National Bank gets BB approval to lease out Twin Tower

The Bangladesh Bank (BB) has allowed National Bank to lease out its under-construction Twin Tower building in Dhaka’s Panthapath area, which was originally planned to become the private lender’s headquarters.

In a notification issued yesterday, the central bank said it has exempted the bank from the relevant provision of the Bank Companies Act until 2031, allowing it to lease the property.

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The NBL Twin Tower was intended to become the bank’s head office. As per the law, such a building cannot normally be leased out.

However, after years of losses, National Bank received the special facility, which is expected to support the efforts to improve its financial position.

The bank has posted losses every year since 2022. Its accumulated losses reached nearly Tk 8,900 crore, driven by a high volume of non-performing loans and financial irregularities.

National Bank began construction of the 12-storey Twin Tower in Panthapath nearly a decade ago after the Sikder family, owners of the Sikder Group, took control of the bank in 2009. The family has faced allegations of financial irregularities, including approving loans in breach of rules and regulations.

Construction was suspended for several years after a 2015 accident in which the shore pile bracing and retaining wall collapsed.

According to the bank’s financial statements, work resumed in 2020 after the necessary approvals were secured from the relevant authorities.

The structural work on both towers has now been completed up to the 12th floor. The bank said the 11kV electricity connection had already been installed.

It added that approval has also been obtained for water and sewerage connections.

According to the bank, the floor plans and layouts have been completed, while network installation and internal power connection work are under way. It said the interior decoration of the second floor of one tower has already been completed, and the Card Division and several other divisions would be moved there soon.

National Bank posted a loss of Tk 2,431 crore in the 2025 financial year, up 42 percent from about Tk 1,700 crore a year earlier, according to its financial statements.

The Daily Star sought comment from the bank’s Managing Director Adil Chowdhury, but he did not answer phone calls or respond to messages.