Premier Bank PLC has issued a formal clarification regarding recent media coverage concerning Letter of Credit (LC) transactions at its Narayanganj branch. The financial institution stated that the allegations in question are isolated to historical transactions executed between 2017 and 2023, a period administered by the bank’s previous chairman and Board of Directors.
Regulatory Cooperation and Governance
In an official statement released on Sunday, Premier Bank PLC affirmed that it is addressing the allegations with the highest level of institutional seriousness. The bank is collaborating fully with Bangladesh Bank—the central bank of the nation—alongside relevant regulatory and statutory authorities to ensure that a transparent, comprehensive, and impartial investigation is completed.
The bank’s current administration emphasised that any past irregularities currently under review do not reflect the operational policies, ethical frameworks, or values of the present management team. To safeguard its systems, Premier Bank PLC has systematically upgraded its internal control mechanisms, ensuring all current and future LC-related activities strictly align with international banking standards.
Executive Declarations
The leadership team of Premier Bank PLC provided explicit assurances regarding the steps being taken to resolve the matter and protect the interests of stakeholders.
Dr Arifur Rahman, Chairman of Premier Bank PLC, noted: > “During our audit, the liabilities were identified in the names of the factory owners of the concerned 26 entities, and appropriate legal action has been taken against them. At the same time, an independent forensic audit is being conducted so that we can have a complete understanding of the situation and determine the necessary course of action after the investigation is concluded.”
Mr Md. Monzur Mofiz, Managing Director of Premier Bank PLC, stated: > “We would like to assure our customers and partners that Premier Bank remains financially sound and operationally stable. The allegations currently under investigation should not be used to question the reputation and operations of Premier Bank. We have already strengthened our internal monitoring and have taken the necessary and appropriate measures to prevent such unwanted situations in the future.”
Case Factsheet
The core components of the dispute, the timeline, and the reactive measures instituted by the current management are systematically arranged below:
| Operational Variable | Case Details |
| Originating Branch | Narayanganj Branch, Premier Bank PLC |
| Period under Investigation | 2017 to 2023 inclusive |
| Implicated Entities | 26 ready-made garment (RMG) factory owners |
| Historical Context | Conducted under the previous Board and Chairman |
| External Oversight | Central Bank (Bangladesh Bank) & relevant authorities |
| Investigative Action | Active independent forensic audit underway |
| Judicial Action | Formal legal proceedings initiated against the 26 owners |
| Preventative Measures | Reinforcement of internal monitoring and oversight protocols |
Through these coordinated legal and internal audits, Premier Bank PLC continues to reinforce its operational stability while ensuring a definitive resolution to the historical discrepancies.