Mutual Trust Bank
A Bangladeshi private commercial bank serving retail, corporate, SME and institutional customers.
Last updated October 30, 2026
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Overview
Mutual Trust Bank PLC, commonly known as MTB, is a private commercial bank headquartered in Dhaka, Bangladesh. The bank was incorporated as a public limited company in 1999 under Bangladesh's Companies Act 1994 and began operations as a locally owned commercial banking institution. Its business covers personal and business deposits, lending, cards, payments, foreign exchange, trade finance, cash management and digital banking. Through these activities, MTB serves individuals, small and medium-sized enterprises, large companies, financial institutions and other organizations operating in Bangladesh. The bank's development has combined conventional branch banking with a broader service model aimed at corporate and retail customers. Its lending and transaction businesses include working-capital and term financing, consumer and home-related lending, trade-related facilities, remittance-linked services and treasury operations. The bank also offers electronic and card-based channels, including internet banking and ATM access. Its commercial relationships have extended beyond ordinary deposit and lending products: in 2015 it became one of two Bangladeshi local partners of Life Insurance Corporation of India, and in 2022 it entered a cash-management arrangement with Paragon Group. MTB is listed in Bangladesh and trades under the ticker MTB. The bank has been associated with the Dhaka Stock Exchange and with a range of Bangladeshi banking, business and professional organizations. Its charitable arm, MTB Foundation, supports social initiatives; in 2021 the foundation announced the Niloufer Manzur Memorial Scholarship, named for the principal of Sunbeams School. The institution has also faced the operational and governance risks common to a regulated banking business. Reported events have included the alleged diversion of funds from its Khatunganj branch in a wider fraud involving multiple banks, an ATM-forgery case involving a bank IT employee, and an Anti-Corruption Commission investigation into an alleged theft from a customer account. These reports are part of the bank's documented history but do not by themselves establish wrongdoing by the institution as a whole. The bank's documented leadership includes founding chairman Syed Manzur Elahi, chairman Rashed Ahmed Chowdhury, and managing director Anis A. Khan in 2009 and again in 2015. MTB remains an active Bangladeshi commercial bank with a broad financial-services portfolio and a business model spanning consumer, SME, corporate and institutional banking.
History
Mutual Trust Bank was established in Bangladesh during the expansion of the country's private commercial-banking sector. It was incorporated as a public limited company on 29 September 1999 under the Companies Act 1994. Syed Manzur Elahi served as its founding chairman. The institution was initially formed with authorized share capital of BDT 1 billion, divided into 10 million ordinary shares with a face value of BDT 100 each. Later, its authorized capital was stated as BDT 10 billion, divided into one billion ordinary shares with a face value of BDT 10 each. From its early years, MTB developed as a broad-based commercial bank rather than a narrowly specialized lender. Its activities came to include deposit-taking, business and consumer lending, SME finance, corporate banking, trade finance, cards, electronic banking, foreign exchange and related transaction services. The bank's customer base spans individuals, entrepreneurs, small and medium-sized businesses, larger companies and institutions. Its listing and participation in Bangladesh's capital-market and business organizations also placed it within the country's formal publicly traded banking sector. The bank's history includes several regulatory and law-enforcement episodes. In 2007, Bangladesh Bank identified a large alleged embezzlement scheme involving a Chittagong businessman, false documentation and 32 company names. Ten banks were reportedly affected, including MTB's Khatunganj branch, from which approximately BDT 1 billion was said to have been taken. In 2013, police arrested an MTB information-technology officer in an ATM forgery case. In 2019, the Anti-Corruption Commission reported an allegation that a bank manager had stolen BDT 49.9 million from a customer. These matters concern alleged acts by individuals or external actors and should not be treated as proof that the bank itself committed the alleged conduct. Leadership and strategic relationships have been recurring themes in the bank's development. Anis A. Khan became managing director in 2009 and was reappointed in 2015 for a four-year term. In 2015, MTB also became one of two local partners of Life Insurance Corporation of India in Bangladesh. In 2018, Norfund, the Norwegian government's investment fund, announced plans to purchase a 10 percent interest in the bank. In 2022, Associated Builders Corporations announced a proposed 27 percent share sale involving Rashed Ahmed Chowdhury, and Bangladesh's securities regulator approved the sale of BDT 5 billion in MTB bonds. During the same year, MTB expanded its corporate-service relationships by signing a cash-management agreement with Paragon Group. Beyond banking, MTB operates a charitable platform through MTB Foundation. In 2021, the foundation announced the Niloufer Manzur Memorial Scholarship, connecting the bank's social-investment activities with education. The bank remains headquartered in Dhaka and operates in Bangladesh as an active listed private commercial bank. Its present profile is that of a diversified domestic financial institution combining traditional branch-based services with cards, digital channels, corporate transaction banking, SME finance and institutional relationships.
- 2022
Corporate and capital-market developments
[1]ABC Group announced a proposed 27 percent share sale, the securities regulator approved BDT 5 billion in MTB bonds, and the bank signed a cash-management agreement with Paragon Group.
- 2021
Memorial scholarship established
[1]MTB Foundation announced the Niloufer Manzur Memorial Scholarship.
- 2018
Norfund investment plan
[1]Norfund announced plans to acquire a 10 percent stake in the bank.
- 2015
Insurance partnership
[1]MTB became one of two local partners of Life Insurance Corporation of India in Bangladesh.
- 2013
ATM-forgery investigation
[1]Police arrested an MTB information-technology officer in connection with an ATM forgery case.
- 2009
Anis A. Khan becomes managing director
[1]Anis A. Khan was appointed managing director of Mutual Trust Bank Limited.
- 2007
Khatunganj branch implicated in wider alleged fraud
[1]Bangladesh Bank reported that a wider alleged embezzlement scheme involving 10 banks included approximately BDT 1 billion from MTB's Khatunganj branch.
- 1999
Incorporation and establishment
[1]Mutual Trust Bank was incorporated as a public limited company on 29 September 1999 under Bangladesh's Companies Act 1994, with Syed Manzur Elahi as founding chairman.
Products and positioning
A full-service Bangladeshi commercial bank serving personal, SME, corporate and institutional customers through branch, transaction, card and digital channels.
Personal banking
Retail banking
MTB's retail offering serves individuals through deposit accounts, consumer credit, cards, payment services, ATM access and electronic banking channels. The retail portfolio is part of the bank's broader full-service model for Bangladeshi personal customers.
Business banking
Corporate banking
Corporate banking covers financing and transaction services for larger companies and institutions. Activities described for the bank include commercial lending, trade finance, foreign exchange and cash-management services, including the 2022 arrangement with Paragon Group.
Business banking
SME banking
MTB provides financing and banking support for small and medium-sized enterprises. The SME proposition complements the bank's retail and corporate businesses and is designed around deposits, working capital and business lending needs.
Payments and digital banking
Digital and card banking
The bank's electronic channels include internet banking, ATM services and card products. These channels extend access beyond branches and support everyday payments, account access and customer transactions.
Controversies
2019
Alleged theft from customer account
The Anti-Corruption Commission reported that a bank manager had allegedly stolen BDT 49.9 million from a customer.
2013
ATM forgery case
A Mutual Trust Bank information-technology officer was arrested in connection with an ATM forgery investigation.
2007
Khatunganj branch alleged embezzlement
Bangladesh Bank linked MTB's Khatunganj branch to a wider alleged fraud in which a businessman reportedly diverted funds from 10 banks using false documents and multiple company names.
Marketing campaigns
- 2021Niloufer Manzur Memorial Scholarship
Bangladesh
MTB Foundation announced an education scholarship named for Niloufer Manzur, principal of Sunbeams School. The documented outcome is the announcement of the scholarship; the reference material does not specify award counts or funding levels.
Outcome. The documented outcome is the announcement of the scholarship; the reference material does not specify award counts or funding levels.
Brand decisions
2022
Proposed ABC Group share transferM&ABackground
Associated Builders Corporations announced a proposed disposal of a substantial MTB holding.
Action taken
ABC Group planned to sell 27 percent of MTB shares through the block market to Rashed Ahmed Chowdhury.
Aftermath
The reference material does not establish whether the proposed transaction was completed.
2022
Cash-management agreement with Paragon GroupOtherBackground
MTB sought to expand its corporate transaction-banking relationships.
Action taken
The bank signed a cash-management agreement with Paragon Group.
Aftermath
No subsequent operational or financial results are specified in the reference material.
2018
Proposed Norfund investmentM&ABackground
Norfund, the Norwegian government's investment fund, announced an intended investment in the bank.
Action taken
Norfund announced plans to purchase a 10 percent stake in Mutual Trust Bank.
Aftermath
The available reference does not confirm completion terms or the final ownership outcome.
2015
Partner with Life Insurance Corporation of IndiaStrategyBackground
Life Insurance Corporation of India sought local partners for its activities in Bangladesh.
Action taken
MTB became one of two local partners of the Indian insurer.
Aftermath
The reference material identifies the partnership but does not provide later performance or financial results.
Sources2 sources
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