Mashrur Arefin re-appointed as MD of City Bank

Mashrur Arefin has been re-appointed as the managing director (MD) and CEO of City Bank for the next three years.

Arefin first assumed the role of MD and CEO of the bank in January 2019, according to a press release.

Over the past six years, he has steered the bank to new heights, the press release states.

During his tenure, the bank's annual income surged from Tk 1,595 crore to nearly Tk 4,000 crore, while its operating profit grew from Tk 668 crore to Tk 2,287 crore in 2024, according to the bank's unaudited financial report.

This milestone marked City Bank's entry into the exclusive Tk 2,000 crore profit club, making it one of the very few local banks to achieve this feat.

In the same period, the bank's income-expense ratio improved significantly, dropping from 58.1 percent to 42.1 percent, and its foreign trade volume grew from $3.6 billion to $7.02 billion annually.

Meanwhile, deposits rose from Tk 21,000 crore to Tk 52,000 crore, and the loan portfolio expanded from Tk 23,000 crore to Tk 45,000 crore.

The bank also made significant progress in asset quality, reducing its bad loan ratio from 5.3 percent in 2018 to 3.6 percent in 2023, while increasing the provision coverage ratio against classified loans from 72.7 percent to 122 percent.

He began his banking career at ANZ Grindlays Bank as a management trainee in 1995.

Over his 30-year career, he has held key positions at ANZ Bank Melbourne, Standard Chartered Bank Qatar, Citibank NA, American Express Bank, BRAC Bank, and Eastern Bank.

Under Mashrur's leadership, the bank has transitioned from an urban-centric financial institution to a bank for the masses, with financial inclusion at its core.

He spearheaded the launch of several initiatives, including digital nano loans, agent banking, small and micro-finance businesses, and City Alo women's banking.

He also played a pivotal role in popularising the Citytouch digital banking platform, which facilitated transactions exceeding Tk 1 lakh crore in 2024.

Mashrur is a graduate of Aligarh Muslim University, holds a master's in english from the University of Dhaka, and earned an MBA from Victoria University in Melbourne.