The central bank has sought applications from interested NRB entrepreneurs for setting up the country’s first NRB bank, officials said Tuesday. May 31 has been set as the deadline for submitting applications from eligible and qualified non-resident Bangladeshis (NRBs).
The proposal by the NRB entrepreneurs mentioned that NRBs are interested to invest here and their demand for establishing banks owned by them was raised many times in different forums.
Considering the huge remittances sent by the NRBs, formation of such a bank to create a handsome foreign exchange reserve has opened up a positive side, the proposal said.
The central bank has invited applications from eligible and qualified NRB entrepreneurs and May has been set as deadline for submitting application, said a circular issued by Bangladesh Bank (BB).
The BB has already made a set of criteria for evaluating the application forms.
Under the guideline for setting up NRB Bank, the paid-up capital of the NRB bank will be Tk 4 billion. The NRBs will provide half of the paid-up capital and the rest will be raised through a public offering.
An entrepreneur can hold a minimum of Tk 100 million in shares or a maximum of 10 per cent of the total shares. No share of the entrepreneur can be transferred within three years without the central bank's permission.
A non-refundable amount of $15,000 has to be deposited with the application.
There are about 47 local and foreign commercial banks operating in the country, of which 30 are private. The approval for any new bank had been on hold from 2001, following the presence of more-than-required banks, and criticisms from various quarters.
In September 2010, Prime Minister Sheikh Hasina on her scheduled visit to the US gave an assurance to the NRBs residing in the US about the establishment a NRB bank.

News: The Independent/  Bangladesh/Mar-09-2011