Thursday, 7 July, 2022

Prodhan brings golden days for Sonali Bank UK

The LCs issued by the offshore unit increased to 2641 in 2021 from only 307 in 2009

Prodhan brings golden days for Sonali Bank UK

Sonali Bank (UK) Limited was able to restore growth momentum under the leadership of chief executive officer (CEO) Ataur Rahman Prodhan.

Ataur Rahman Prodhan joined the state-owned bank as CEO in 2012. He was preceded by Khondoker Iqbal (2009-12). Prodhan ended left the post in 2015 and was succeeded by M Sarwar Hossain who served until 2020.

In 2009, Sonali Bank (UK) Limited issued a total 307 letter of credit (LCs). But it surged to 2641 in 2021 when Ataur Rahman Prodhan took back the charge of office, the data showed.

During his tenure with the offshore operations, the state-run bank saw 2668 LCs in 2013 and 2147 in 2014, according to a statement issued on Wednesday.

However, the performance of the bank downed rapidly as Ataur Rahman Prodhan left from CEO office in the first quarter of 2015. The number of LC sank to 251 by 2018.

The data showed that the number of import payment registered significant growth during the period of 2012-15 with strategic excellence in leadership.

In 2012, the bank recorded 11,580 import payments that stood 20,894 by 2014. However, the import payment slowed down as Prodhan left the office in 2015. The number of import payment then reduced to 1,833 in 2018.

Salahuddin Ahmed, a staff of Sonali Bank (UK) Limited, said that the performance in remittance, LC advising, trade finance and other business bill witnessed upward trends during the time.

“Sonali Bank (UK) Limited was transformed into a profit-making venture during the leadership of Ataur Rahman Prodhan. However, all indicators went down as he left,” the official said.

In 2011, Sonali Bank (UK) Limited recorded profit worth of 5,70,000 GBP (Great Britain Pound) which increased almost double to 10, 27,000 GBP in 2012.

The dividend was disbursed in the presence of former Finance Minister Abul Mal Abdul Muhith at Secretariat in Dhaka on June 13, 2013.

Sonali Bank (UK) Limited revenue sharply increased to GBP 4 million in 2013.

Lutfar Rahman, another Sonali Bank official, said that the state-owned bank earned GBP 870 million in 11 years (2001-2011) which reached GBP 7.7 million in only three years (2012-2014) under the leadership of Ataur Rahman Prodhan.

The earning fell to GBP 1.8 million during the years 2015-18.

Sonali Bank (UK) Limited has been operating as an independent financial institute since 2001 while the venture started London operation as an exchange house.

The off-shore unit comprises 51 percent share of Bangladesh government and 49 percent of capital investment comes from Sonali Bank. Prudential Regulatory Authority (PRA) and Financial Services Authority support the venture approved by PRA of the United Kingdom.