City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka.[3] The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. It has 133 branches.[1] The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh.[4]
The bank is a real-time online bank, having its branches, SME/Agri branches spread across Bangladesh along with a full-fledged Islami Banking branch. The managing director and CEO of the bank is Mashrur Arefin.[5] City Bank has gone international establishing 10 branches and 1 representative office in Malaysia in 2013 and one subsidiary office in Hong Kong in 2019. International Finance Corporation solely has invested BDT 1.31 billion, attaining a 5% share of City Bank.[6]
It is a first-generation private commercial bank and it is one of the oldest commercial banks in the country. Then known as "City Bank PLC", its operations were started on 28 March 1983 by 12 local businessmen of the country. Those directors commenced the journey with only BDT 34 million worth of Capital, which now is a respectable BDT 3.3 billion as capital & reserve.[7][8][9] Deen Mohammad, chairman of Phoenix Group, was the founder of City Bank.[10]
City Bank PLC opened its first branch in the B. B. Avenue Branch in Dhaka. In 1986, City Bank PLC was listed on the Dhaka Stock Exchange and in 1995 it was listed on Chittagong Stock Exchange.[11][12]
On its 25th anniversary in 2008, City Bank PLC revamped its image and services. This includes the launch of a new logo, launched American Express.[13] credit cards, brokerage business, and City Wallet (SMS Banking) service. The name of the bank was simplified to "City Bank PLC" from its earlier "The City Bank Limited". The new logo, depicting a red and white checkered box kite, was launched in July 2008.[14][15]
Sohail RK Hussain was appointed managing director of City Bank in November 2013.[16]
The International Finance Corporation purchased a five percent stake in City Bank for 1.31 billion BDT in February 2016.[17] In December 2017, City Bank raised US$26 million for Doreen Power, a subsidiary of Doreen Group, to construct a powerplant in Munshiganj District.[18]
City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020.[19]
In July 2021, CDC Group provided a US$30 million loan to City Bank.[20]
Since the new offshore banking law was passed in March 2024, City Bank has managed to build offshore deposits of nearly US$21 million within two months. It is the first bank in Bangladesh to receive foreign currency deposits through its Offshore Banking products.[21]
