The City Bank
A Bangladeshi private commercial bank offering retail, corporate, SME, Islamic, digital and capital-markets services.
Last updated August 26, 2026
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Overview
City Bank PLC, historically known as The City Bank Limited, is a first-generation private commercial bank in Bangladesh headquartered in Dhaka. It began operations on 28 March 1983, when 12 Bangladeshi businesspeople established the institution with initial capital of BDT 34 million. Deen Mohammad, chairman of Phoenix Group, is identified as the bank’s founder. The bank opened its first branch at B. B. Avenue in Dhaka and subsequently developed a nationwide branch and service network. The institution operates across several banking and financial-services segments. Its principal activities include retail banking, corporate finance, SME finance, agricultural and rural banking, digital banking, Islamic banking, asset management, equity brokerage and securities services. It is a real-time online bank, with branches and SME or agricultural branches distributed across Bangladesh. The reference material describes a network of 134 branches and 47 sub-branches, together with a full-fledged Islami Banking branch. The bank also provides payment-card services: it is licensed to issue Visa and Mastercard debit and credit cards and is the sole American Express card licensee in Bangladesh. City Bank’s brand and business model were substantially refreshed around its 25th anniversary in 2008. The bank introduced a new red-and-white checkered box-kite logo, simplified its corporate name from The City Bank Limited to City Bank PLC, launched American Express credit cards, established a brokerage business and introduced City Wallet SMS banking. These changes signaled a move from a conventional branch bank toward a broader financial-services brand combining consumer banking, payments, investment services and technology-enabled access. The bank expanded beyond Bangladesh during the 2010s. In 2013 it established 10 branches and one representative office in Malaysia, and in 2019 it established a subsidiary office in Hong Kong. International Finance Corporation acquired a 5 percent interest in City Bank in February 2016 through an investment reported at BDT 1.31 billion. The bank also participated in structured and development-oriented financing, including a 2017 fund-raising transaction for Doreen Power and a US$30 million loan from CDC Group in 2021. Digital and payments innovation have remained important parts of the brand. City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020. It later developed digital-loan and remittance-related offerings, including City Remit, which received recognition in the 2023 Bangladesh Innovation Award materials cited by the reference. Following Bangladesh’s new offshore-banking law in March 2024, the bank reported building almost US$21 million in offshore deposits within two months and became the first Bangladeshi bank identified in the reference to receive foreign-currency deposits through offshore-banking products. City Bank serves individuals, affluent and premium customers, businesses, SMEs, institutional clients and customers using remittance or digital channels. Its positioning combines the credibility of an established domestic bank with a modern, innovation-oriented service proposition. The bank remains active and is led by Managing Director and Chief Executive Officer Mashrur Arefin.
History
City Bank is one of Bangladesh’s oldest private commercial banks and belongs to the country’s first generation of privately owned banking institutions. Twelve local businessmen commenced its operations on 28 March 1983 under the name The City Bank Limited. The institution was founded by Deen Mohammad, chairman of Phoenix Group, and began with reported capital of BDT 34 million. Its first branch was opened at B. B. Avenue in Dhaka. During its early development, the bank built a conventional commercial-banking franchise serving personal, business and institutional customers. It later expanded its physical presence across Bangladesh through branches, SME and agricultural branches, and sub-branches. The bank’s operating model also incorporated real-time online banking, allowing customers to access services through a connected branch network. Its activities grew beyond deposit-taking and lending to include corporate finance, SME finance, retail banking, securities, brokerage and asset-management services. City Bank was listed on the Dhaka Stock Exchange in 1986 and on the Chittagong Stock Exchange in 1995. These listings formed part of its development as a publicly traded Bangladeshi financial institution. A significant brand transformation took place in 2008, its 25th anniversary year. The bank adopted the shorter City Bank PLC name, introduced a red-and-white box-kite logo and broadened its service proposition. The same period saw the launch of American Express credit cards, a brokerage business and City Wallet SMS banking. The American Express relationship became a distinctive part of the bank’s consumer-finance and payments identity; the bank is described as the sole American Express card licensee in Bangladesh. The bank’s product range subsequently expanded to include Visa and Mastercard debit and credit cards, digital banking, premium banking, remittance, Islamic banking and digital lending. It also maintained a full-fledged Islami Banking branch while continuing to operate as a broad-based conventional commercial bank. City Bank entered the UnionPay debit-card market in 2020, adding another international payment network to its card portfolio. International expansion began with a Malaysian presence in 2013, consisting of 10 branches and one representative office according to the reference material. In 2019, the bank established a subsidiary office in Hong Kong. Its cross-border development was accompanied by external institutional participation: International Finance Corporation acquired a five percent stake in 2016 through an investment reported at BDT 1.31 billion. The bank also accessed development and project finance, including a US$26 million fund-raising transaction for Doreen Power in 2017 and a US$30 million loan from CDC Group in 2021. In the 2020s, City Bank’s public profile increasingly emphasized digital delivery, financial inclusion, sustainability, trade finance and innovation. Recognition cited in the reference includes awards for digital banking, retail banking, premium services, sustainable finance, corporate social responsibility, Islamic banking, trade finance and innovation. City Remit and digital-loan initiatives were specifically associated with innovation recognition. In 2024, following a change in Bangladesh’s offshore-banking framework, the bank developed offshore deposits of nearly US$21 million within two months. The reference characterizes City Bank as the first bank in Bangladesh to receive foreign-currency deposits through its offshore-banking products. City Bank currently operates as an active Bangladeshi private commercial bank with a nationwide service network and selected overseas operations. Its business spans consumer and premium banking, corporate and SME finance, cards and payments, digital channels, Islamic banking, remittance, capital markets and offshore banking. Mashrur Arefin is identified as its managing director and chief executive officer.
- 2024
Offshore-banking deposit expansion
[1]Following Bangladesh’s new offshore-banking law, the bank reports nearly US$21 million in offshore deposits within two months.
- 2021
CDC Group loan
[1]CDC Group provides the bank with a US$30 million loan.
- 2020
UnionPay debit-card launch
[1]City Bank begins offering UnionPay debit cards in Bangladesh.
- 2019
Hong Kong subsidiary office
[1]The bank establishes a subsidiary office in Hong Kong.
- 2016
IFC acquires a five percent stake
[1]International Finance Corporation invests in City Bank and obtains a five percent shareholding.
- 2013
Malaysia expansion
[1]City Bank establishes 10 branches and one representative office in Malaysia.
- 2013
Sohail RK Hussain becomes managing director
[1]Sohail RK Hussain is appointed managing director in November.
- 2008
Brand and service transformation
[1]For its 25th anniversary, the bank adopts the City Bank PLC name, launches a new logo, introduces American Express credit cards and starts brokerage and City Wallet SMS-banking services.
- 1995
Chittagong Stock Exchange listing
[1]The bank is listed on the Chittagong Stock Exchange.
- 1986
Dhaka Stock Exchange listing
[1]City Bank is listed on the Dhaka Stock Exchange.
Products and positioning
A longstanding Bangladeshi private commercial bank positioned around full-service banking, payment-card leadership, digital innovation, premium service, SME and corporate finance, and expanding international connectivity.
Consumer banking
Retail banking
City Bank’s retail banking business serves individual customers through deposits, lending, payment services, account access and other consumer-finance products. The segment is supported by branch banking, digital channels, premium services and a broad card proposition.
Business banking
Corporate and SME finance
The bank provides financing and related banking services to companies, small and medium-sized enterprises and institutional customers. Its corporate platform includes project and structured finance, while SME services are delivered through dedicated SME branches and related channels.
Payment cards · 2008
American Express cards
American Express card services became a central element of City Bank’s post-2008 brand renewal. The bank is identified as the sole American Express card licensee in Bangladesh and also issues Visa and Mastercard debit and credit cards.
Digital banking · 2008
City Wallet
City Wallet was introduced as an SMS-banking service during the bank’s 2008 anniversary transformation. It represented an early effort to extend account and transaction access beyond conventional branch interactions.
Islamic finance
Islamic banking
City Bank operates a full-fledged Islami Banking branch and has developed Islamic banking and Islamic SME capabilities alongside its broader commercial-banking operations.
Remittance
City Remit
City Remit is a remittance-related offering associated with the bank’s digital and innovation agenda. It was recognized in the 2023 Bangladesh Innovation Award materials cited by the reference.
International banking · 2024
Offshore banking products
City Bank developed offshore-banking products for foreign-currency deposits after Bangladesh’s offshore-banking law changed in 2024. The bank reported nearly US$21 million in offshore deposits within two months of the new framework.
Brand decisions
2024
Offshore-banking expansionStrategyBackground
Bangladesh introduced a new offshore-banking law in March 2024, creating a framework for foreign-currency deposits.
Action taken
City Bank developed offshore-banking products and accepted foreign-currency deposits.
Aftermath
The bank reported nearly US$21 million in offshore deposits within two months and was described as the first Bangladeshi bank to receive such deposits through offshore-banking products.
Offshore deposits. Nearly US$21 million (Within two months after the March 2024 offshore-banking law)
2020
UnionPay debit-card introductionProduct launchBackground
City Bank expanded its international card-network offering.
Action taken
It began offering UnionPay debit cards in Bangladesh.
Aftermath
The bank added UnionPay to its existing Visa, Mastercard and American Express card relationships.
2019
Hong Kong expansionStrategyBackground
The bank continued building cross-border capabilities after its Malaysian expansion.
Action taken
City Bank established a subsidiary office in Hong Kong.
Aftermath
The move added a Hong Kong platform to the bank’s international network.
2013
International expansion into MalaysiaStrategyBackground
City Bank sought to extend its banking footprint beyond Bangladesh.
Action taken
The bank established 10 branches and one representative office in Malaysia.
Aftermath
The Malaysian operation became part of the bank’s international presence.
2008
Anniversary brand repositioningStrategyBackground
The bank used its 25th anniversary to modernize its identity and broaden its offer beyond traditional branch banking.
Action taken
It adopted the City Bank PLC name, introduced a new logo, launched American Express credit cards, added brokerage activities and introduced City Wallet SMS banking.
Aftermath
The changes established a more diversified financial-services and payments identity for the bank.
Recent events
- Unconfirmed
City Bank wins Leading Partner Bank Award[2]
The City Bank Limited won the Leading Partner Bank Award in the Trade and Supply Chain Finance Program Awards 2021 for its partnership with the Asian Development Bank in Bangladesh.
Sources2 sources
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