DHAKA: AB Bank Limited approved seven percent stock and five percent cash dividend for its shareholders at the 32ndAnnual General Meeting (AGM) of the Bank held on Monday at the Bashundhara Convention Centre-2, Dhaka.

The AGM approved the annual report and the audited financial statements of the bank for the year 2013, says a press release.                          

Earlier an Extra-Ordinary General Meeting (EGM) of the bank was held on the same day at 9.00am at the same venue.    

A special resolution was approved in the EGM for issuance of ‘AB Bank Subordinated Bond’ up to Tk 250 crore for raising Tier-II capital subject to approval of the concerned regulatory authorities. Total capital of the bank now stands at Tk 1915 crore.                               

AB Bank Limited completed its 32nd year of successful banking on April 12, 2014.

It’s Net Asset Value (NAV) stood at Tk 1,731 crore in 2013 which is seven percent higher than 2012. Total asset of the bank stood at Tk 20,975 crore at the end of 2013 reflecting a growth of 20 percent over last year.          

As per provisions of SEC 15 (10) of Bank Company (Amendment) Act-2013, no more than two persons of the same family shall be entitled to hold the post of director at the same time.

Therefore, contest between Salim Ahmed and Sajedur Seraj was resolved through secret ballot.

Election Commissioner Advocate Muhammad Mohsen Rashed declared Salim Ahmed as elected Director of AB Bank Limited who bagged a total of 11.40 crore votes while his contestant Sajedur Seraj got only 57000 of the cast votes.          

The AGM was presided over by the Chairman of the Bank M Wahidul Haque while Vice-Chairman Salim Ahmed, President and Managing Director Shamim A Chaudhury, a good turn-out of shareholders, patrons, clients and well-wishers were present in the programme.

BDST: 1825 HRS, APR 21, 2014