The Bangladesh Bank issued a directive on Sunday saying that Bengal Commercial Bank now can officially start its banking activity.
Earlier on February 9, the central bank gave its final approval to the commercial bank — raising the total number of country's scheduled banks to 60.
Bengal Commercial Bank has been initiated by the Bengal Group of Industries — a local plastic product manufacturer.
Lawmaker Morshed Alam is the chairman of the group and his younger brother Jashim Uddin has been appointed as the chairman of the new bank.
Jashim Uddin previously served the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) as a vice-president.
In 2018, the central bank approved Probashi Kallyan Bank and Community Bank as scheduled banks.