Standard Chartered Bank (SCB) inaugurated its second branch in city’s Gulshan area Sunday. Bangladesh Bank Deputy Governor Muhammad A Ali inaugurated the branch at Gulshan.
SCB Chief Executive Officer Osman Morad, SCB Consumer Banking Head Sajidur Rahman, SCB Chief Financial Officer Selim RF Hussain, AEBL Chief Operating Officer MSA Sarwar, Shared Distributions Head Tanvir H Chowdhury and a host of senior officials were also present, among others, during the branch inauguration.
The event marked the successful conversion of American Express Bank Ltd's (AEBL) Gulshan branch licence to that of SCB following the latter's recent purchase of AEBL's domestic business and branches in Bangladesh. In June, SCB formally announced that it had signed an agreement to acquire the domestic banking business and branches of AEBL in Bangladesh and on July 31, the transaction was formalised following relevant statutory approvals.
Over a transition period of three months ending on October 31, all the assets and liabilities of AEBL, including customer deposits and loans, will be transferred to SCB. It is planned that AEBL will cease to operate as a commercial bank in Bangladesh with effect from November 1.