UCB attaches Nassa-owned land housing City Bank HQ over Tk150cr loan default
UCB Attaches Nassa-Owned Land in Gulshan Loan Recovery Case
Bdbusinessdaily.com – UCB attaches Nassa owned land in Gulshan following a court order linked to an estimated Tk150 crore loan default by Nassa Taipei Textiles Mills Ltd, a concern of Nassa Group. The one-bigha property on Gulshan Avenue in Dhaka houses the head office of City Bank PLC.
United Commercial Bank PLC displayed an attachment notice at the property, stating that the land and its buildings, structures and installations are subject to the legal action. The Money Loan Court issued the attachment order on 14 September as UCB pursued recovery of the unpaid borrowing.
Court action over unpaid loans
Nassa Taipei Textiles Mills Ltd reportedly failed to repay loans obtained from UCB within the agreed period. The bank then filed a case with the Money Loan Court, which ordered the physical attachment of the Gulshan property and publication of a notice.
“Nassa Group defaulted on their loans with UCB. As part of our legal recovery process, we filed a lawsuit at the Money Loan Court. The court has now granted a verdict of attachment against the said property in favour of UCB.”
UCB Chief Credit Officer Zeeshan Kingshuk Huq said the action forms part of the lender’s legal recovery process. The attachment protects UCB’s claim over the asset while court proceedings continue; it does not itself indicate an immediate change to business operations at the location.
Property ownership and transaction restrictions
The land is located in SE(D) Block 3 of Gulshan Model Town and is owned by Nassa Group, although City Bank operates its headquarters on the site. City Bank Managing Director and CEO Mashrur Arefin confirmed that the attachment resulted from Nassa Group’s default on loans from UCB.
“Due to Nassa Group defaulting on their loans, UCB has attached the Nassa-owned land under court orders.”
The notice warns against selling, buying, transferring, registering or conducting commercial transactions involving the property without UCB’s written approval. According to the notice, such actions could be treated as unlawful and as contempt of court.
UCB attaches Nassa owned land to secure its legal position during the recovery case. The restriction is particularly relevant to potential buyers, lenders and other parties considering transactions involving the land or its structures.
Wider pressure on Nassa Group
Nassa Group has been a major employer in Bangladesh’s textile and garment industry, with more than 30,000 workers. The group has faced financial pressure since the political change of August 2024, when factories were shut and significant bank loans remained unpaid.
Its chairman, businessman Nazrul Islam Mazumder, was arrested in October 2024 in connection with a murder case filed over the July Uprising of 2024. The group’s financial difficulties have also drawn attention because City Bank has its own outstanding credit exposure to Nassa Group.
For City Bank, the case concerns the ownership status of the land beneath its headquarters, rather than responsibility for the loan default. For UCB, the attachment provides legal protection over a prominent asset as the Money Loan Court case proceeds.
FAQ: UCB’s attachment of the Gulshan property
What does it mean when UCB attaches Nassa owned land? It means the court has placed the property under attachment in connection with UCB’s loan-recovery case, restricting dealings with the asset while the legal process continues.
Does the attachment mean City Bank’s head office will close? No immediate closure was indicated. City Bank uses the premises for its headquarters, while the attached land belongs to Nassa Group.
Can the Gulshan property be sold or transferred? The attachment notice says transactions involving the property require written approval from UCB. Any unauthorised sale, transfer or registration could face legal consequences.