Govt holds Commerce Bank's majority shares, yet S Alam Group looted it

Government banks and organisations hold 51 per cent of shares of Bangladesh Commerce Bank. Yet, controversial conglomerate S Alam Group controls the banks. They even appointed the chairman and the managing director of the bank abusing their power. The bank also owes Tk 13 billion to banks and financial institutions owned by S Alam Group.

Sources said S Alam Group did not borrow from Commerce Bank directly. Commerce Bank gave Tk 6.10 billion to other banks owned by S Alam Group and the conglomerate took it away with names or anonymously. Besides, Tk 7 billion remains withheld at the financial institutions owned by S Alam and Prashanta Kumar Halder aka PK Halder. Commerce Bank is not getting back this money, and the bank also receives no interest from most investments either.

On top of plundering the money, S Alam Group also appointed about 600 people, mostly from Patia upazila of Chattogram, to the bank. Overall, the operation of the semi-government bank remains halted.

The government and several government-owned banks hold the shares of Bangladesh Commerce Bank while Bikalpa Dhara Bangladesh former secretary general Abdul Mannan, MGH managing director Anis Ahmed and Anwar Group held major portions of the shares until S Alam Group purchased those shares with named or anonymously in 2026.

After that, the conglomerate took over the bank entirely by appointing chairmen and managing directors. Currently, Rashid Ahmed Chowdhury, who is involved with a private university in Chattogram, is the chairman representing S Alam Group, while managing director Tajul Islam was a deputy managing director of Janta Bank where S Alam Group has loans of about Tk 110 billion, and Tajul Islam is said to become close to S Alam Group through this connection.

The number of the bank’s officials increased to about 1,000 from about 400. New branches, sub-branches and bill booths have been opened for their postings.

Non-bank financial institution Bangladesh Commerce and Investment Limited was set up on 27 January 1986, but it was dissolved later. In 1999, it resumed operation as the scheduled bank Bangladesh Commerce Bank.

S Alam Group did not take away money from the Commence Bank directly rather they maintained alternative ways. Commence Bank kept about Tk 6.15 billion at various banks and the conglomerate took those in various names or anonymously. As a result, Tk 2.30 billion of the Commerce Bank got stuck at Islami Bank, Tk 1.40 billion at Union Bank, and Tk 1 billion at Social Islami Bank while the remaining money is still withheld at First Security Islami Bank.

Likewise, Tk 7 billion is still withheld at various finance institutions. Of which, Tk 2.90 billion is stuck at Aviva Finance and S Alam Group owner Saiful Islam himself is its chairman. Besides, Tk 1.54 is stuck at People’s Leasing owned by PK Halder, Tk 1.47 billion at International Leasing, Tk 710 million at Bangladesh Industries and Finance Company, Tk 200 million at FAS Finance, Tk 90 million at First Lease Finance and Tk 80 million remained withheld at Premier Leasing.

When the funds were deposited at these banks and finance institutions, Md Tajul Islam was the managing director of Commerce Bank and Rashid Ahmed Chowdhury was the chairman. None of them responded to phone calls for comment. The managing director has not been attending the office since the fall of the Sheikh Hasina government. Meanwhile, aggravated officials raised various demands including fixing irregularities, as well as forced deputy managing director Abdul Quader to resign.

Asked, former Chief Economist of Bangladesh Bank Mustafa K Mujeri told Prothom Alo it is crystal clear that their own banks and financial institutions have been used instead of taking away the money through direct discrepancy, which is why this money is not returning. The bank’s chairman and managing director cannot avoid this responsibility. Bangladesh Bank should pay attention to this bank immediately. It is also necessary to look into the matter as to why the government and other government organisations holding shares of the banks were inactive. Had any of them had control, the bank would have not faced this consequence. Those who are involved in corruption must be punished so that none commits such wrongdoings in future.