According to the bank website, the proposed project comprises of an investment in United Commercial Bank Limited (‘UCB’, the Bank) which is the 3rd largest (in terms of total assets) private sector ‘conventional’ commercial bank in Bangladesh and an IFC client since 2015. UCB started operations in 1983 as a ‘1st generation’ private commercial bank and gradually shifted to a universal bank, offering a wide range of financial services. The Bank has a network of 187 branches along with off-shore banking units, agent banking, MFS (UCash), DFS (Upay), internet banking and priority banking (UCB Imperial). The proposed project comprises of: a working capital facility and a 5-year green loan amounting to up to US$ 65 million in total.
According to IFC, UCB was started by a few leading local businessmen spearheaded by late Akhtaruzzaman Chowdhury Babu (deceased in 2012). The shareholder group linked to directors and sponsors directly own approximately 34% of UCB’s shares where late Akhtaruzzaman Chowdhury Babu’s family and associates hold controlling shares of UCB.
United Commercial Bank Limited
Md. Sohrab Mustafa
Deputy Managing Director
Plot - CWS- (A)-1, Road No - 34, Gulshan Ave, Dhaka 1212, Bangladesh
ACCOUNTABILITY MECHANISM OF IFC
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