Sonali Bank PLC (সোনালী ব্যাংক পিএলসি) is the largest state-owned commercial bank in Bangladesh, playing a vital role in the country’s financial sector. Established in 1972 after the merger of the then National Bank of Pakistan, Bank of Bahawalpur, and Premier Bank branches located in Bangladesh, Sonali Bank has grown to be a cornerstone in Bangladesh’s banking industry, offering a wide range of banking services, from traditional banking to digital solutions. It plays a crucial role in Bangladesh’s economic development by facilitating government transactions, supporting businesses, offering personal and corporate loans, and promoting international trade. The bank’s wide array of financial products and services, combined with its social initiatives, makes it a key player in the country’s banking sector.
Overview:
Soon after independence of the country Sonali Bank PLC (সোনালী ব্যাংক পিএলসি) emerged as the largest and leading Nationalized Commercial Bank by proclamation of the Banks’ Nationalization Order 1972 (Presidential Order-26) liquidating the then National Bank of Pakistan, Premier Bank and Bank of Bhwalpur. As a fully state owned institution, the bank had been discharging its nation-building responsibilities by undertaking government entrusted different socio-economic schemes as well as money market activities of its own volition, covering all spheres of the economy.
The bank has been converted to a Public Limited Company with 100% ownership of the government and started functioning as Sonali Bank Limited from November 15, 2007 taking over all assets, liabilities and business of Sonali Bank. After corporatization, the management of the bank has been given required autonomy to make the bank competitive & to run its business effectively. It has 18 GM level offices in 8 Divisions, 69 Principal Offices, 39 Regional Offices and 1232 Branches at district level.
See also:
❏ Banks in Bangladesh
Sonali Bank PLC at a glance: | |
| Bank Name | Sonali Bank PLC (সোনালী ব্যাংক পিএলসি) |
| Logo |  |
| Legal Status | Public Limited Company |
| Established | 1972 |
| Type | Public Bank |
| Category | Commercial Bank |
| Origin | Local Bank |
| Address | 35-42, 44 Motijheel Commercial Area, Dhaka-1000, Bangladesh |
| Call Center | 16639, +8809610016639 |
| Telephone | +880 2 9550426-31, 33, 34, 9552924 |
| PABX | +880257161080-88 |
| Telex | 642644 SBD/BJ, 642824 SBD/BJ |
| +8801324417006 | |
| Fax | +88-02-9561410, +88-02-9552007 |
| Bank Code | 200 |
| Stock Code | ICBSONALI1 – DSE CSE |
| SWIFT Code | BSONBDDH |
| info@sonalibank.com.bd | |
| Website | www.sonalibank.com.bd |
| Service Hours | Business day (Sun ~ Thu) 10:00 am ~ 4:00 pm * (Fri ~ Sat) Closed |
| Services |
|
History of Sonali Bank PLC:
Sonali Bank PLC (সোনালী ব্যাংক পিএলসি) the largest state owned commercial bank of Bangladesh. It was established by taking over the branches of National Bank of Pakistan, Bank of Bawalpur and Premier Bank that were functioning in East Pakistan until 1971 and was nationalised under the bangladesh bank (Nationalisation) Order 1972. The bank has been converted to a public limited company with 100% ownership of the government and started functioning as Sonali Bank Limited (SBL) from 15 November, 2007 taking over all assets, liabilities and business of Sonali Bank. After corporatisation, the management of the bank has been given required autonomy to make the bank competitive and to run its business effectively. Sonali Bank PLC (before Sonali Bank Limited) is governed by a Board of Directors consisting of 11 (Eleven) members. The Bank is headed by the CEO & Managing Director, who is a well-known Banker and a reputed professional. The corporate head quarter of the bank is located at Motijheel, Dhaka, Bangladesh, the main commercial center of the capital.
The corporate headquarters of the bank is located at Motijheel, Dhaka, the main commercial centre of the capital. It has 18 GM level offices in 8 Divisions, 69 Principal Offices, 39 Regional Offices and 1232 Branches at district level. Inside the country Sonali Bank PLC has two wage earners branch, 3 Representative Offices and 43 authorised dealers to conduct foreign exchange business. It has got an overseas banking transaction arrangement with 639 correspondents. In 1994, the bank established in New York a full-fledged subsidiary company of the name the Sonali Exchange Company Incorporated (SECI) having 10 (Ten) branches in USA to expand its participation in international banking. The Bangladeshis who working in USA send remittances through this company which is operated with its main office at Manhattan, New York city and branches/booths at Brooklyn, Astoria, Jackson Heights in New York, Peterson in New Jersey, Atlanta in Georgia, Detroit in Michigan and Los Angeles in California.
Besides, Sonali Bank (UK) Limited was established in the United Kingdom with joint ownership of Sonali Bank and the Government of Bangladesh in 2001. It had been functioning through six branches in London, Luton, Birmingham, Bradford, Manchester and Camden. The Sonali Bank (UK) was however closed in 2022 after its failure in compliance on 9 members of issues. Remittances from Bangladeshi expatriates employed in Malaysia are being channeled through May Bank of Malaysia under an arrangement with Sonali Bank PLC. NRBs living in middle-eastern countries are also dispatching their wage earnings through 44 exchange houses in business with Sonali Bank PLC.
Sonali Bank performs all traditional banking functions including deposit mobilisation and lending. The bank discharges the treasury functions as the agent of the Bangladesh Bank. It collects tax, stamp duty and registration fees, operates special savings accounts, pays salaries to the teachers of schools, madrasahas, and colleges and pension to retired government employees. The bank provides funding to some income generating and economic development projects namely, Poverty Alleviation Credit Programme, Female Special Credit Programme, and Agro-based Industrial Credit Programme in the rural areas. It has a large participation in foreign exchange business and off-balance sheet activities. At present, the bank has correspondent relationships with 380 foreign banks/bank offices throughout the world.
Sonali Bank monitors its work through a performance budget. It has a marketing intelligence unit and conducts a programme of human resources development through training and motivation. It introduced the Lending Risk Analysis suggested by the Financial Sector Reform Programme. Business policies of the bank in the 1990s included fulfilling capital adequacy requirement, mobilising deposits in large amounts, and making investments in more profitable ways. The bank diversified its activities in off-balance sheet items to expand its area of operations and increase non-interest based incomes.
Services Offered by Sonali Bank PLC:
Sonali Bank PLC is one of the largest state-owned commercial banks in Bangladesh, providing a wide array of banking and financial services to individuals, businesses, and government entities. Here are the primary services offered by Sonali Bank PLC:
1. Deposit Products
- Savings Accounts: Customers can open savings accounts with interest benefits and withdrawal facilities.
- Current Accounts: For individuals and businesses to manage day-to-day financial transactions without earning interest.
- Fixed Deposit Accounts: Time-bound deposits with competitive interest rates for individuals and organizations.
- Special Savings Schemes:
- Sonali Bank Pension Scheme: A long-term savings scheme designed to provide pension benefits after a fixed period.
- Sonali Deposit Pension Scheme (SDPS): A monthly deposit scheme with attractive interest rates, ideal for small savers.
2. Loan and Credit Facilities
- Personal Loans: Offered to individuals for personal needs such as home renovation, education, or medical expenses.
- Home Loans: Financing for purchasing, constructing, or renovating residential properties.
- Corporate Loans: Large-scale financing for businesses and industries, including working capital and term loans.
- SME (Small and Medium Enterprise) Loans: Special lending programs to support small and medium-sized businesses in Bangladesh.
- Agricultural Loans: Designed for farmers and agribusinesses to support crop production, livestock, fisheries, and more.
- Export and Import Financing: Specialized loans and credit facilities to support exporters and importers with trade financing.
3. Foreign Exchange and Trade Services
- Foreign Currency Accounts: Customers can maintain accounts in foreign currencies such as USD, GBP, or EUR for international transactions.
- Export and Import Services: Assistance with letters of credit (LC), bills collection, and trade documentation for businesses involved in international trade.
- Remittance Services: Sonali Bank facilitates international remittance services, enabling expatriates to send money back to Bangladesh through safe and efficient channels.
- Travelers’ Cheques and Foreign Currency Exchange: Services for individuals traveling abroad, including foreign currency exchange and travelers’ cheques.
4. Online and Electronic Banking Services
- Internet Banking: Customers can access their accounts online, check balances, transfer funds, and pay bills.
- Mobile Banking: Through apps and SMS services, customers can perform transactions on the go, including mobile top-ups and utility bill payments.
- ATM Services: Sonali Bank has an extensive network of ATMs across Bangladesh for cash withdrawals, balance inquiries, and mini-statements.
5. Government Services
- Government Treasury Operations: Sonali Bank acts as a key agent for the Government of Bangladesh in managing treasury operations, including the collection of taxes and disbursement of government payments.
- Social Safety Net Payments: Disbursement of government assistance programs, including pensions and allowances to vulnerable segments of the population.
6. International Services
- Correspondent Banking: Sonali Bank has correspondent relationships with numerous international banks, facilitating smooth cross-border banking transactions.
- Foreign Remittances: The bank partners with global remittance services to allow Bangladeshi expatriates to send money home securely.
7. Islamic Banking Services
Sonali Bank PLC offers Islamic banking services under the principles of Shariah law. These services include:
- Mudaraba Savings Account: A profit-sharing savings account in compliance with Islamic law.
- Islamic Investment Products: Financing products based on Islamic contracts such as Murabaha (cost-plus financing), Ijara (leasing), and Musharaka (joint venture financing).
8. Investment and Treasury Services
- Treasury Operations: Managing investments in government securities, bonds, and other financial instruments.
- Investment in Capital Markets: Facilitating customer investments in the stock market, including share trading, mutual funds, and portfolio management.
9. Corporate and Institutional Services
- Cash Management Solutions: Tailored services to manage cash flows, payments, and collections for corporate clients.
- Payroll Management: Offering companies payroll processing solutions, enabling them to credit salaries directly into employee accounts.
10. Locker Services
- Safe Deposit Lockers: Secure locker services for customers to store valuables such as documents, jewelry, and other assets.
Sonali Bank PLC is a key player in Bangladesh’s financial landscape, offering diverse banking services catering to individuals, businesses, and the government, with a strong focus on modernizing services through digital platforms.
Contact
Sonali Bank PLC, Head Office: 35-42, 44 Motijheel Commercial Area, Dhaka-1000, Bangladesh or contact any Branch/ Sub-Branch/ Agent Banking Outlet of the Bank
✆ Call Center: 16639, +8809610016639
Telephone: +880 2 9550426-31, 33, 34, 9552924
PABX: +880257161080-88
Telex: 642644 SBD/BJ, 642824 SBD/BJ
WhatsApp: +8801324417006
Fax: +88-02-9561410, +88-02-9552007
Bank Code: 200
SWIFT Code: BSONBDDH
Email: info@sonalibank.com.bd
Website: www.sonalibank.com.bd
