Trust Bank Explained

Trust Bank Limited
Type:Public
Industry:Banking
Founded: in Dhaka, Bangladesh
Hq Location:Shadhinota Tower, Bir Srestha Shahid Jahangir Gate, Dhaka Cantonment
Hq Location City:Dhaka
Hq Location Country:Bangladesh
Products:Banking services, ATM services, Consumer Banking
Corporate Banking
Investment Banking, Islamic Banking, Treasury Management, Internet Banking, Locker Services
Operating Income: (2020)
Num Locations:114
Assets: (2020)
Parent:Army Welfare Trust
Subsid:Trust Bank Securities LimitedTrust Bank Investment LimitedTrust Axiata Digital Limited
Rating:Long Term: AA2Short Term: ST-1

Trust Bank Limited is a private commercial bank established in 1999 in Bangladesh. It is backed by Army Welfare Trust of Bangladesh Army.[1] General Waker-uz-Zaman the chief of Bangladesh army is its chairman.[2] [3] It is one of the leading private commercial banks having a network of 114 branches, 7 SME Service Centers, 244 ATM Booths and 140 POS in 114 Branches across Bangladesh.

History

In 1999, the Bangladesh Army Welfare Trust established Trust bank limited.[4]

In 2001, the bank introduced automated branch banking system. In 2005, the bank introduced ATM services for its customers.

In January 2007, Trust Bank launched online banking services. Customers can now deposit or withdraw money from any branch of Trust Bank nationwide without needing to open multiple accounts in multiple branches. In November 2008, Trust Bank denied allegations by Mahmudur Rahman that its former chairman, Hasan Mashhud Chowdhury, was involved with laundering money from the bank in 2002.[5] Trust Bank announced 10 per cent dividends in 2008 at the 9th annual general meeting of the bank.[6]

The Bank opened a merchant banking wing in 2009.[7]

In 2020, the consolidated net profit for the bank was 650 million taka.[8]

On 2 August 2022, Trust Bank held its the 23rd Annual General Meeting online chaired by the vice-chairman of the bank, Major General Md Moshfequr Rahman.[9] The meeting approved a 22.5 dividend for the year. The bank signed an agreement with Bengal Commercial Bank Limited to facilitate money transfer through Ria Money Transfer.[9] Trust Axiata Pay, also known as TAP, is a money transfer service owned by Trust Bank Limited.[10] [11] TAP has an agreement with Canteen Stores Department for processing payment.

External links

Notes and References

  1. Web site: About TBL. trustbank.com.bd. 2 February 2016.
  2. Web site: Board of Directors. www.tblbd.com. 3 February 2016.
  3. Web site: About TBL . Trust Bank Limited . 2 February 2016.
  4. News: 25 February 2015 . BGB plans to enter into banking business . New Age . 17 September 2016.
  5. News: 2008-11-04 . Trust Bank bins charges . 2022-11-28 . The Daily Star . en.
  6. News: 2008-06-04 . Trust Bank okays 10pc bonus share . 2022-11-28 . The Daily Star . en.
  7. News: 2009-01-23 . Trust Bank opens merchant banking wing . 2022-11-28 . The Daily Star . en.
  8. News: 2021-06-15 . Trust Bank declares higher dividend despite profit fall . 2022-11-28 . The Business Standard . en.
  9. News: 2022-09-18 . Bengal Commercial Bank, Trust Bank sign agreement . 2022-11-28 . Dhaka Tribune . en.
  10. News: 2022-07-26 . TAP brings payment facilities at cantonment CSD . 2022-11-28 . Dhaka Tribune . en.
  11. News: 2022-09-18 . Tap brings add money and fund transfer facility . 2022-11-28 . Dhaka Tribune . en.