Compensation System of an industrial enterprise in Bangladesh: A case study of AB Bank Limited. 1. Historical Background of AB Bank AB Bank Limited, the first private sector bank under joint venture with Dubai Bank Limited. UAE incorporated in Bangladesh on 31st December 1981 & started its operation with effect from April 12, 1982.
Dubai Bank Limited (name subsequently changed to Union Bank of the Middle east Limited) decided to off-load their investment in AB Bank Limited with a view to concentrate their activities in the UAE in early part of 1987 & in teams of Articles 23 A & 23B of the Articles of association of the company & with the necessary approval of the relevant authorities, the shares held by them in the Bank were sold & transferred to Group “A” Shareholders, i. e.
Bangladesh Sponsor Shareholders. As of December 31, 2006; the authorized capital & the equity (paid up capital & reserve) of the bank are BDT 2000 million & BDT 2582. 76 million respectively. The sponsor-shareholder holds 50% of the share capital; the General Public Shareholders hold 49. 43% & the rest 0. 57% shares are held by the Government of the People’s Republic of Bangladesh. However, on individual sponsor shareholder of more then 10% of its total shares.
Since beginning, the bank acquired confidence & trust of the public & business houses by rendering high quality services in different areas of banking operations, professional competence & employment of state of art technology. During the last 27 years, AB Bank Limited has opened 73 Branches in different Business centers of the country, one foreign Branch in Mumbai, India, two Representatives Officer in London & Yangon, Myanmar respectively & also established a wholly owned subsidiary finance. Company in Hong Kong in the name of AB Bank International Finance Limited.
To facilitate cross border trade & payment related services, the Bank has correspondent relationship with over 220 international banks of repute across 58 countries of world. 1. 2 Corporate Slogan Of AB Bank Ltd. : First Of Many Firsts 1. 3Vision: “To be the trendsetter for innovative banking with excellence & perfection” 1. 4 Mission: “To be the best performing bank in the country” 1. 5 Change Of Name: Arab Bangladesh Bank Limited changed its name to AB Bank Limited(ABBL) with effect from 14 November 2007 vide Bangladesh Bank BRPD circular letter no. 10 dated 22 November 2007. Prior to that shareholders of the bank approved the change of name in the Extra-Ordinary General Meeting held on 4 September 2007. 1. 6 Birth Of the Logo The coat of arms of the new logo is inspired by traditional “Shital pati ” or “Sleeping mat”. The knit and the pattern of interlace in the new logo that echoes the intricate weave of Shital pati symbolizes bonding. This bonding reflects the new spirit of AB Bank. 1. 7 Product and Service of AB Bank The product and services of AB Bank are exposing the table Product |Services | |Retail Banking |Locker Service | |Corporate Banking |Internet Banking | |SME Banking |SMS Banking | |Deposits Rate |New Cheque Book | |Money Transfer |Lost Cheque
Book | |Islami Banking |Lost Credit/Debit Card | |AB Securities Limited |Fund Transfer | |Cards |Account Opening | |SME Banking |Address Change | |Loan Syndication |Signature Change | |NRB Banking |Account Closing | |Project Finance | | 1. 8 Organ Gram Of AB Bank Limited 1. 9 Corporate Information at a Glance Name Of the Bank:AB Bank Of Bangladesh Limited Status:Public Limited Company Date Of Incorporation:31 december 1981 Inauguration of the Jubilee Road Branch: 26th July , 1994. Head Office, BCIC Bhaban, 30-31, Dilkusha Commercial Area, Dhaka Registration No: C281461 (1992)/95 Chairman: Mr. M. Wahidul Haque Vice chairman: Salim Ahmed
President & Managing Director: Fazlur Rahman Authorized Capital: TK. 800 Million Director:11 Number Of Employees:3342 1. 10 Salary Structure of AB Bank Bangladesh Limited The salary structure of AB Bank mention to the stage of employee. Now describe the compensation of AB Bank bangladesh limited: Basic Pay: Basic pay is the root compensation which paid to the employee in depends on job responsibilities. House Allowance: AB Bank provides 40 to 50 percent house allowance and it depends on the level of employees position. Medical Allowance: AB Bank provide medical allowance for every employees. Lunch: AB Bank Provide the Lunch for employees 20 to 35 minute.
Education: AB Bank provide education for employees childrens who are bright result in school collage and University. Training Hours: AB Bank are houner training hours. Utility Allowance: AB Bank are provide the utility allowance for an employees. pay for time not at work of AB Bank Sick Lecve: when an employee fall in sick for that reason an employee does not work that time AB Bank are granted the leave without panishment. Holidays: holidays are included his salary for that reason an employee get 100% salary. Casual Leave: An employee can take a casual leave 8 days in a year but not hampered in his salary. Emergency Leave: AB Bank are pay the salary when anybody die in employees family.
Earn Leave: When an employees performance is very well that time bank authority are given reword by the leave that time AB Bank are paid the full salary. Other Leave: The AB Bank are declear different kinds of leave that time pay the full salary. Maternity Leave: it only for pregnent women are take a leave that time moth off with pay. Non Financial compensation of AB Bank: non financial compensation means incentives that are provided to employees by AB Bank in the form of indirect pay. ———————– Chairman Vice Chairman Board of Director Managing Director & President SEVP SEVP SEVP SEVP EVP EVP EVP EVP SVP SVP SVP SVP VP VP VP VP SAVP SAVP SAVP SAVP AVP AVP AVP AVP SPO SPO SPO SPO PO PO PO PO SO SO SO SO OFFICER OFFICER OFFICER OFFICER