What it does: Diversified financial services including business, consumer, investment and Islamic banking.
Best known for: Prime Bank is top-tier banking and financial institution in Bangladesh with $3.5 billion total assets.
Staff stats: More than 3,200 employees.
The good bits: Prime Bank offers a competitive compensation structure that includes annual bonuses, provident and gratuity fund, group insurance and three types of allowances.
The not so good bits: Graduates who are fond of innovative business practices will struggle if they join the organisation. Prime Bank prefers traditional banking practices, so innovation doesn’t seem to be encouraged at the company.
Hiring grads with top marks in: accounting, banking and finance; business, marketing and sales; commerce and economics; engineering and information technology.
Prime Bank has operated in Bangladesh for more than 25 years since M A Khaleque founded the company in 1995. The bank went public on the Chittagong Stock Exchange and Dhaka Stock Exchange in 1999 and 2000, respectively. The company has also established offshore branches in Hong Kong, Singapore and the U.K. as foreign subsidiaries over the years.
The bank launched its first ATM in 2008 has grown to 170 machines as of 2018. Prime Bank already had 146 branches in Bangladesh as of the same year. The company also gained recognition for its banking services, including the Platinum Rank from the Asia Sustainability Reporting Rating-2019.
Prime Bank follows seven stages for hiring graduates that start with soliciting applications. A recruiter or hiring manager will screen CVs before inviting shortlisted candidates to a written test and face-to-face interview. The company will inform the successful candidate through a selection and offer letter, but they should pass a medical exam before they can join the company.
Those who apply through college or university to be a management trainee should expect the process to last at least two weeks. The written exam will test your analytical, English and Math skills. Interview questions can range from the applicant’s personal life to general topics like people choosing a career in the banking industry.
An employee’s immediate supervisor and another higher-ranking employee at the bank will evaluate the employee’s performance every year. The merit-based system uses records of periodic discussions with the employee and their achievements. Promotion may take a while for fresh graduates. Some employees had to wait for at least three years before they assume a new role.
The management trainee programme is the best option for fast-tracking your career at Prime Bank. The company requires management trainees to be not more than 30 years old, a degree from a UGC-recognised university and a minimum CGPA of 3.00 on a scale of 4.00. Prime Bank won’t accept applicants who belong to the third division in any academic certification.
A management trainee’s monthly average salary at Prime Bank ranges between BDT 38,000 and BDT 42,000. Interns earn at least BDT 5,000 per month. Senior officers earn an average of BDT 51,000 to BDT 60,000 per month.
Prime Bank provides annual bonuses to well-performing employees based on a profitability target, team and individual performance. Other benefits include a provident and gratuity fund, housing subsidy, conveyance and medical allowance, festival bonus, group insurance, leave fair assistance and employees’ welfare fund.
Some interns describe the company’s employees as friendly and skilled. The dynamic and competitive nature of the banking industry encourages them to perform well, but interns and employees should know how to manage their time efficiently at Prime Bank. While many are satisfied with the compensation structure, they believe that hiring more employees will help in resolving an unbalanced workload among branches.
Prime Bank’s competitors in the private commercial banking sector are The City Bank Ltd, National Credit & Commerce Bank Ltd, South Bangla Agriculture and Commerce Bank Ltd and Bangladesh Commerce Bank Ltd.
Prime Bank Foundation handles the company’s corporate social responsibility projects since 2002. The foundation has invested in education, handicap support, infrastructure, healthcare and environment initiatives.
The central bank ordered Prime Bank in 2015 to pay BDT 1 million as the penalty for alleged identity theft and forged at two of the company’s branches. An investigation revealed that fraudulent activity included a $30 million disbursal to a non-resident subsidiary and a BDT 1.725 billion land purchase in Dhaka.
In 2014, the Anti-Corruption Commission charged 11 Prime Bank officials with embezzlement of BDT 9.265 billion. The officials used fake loan recipients to carry out the crime between 2006 and 2012.
Prime Bank has a wide spectrum of personalities because of its size, so graduates must know how to deal with different people before they think about joining the company. Competition may seem tough even after you already landed an entry-level role. The company’s management trainee programme is an example of encouraging employees to outshine their peers.
The bank rewards well-performing individuals with bonuses for their hard work and determination, although you should expect that their evaluation system can be flawed despite using numbers and concrete data. A subjective analysis comes from at least two managers, and this can create confusion if both have different opinions about the employee.