". The Daily Star. 2015-04-20. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  29. "UCBL official sent to jail in money laundering case". The Daily Star. 2016-03-07. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  30. Rahman, Sajjadur (2017-09-09). "Bank bends rules for its directors". The Daily Star. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  31. "UCB Investment LTD. Started journey". The Financial Express.
  32. "Who we are". upaybd.com. Archived from the original on 2021-11-06. Retrieved 2021-11-15.
  33. "Robi customers can use upay app without Internet". UNB. Archived from the original on 2023-05-01. Retrieved 2023-06-07.
  34. "UCB to form a subsidiary in Singapore". The Daily Star. 2022-02-23. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  35. "UCB to form subsidiaries in Qatar, UAE". The Daily Star. 2022-04-21. Archived from the original on 2023-03-24. Retrieved 2023-03-24.
  36. "Six more banks asked to explain alleged unusual profit-making". New Age.
  37. "Dollar crisis: 6 more banks exonerated from charge of making excessive profit". The Business Standard. 29 September 2022.
  38. "Businessman MNH Bulu seeks Tk 400m in damages from United Commercial Bank over 'false charges'". bdnews24.com.
  39. "Financial Statements - United Commercial Bank (UCB)".
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