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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...