Banking, Finance & Corporate
A bank is a financial institution licensed by a government. Its primary activities include providing financial services to customers while enriching its investors. The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business.
The major financial institutions under the banking system include:
1. Bangladesh Bank
2. Commercial Banks including Islamic Banks
3. Leasing Companies
4. Finance Companies
Scheduled Banks in Bangladesh: After the independence, banking industry in Bangladesh started its journey with six nationalized commercialized banks, two State owned specialized banks and three Foreign Banks. In the 1980’s banking industry achieved significant expansion with the entrance of private banks.
Presently, banks in Bangladesh are primarily of two types:
- Scheduled Banks: The banks which get license to operate under Bank Company Act,1991 (Amended in 2003) are termed as Scheduled Banks.and
- Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks.
LegalGlobe’s Banking and Finance Practice represents clients in many aspects of financing transactions; The law firm is able to take up any work for any bank or financial institutions such as;
- providing legal opinion or vetting on any products,
- loan documents,
- loan recovery,
- drafting any instrument or any contract,
- HR matter of banks