UCB holds 42nd Annual General Meeting

United Commercial Bank PLC (UCB), one of the country’s leading and most trusted financial institutions, has successfully held its 42^nd Annual General Meeting (AGM).

The AGM took place on Thursday at the Kurmitola Golf Club in Dhaka, with a notable turnout of esteemed shareholders, according to a media release. 

The meeting was presided over by Mr. Sharif Zahir, Chairman of UCB’s Board of Directors. Also present were Independent Director and Vice Chairman Md. Shazzad Hossoin; Director and Executive Committee Chairman Md. Tanvir Khan; Independent Director and Audit Committee Chairman Obaidur Rahman FCA; Independent Director and Risk Management Committee Chairman Md. Yusuf Ali; and Managing Director & CEO Mohammad Mamdudur Rashid.

With shareholder approval, a decision was made to double UCB’s authorized capital from BDT 25,00 crore to BDT 50,00 crore.

Additionally, the AGM approved the issuance of right shares to increase paid-up capital and the issuance of new shares for strategic investors—key steps toward strengthening the bank’s future growth and stability.

The Board of Directors was authorized at the meeting to explore strategic partnerships for raising additional capital.

To that end, they may engage in discussions with reputed international institutional investors who are technologically capable and experienced in banking, digital banking, development financial institutions (DFIs), and related sectors.

All such activities will be conducted in compliance with applicable regulations and subject to necessary approvals.

Shareholders expressed satisfaction, noting that UCB has gained remarkable customer confidence within just six months—securing BDT 7,783 crore in net deposits and opening more than 300,000 new accounts—crediting the bank’s dynamic leadership and the relentless efforts of its dedicated employees.

Following the conclusion of the meeting and with the Chairman’s consent, UCB’s Chief Financial Officer, Faruq Ahmad, FCA, formally declared the AGM closed.

He extended heartfelt thanks to the shareholders, regulators, and all other stakeholders for their active participation, trust, and continued support, the release adds.