South Bangla Agriculture and Commerce Bank

South Bangla Agriculture and Commerce Bank PLC, commonly known as SBAC Bank, is a private commercial bank headquartered in Dhaka, Bangladesh. It began operations on 28 April 2013 after receiving a banking licence from Bangladesh Bank as a fourth-generation private bank. The institution was incorporated under Bangladesh's Companies Act 1994 and operates under the regulatory framework of the Banking Companies Act 1991. The bank was founded by SM Amjad Hossain, who was associated with Lockpur Fisheries and the wider Lockpur Group. Abdul Mannan Chowdhury and Qazi Abdul Majid were identified among its other major shareholders during its early development. Md Rafiqul Islam became the bank's first chief executive officer and managing director. SBAC's stated role has been to provide conventional commercial-banking services to customers across Bangladesh, including deposit-taking, lending, trade finance, remittance-related services, payments and other branch-based financial services. The bank expanded its physical presence across the country and, according to the referenced Wikipedia material, had 90 branches and 32 sub-branches. Its distribution model combines conventional branches with smaller sub-branches intended to extend access to banking services. The bank has also participated in public-utility payment arrangements: in 2018 it became one of six banks through which customers could pay Titas Gas bills. SBAC's corporate history has included several changes in senior management and board leadership. Md Golam Faruque was appointed managing director and chief executive in September 2017. Tariqul Islam resigned as managing director in April 2019 and was replaced by Mosleh Uddin Ahmed. SM Amjad Hossain was re-elected chairman in February 2019, but resigned from the chairmanship in 2021 amid investigations involving his affairs and alleged irregular lending connected with the bank. Abdul Kadir Molla of Thermax Group was subsequently elected chairman on 27 September 2021. Abu Zafar Mohammod Shofiuddin became chairman in August 2023. The referenced material identifies Habibur Rahaman as managing director and acting chief executive and Engr. Md. Moklesur Rahman as vice-chairman; the precise dates of those appointments are not specified. The bank's public record also includes regulatory and law-enforcement scrutiny. In 2021, Bangladesh Bank-related findings led to inquiries into irregular loans and the suspension of several officials. The Anti-Corruption Commission filed a case naming SM Amjad Hossain and others over alleged embezzlement involving the bank. Separately, Bangladesh's financial-intelligence authorities sought account information relating to Hossain and, in 2022, to chairman Abdul Kadir Molla in connection with allegations concerning loans and banking-law compliance. These matters are important parts of the bank's documented history, although the supplied reference does not establish final judicial outcomes for every allegation. SBAC has also undertaken social and public-interest activities. The bank donated BDT 10 million to the Ashrayan Project–2 and supplied blankets to a relief fund associated with Prime Minister Sheikh Hasina. As of June 2022, the reference material reported authorized capital of BDT 10 billion and paid-up capital of BDT 8.16 billion. These figures are historical and should not be treated as current without a later financial source. Overall, SBAC is a domestically focused Bangladeshi banking brand whose development combines nationwide expansion, capital-market participation, leadership turnover, public-service initiatives and a period of significant governance scrutiny.

South Bangla Agriculture and Commerce Bank was established during the expansion of Bangladesh's private banking sector in the early 2010s. It obtained a licence from Bangladesh Bank and commenced operations on 28 April 2013 as a fourth-generation private commercial bank. Its incorporation followed the Companies Act 1994, while its banking activities were governed by the Banking Companies Act 1991. Entrepreneur SM Amjad Hossain, associated with Lockpur Fisheries, founded the institution. Abdul Mannan Chowdhury and Qazi Abdul Majid were among the other major shareholders identified in the bank's early history. Md Rafiqul Islam served as its initial managing director and chief executive officer. The institution was created with a broad commercial mandate rather than as a narrowly specialized financial company. Its name reflects an intended connection with agriculture and commerce, while its operating model covers the standard activities of a Bangladeshi private commercial bank. These activities include deposit services, lending, trade-related finance, payments and services for retail, business and corporate customers. Over time, SBAC developed a nationwide physical network. The referenced account reports 90 branches and 32 sub-branches, indicating an emphasis on geographic reach within Bangladesh rather than international expansion. Management changed during the bank's first decade. Md Golam Faruque became managing director and chief executive in September 2017. In 2018, SBAC joined a group of six banks that accepted Titas Gas bill payments, broadening its role in everyday payment infrastructure. SM Amjad Hossain was re-elected chairman in February 2019. Later that year, managing director Tariqul Islam Chowdhury resigned and Mosleh Uddin Ahmed replaced him. The bank was listed on the Dhaka Stock Exchange in May 2019; the supplied reference also identifies it as listed on the Chittagong Stock Exchange. The most consequential period in the bank's documented history came in 2021. Authorities examined alleged irregular lending and other governance issues. The Bangladesh Financial Intelligence Unit sought information concerning the accounts of SM Amjad Hossain and members of his family, and the reference states that some accounts were frozen. The same material says that Hossain had arranged a BDT 400 million loan in violation of banking norms. It also reports an Anti-Corruption Commission case against Hossain and six others over alleged embezzlement of BDT 200 million from the bank. Hossain reportedly left Bangladesh after investigations and cases began. These are allegations and enforcement events; the available material does not supply complete adjudication or a definitive final finding for each matter. The governance consequences included the departure of Hossain as chairman and the election of Abdul Kadir Molla, associated with Thermax Group, on 27 September 2021. Bangladesh Bank-related findings also led to the suspension of deputy managing directors Md Kamal Uddin and Shafiuddin Ahmed, along with nine other officials, over alleged involvement in irregular loans. Other reported ownership changes included share sales by Tahmina Afroz and by two shareholders connected with Ratanpur Steel Re-Rolling Mills. The reference does not establish whether these transactions were directly caused by the investigations or were ordinary investment decisions. In 2022, the Bangladesh Financial Intelligence Unit sought information concerning Abdul Kadir Molla over allegations that he had taken loans contrary to banking laws. During the same year, the bank reported authorized capital of BDT 10 billion and paid-up capital of BDT 8.16 billion as of June. SBAC also undertook public and social initiatives, including blanket distribution through a relief fund associated with Prime Minister Sheikh Hasina and a BDT 10 million contribution to the Ashrayan Project–2. In August 2023, Abu Zafar Mohammod Shofiuddin was elected chairman. The referenced material identifies Habibur Rahaman as managing director and acting chief executive and Engr. Md. Moklesur Rahman as vice-chairman. SBAC therefore remains documented as an active Bangladeshi private bank, although current financial, governance and operational details require confirmation from more recent primary disclosures.

• 2023

  Abu Zafar Mohammod Shofiuddin elected chairman

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  Abu Zafar Mohammod Shofiuddin became chairman in August.

• 2021

  Chairmanship changes amid investigations

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  SM Amjad Hossain resigned as chairman and Abdul Kadir Molla was elected chairman on 27 September amid investigations into alleged lending and financial irregularities.

• 2019

  Dhaka Stock Exchange listing

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  The bank was listed on the Dhaka Stock Exchange in May.

• 2018

  Titas Gas bill-payment service added

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  SBAC became one of six banks participating in Titas Gas bill payments.

• 2017

  New managing director appointed

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  Md Golam Faruque was appointed managing director and chief executive officer in September.

• 2013

  Bank founded and licensed

  [1]South Bangla Agriculture and Commerce Banken.wikipedia.org

  South Bangla Agriculture and Commerce Bank received a Bangladesh Bank licence and began operations on 28 April as a fourth-generation private commercial bank.

A domestically oriented private commercial bank combining agriculture, commerce, retail and corporate banking services through a nationwide physical network.

• Deposits

  Retail deposit accounts

  The bank provides conventional deposit-account services for individuals and everyday banking customers. The available reference identifies deposit-taking as part of the bank's commercial-banking scope but does not specify individual account names, rates or eligibility conditions.

• Loans

  Commercial and corporate lending

  Commercial banking for businesses and corporate customers is central to the institution's stated scope. The reference supports the existence of business and corporate lending but does not provide a current product catalogue or detailed terms.

• Loans

  Agricultural and rural finance

  The bank's name and commercial-bank mandate include an agriculture-oriented focus. Specific agricultural loan products, target sectors and current programme details are not stated in the supplied sources.

• Business banking

  SME finance

  SBAC serves commerce and business customers, including the small and medium-sized enterprise segment. The available material does not identify individual SME products or their current terms.

• Payments · 2018

  Titas Gas bill payment

  From 2018, SBAC was among six banks enabling customers to pay Titas Gas bills. This service connected the bank's branch network with a major utility-payment process in Bangladesh.

• 2022

  Financial-intelligence inquiry involving Abdul Kadir Molla

  The Bangladesh Financial Intelligence Unit requested account information concerning chairman Abdul Kadir Molla amid allegations involving loans and banking-law violations. The supplied material does not state a final outcome.

  Source

• 2021

  Investigations into alleged irregular loans and embezzlement

  The bank faced inquiries into alleged irregular loans. The available reference reports that the Anti-Corruption Commission filed a case against SM Amjad Hossain and six others over alleged embezzlement, and that several bank officials were suspended following regulatory findings.

  Source

Read more

• 2022Blanket donation to a Prime Minister's relief fund

  Bangladesh

  The bank donated blankets to a relief fund associated with Prime Minister Sheikh Hasina.

  Outcome. The available reference records the donation but does not quantify its wider social outcome.

  Source
• Ashrayan Project–2 contribution

  Bangladesh

  SBAC donated BDT 10 million to Ashrayan Project–2, a government-linked housing and rehabilitation initiative.

  Outcome. The source records the contribution but does not specify the date or project-level results.

  Source

• 2021

  Governance response to lending investigationsStrategy

  Background

  Regulators and investigators examined alleged irregular lending and related conduct involving the founding chairman and bank officials.

  Action taken

  The founding chairman resigned, a new chairman was elected, and multiple officials were suspended.

  Aftermath

  The changes marked a significant governance transition, while legal and regulatory matters continued to be reported into 2022.

  Source

• 2019

  Public-market listingStrategy

  Background

  The bank pursued a public listing as part of its development as a private commercial bank.

  Action taken

  SBAC was listed on the Dhaka Stock Exchange in May and is also identified as listed on the Chittagong Stock Exchange.

  Aftermath

  The listing increased the bank's connection to Bangladesh's capital markets, although the supplied sources provide no later market or financial metrics.

  Source

• 2021-09-07

  SBAC Bank chairman expresses intention to resign[2]SBAC Bank主席表示有意辞职thedailystar.net

  SM Amjad Hossain expressed his intention to resign as chairman of South Bangla Agriculture and Commerce Bank, citing illness. The board had not yet decided whether to accept his resignation.

1. 1South Bangla Agriculture and Commerce Banken.wikipedia.org
2. 2SBAC Bank主席表示有意辞职thedailystar.net