Padma Bank Ltd, a fourth generation bank, has formally started its operation after its logo was unveiled yesterday with a promise of ‘secure banking’ for its customers.

Mashiur Rahman, economic affairs adviser to the prime minister, was the chief guest at the colourful logo unveiling ceremony at a hotel in the capital.

Fazle Kabir, Bangladesh Bank governor, and Chowdhury Nafeez Sarafat, chairman of Padma Bnak, Ehsan, Khasru, managing director and chief executive officer of Padma Bank Limited, Obayed Ullah Al Masud, managing director and CEO of Sonali Bank, Mohammad Abdus Salam Azad, managing director and CEO of Janata Bank, Mohammad Shams-ul Islam, managing director and CEO of Agrani Bank, Ataur Rahman, managing director and CEO of Rupali Bank, and Kazi Saanul Haq,

managing director of ICB, were also present on the occasion.

Farmers Bank, a private bank, got in trouble due to gross irregularities and loan scams six years ago. Later, Bangladesh Bank renamed The Farmers Bank Limited as Padma Bank Limited.

The fourth generation bank initiated the move to change its name with a view to regaining public confidence for survival following loan scams and changes in its management and board of directors.

The four state-owned banks - Sonali, Janata, Agrani and Rupali- and  state-owned financial institution Investment Corporation of Bangladesh (ICB) now have a 68 per cent stake in Padma Bank.

Padma started its new journey with 57 branches which provide most modern banking services to clients across the country.

Speaking as the chief guest at the programme, Mashiur Rahman said, “We see almost all the banks have liquidity crisis and the government has to help overcome the crisis,”

In their speeches, Chairman of Padma Bank Nafeez Sarafat and CEO Ehsan Khasru highlighted the bank’s recent achievement and its future course of action. They said the Padma has launched a new array of attractive banking products and many more in the pipeline.

Speaking at the logo unveiling ceremony, Sarafat said, “The new schemes that we have taken to gain public confidence have already begun to bear fruit. We are confident that the Padma Bank will be a front-ranking bank in the country within a very short time,”

To revamp the image of the bank and to make the bank’s financial health better, the new management has taken a set of plans including re-branding programme and launching ethical banking, said Khasru.

The central bank in a circular said that as per the Bangladesh Bank Order, 1972 it changed the name of The Farmers Bank Limited with effect from January 29.

BK