A Rouf Chowdhury: a dreamer and a trailblazer

Bangladesh's banking sector has long been going through a difficult time as a majority of banks are plagued by challenges stemming from a lack of corporate governance. But Bank Asia Ltd stands out thanks to its unwavering focus on following rules strictly under the leadership of a strong board of directors led by A Rouf Chowdhury. 

Chowdhury died yesterday at the age of 86, ending an illustrious entrepreneurial journey spanning more than four decades during which he set up over 50 companies and created jobs for around 35,000 people.

He not only built a successful bank. Rather, the prolific businessman founded companies with business interests in automobiles, pharmaceuticals, real estate, IT, deep-sea fishing, telecommunications, electronics, food processing and insurance.

Chowdhury spearheaded the creation of Bank Asia in 1999 by acquiring the Bangladesh operations of the Canadian Bank of Nova Scotia. It later acquired the Bangladesh operations of Pakistani bank Muslim Commercial Bank.

He helped Bank Asia become an efficient financial institution, which is described as a model when it comes to financial inclusion as it took banking services to the doorsteps of millions of unbanked people through its agent banking.

The ratio of default loans, a key indicator of the health of a bank, stood at 5.8 per cent at Bank Asia in September last year, way lower than the industry average of 9.4 per cent.

A pioneer in the banking industry, the lender introduced the country's first agent banking service in January 2014, giving the country's financial inclusion agenda a shot in the arm.

The alternative banking platform of Bank Asia has gained huge traction among the unbanked and underbanked and has already had 55 lakh account-holders.

Md Arfan Ali, a former managing director of Bank Asia, worked with Chowdhury from 1999 to 2022.

"During my career at the bank, we rolled out several digital banking products, including agent banking. The management of Bank Asia would not have been able to introduce the products if he had not motivated us," Ali said.

"His demise is a great loss for the country's business and financial sector. We all should follow in his footsteps."

"He was not only a visionary entrepreneur. He also executed big plans. He was a dreamer and a motivator. He could easily communicate his thoughts with his employees, helping them achieve business targets," Ali said.

Chowdhury was born on September 22 in 1937 and went on to study business management at the prestigious Massachusetts Institute of Technology in the United States.

He started his career at a pharmaceutical company. He began his own business in 1979.

He founded Sea Resources Group (SRG) in 1982 with a vision to establish the deep-sea fishing sector in Bangladesh as one of the prominent contributors to the economy.

Today, SRG has the largest fleet of deep-sea trawling with 23 fishing boats. And following in his footsteps, many entrepreneurs have signed up in the trade enabling the country to export sea fishes.

"His visionary leadership was instrumental in the success of the 35 companies under Rangs Group and Sea Resources Group," said Rangs Group on its Facebook page.

Anis A Khan, a former managing director of Mutual Trust Bank, describes Chowdhury as very professional.

"He always followed rules to run businesses. He had the respect for compliance and corporate governance. This has been reflected in the type of lender that Bank Asia is today."

He said Chowdhury was among the early entrepreneurs in Bangladesh.

"He emerged as a business icon in the last couple of decades by playing a pivotal role in helping the country's businesses. He later widened his footprint in news media and financial services."

A Rouf Chowdhury was a founding director of The Daily Star, the country's largest-circulated English language newspaper. 

He received numerous awards, including the lifetime achievement award from the UK Bangladesh Catalysts of Commerce & Industry.

Mir Nasir Hossain, a former president of the Federation of Bangladesh Chambers of Commerce and Industry, says Chowdhury was one of the pioneer entrepreneurs in many businesses in the country.

"Chowdhury is a symbol of a successful businessperson."

Hossain recalled that he had a great relationship with the Rangs Group's founder and was fortunate to observe him very closely.

"His strong leadership has helped Bank Asia become one of the best banks. He also nurtured his next generation to run his businesses efficiently."

Rouf Chowdhury was the president of the Bangladesh Marine Fisheries Association (BMFA) for eight consecutive years since 2003 and resolved various issues confronted by the sector by engaging with policymakers.

"He was a great entrepreneur and legendary business personality," said BMFA President Nurul Qayyum Khan.

Sk Abid Husain, secretary of the association, also recalled Chowdhury's huge contribution to the business of deep-sea fishing.

"I learned a lot from him. If anyone made a mistake, he would talk in a way that the person would not get hurt."

Md Jashim Uddin, president of the FBCCI, expressed his condolences over the death of Chowdhury.

Hafizur Rahman Khan, chairman of Runner Group, an automobile marketer and bike manufacturer, said Chowdhury began business and succeeded although his family did not have a business.

"It is his creation. Whatever he started, he succeeded. He inspired many like me to enter into business."

He said the founder chairman of Rangs Group always gave honest suggestions whenever someone sought advice.

Md Saiful Islam, president of the Metropolitan Chamber of Commerce and Industry, called Chowdhury a great entrepreneur with a vision and a mission.

"He could reach his goal much earlier. He created jobs, loved the country and diversified the business. He was the architect of a silent revolution in deep-sea fishing by introducing modern fishing."

The business leader thinks Chowdhury gave more to the country than what he had received from it.

"He listened to patriotic songs even two days before his demise," said Islam, citing Chowdhury's family members.

"He loved people, the country and work. As a whole, he was a complete human being."