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Bangladesh Development Bank Ltd (BDBL) has sought fresh funds worth Tk 1.0 billion from the government to expand its credit operation across the country, officials concerned said.
Managing Director of the state-run bank Manjur Ahmed in a letter sent to the finance ministry on September 12 made the request for financial assistance, they added.
"We have sought an allocation of Tk 1.0 billion from the government for BDBL in a bid to boost its profits," a source in the bank told the FE.
A senior official of the banking division said, "We have received a proposal put forward by the state-owned bank, seeking funds."
"Currently, BDBL has 43 branches across the country. We have plans to open more branches this year. Besides, all the branches of the bank have been brought under online coverage. It needs funds worth Tk 1.0 billion to expand its credit operation," the MD mentioned in the letter.
He also mentioned that there was no capital or provision shortfall in the bank.
"With the decision of the government, Bangladesh Development Bank Ltd (BDBL) was incorporated on 16 November, 2009 as a Public Company Limited by shares under the Companies Act, 1994 by amalgamation of former Bangladesh Shilpa Bank (BSB) and Bangladesh Shilpa Rin Sangstha (BSRS), two development financial institutions (DFIs) in the public sector," according to its official webpage.
A senior BDBL official said now the paid-up and authorised capital of the bank is Tk 4.0 billion and Tk 10.0 billion.