Padma Bank Limited on Saturday unveiled its new logo after getting approval from the central bank to change its name in a bid to revamp its image.
Earlier in January this year, Bangladesh Bank allowed the scam-hit Farmers Bank to rename as Padma Bank.
The logo was launched at Westin Hotel where officials and board members of the bank pledged to introduce best corporate practice.
Government high officials hoped that the Padma Bank would play an exemplary role in establishing good governance in the bank that would be emulated by others to overcome the image of the overall banking sector.
Prime minister’s economic affairs adviser Mashiur Rahman, financial institutions division secretary Md Ashadul Islam, Padma Bank chairman Chowdhury Nafeez Sarafat and its managing director Md Ehsan Khasru, among others, were present at the event.
Mashiur Rahman hoped that the bank would be able to regain public confidence with improved management capacity.
He also urged all that time was ripe for rebranding the country’s image as well. ‘We have to rebrand that Bangladesh is an incorruptible country as it has been proved by the court order in Canada that there was no corruption in the Padma Bridge project.’
Md Ashadul Islam said that there was no scope of failure for Padma Bank as chief executives of government-owned banks and financial institutions took over charge in the bank’s board.
He urged the board members and management of the bank to maintain compliance of everything very seriously and ensure implementation of all the promises which were made to restore public confidence.
He mentioned said that the government took the responsibility of Padma Bank when it was in deep trouble.
Mentioning criticism of the country’s banking sector in different media, the financial institutions division secretary urged all the public and private banks to function properly to recover from the situation.
In the way of recovery, Padma Bank would show the way to other banks, he hoped.
Former president of Federation of Bangladesh Chambers of Commerce and Industry Kazi Akram Uddin Ahmed said, ‘As a former chairman of Bangladesh Association of Banks, I along with other banks would help Padma Bank when necessary.’
Sonali Bank managing director and chief executive officer Obayed Ullah Al Masud, also a director of Padma Bank, said, ‘Getting the name Padma is a matter of great luck as it represents dignity and resources of the country.’
At present, 68 per cent shares of Padma Bank are owned by four state-owned banks — Sonali, Janata, Agrani and Rupali — and the Investment Corporation of Bangladesh.
Chowdhury Nafeez Sarafat said, ‘We are confident that Padma Bank will be a front-ranking bank in the country in a very short time.’
Janata Bank MD Mohammad Abdus Salam Azad, Agrani Bank MD Mohammad Shams-ul Islam, Rupali Bank MD Ataur Rahman and ICB MD Kazi Sanaul Hoq, among others, were present.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Banking