The New Nation - Internet Edition

StanChart Bank, ACI sign GBP/USD derivative deal

BUSINESS REPORT

Standard Chartered Bank and ACI Limited have successfully concluded a GBP/USD Range Forward deal. This is the first derivative deal of ACI Limited, a leading pharmaceutical company in Bangladesh, to hedge their exchange rate risk.

ACI was exploring an innovative solution for hedging their exchange risk against underlying GBP exposure. Catering to this Standard Chartered Bank Financial Markets structured a GBP/USD Range Forward solution to hedge against their exchange risk.

This structure provides the customer with more flexibility by fixing a range of exchange rate. By using this instrument, ACI Limited has demonstrated a clear endorsement of the future potential of exchange rate derivatives for Bangladesh.

Muallem A. Choudhury, Executive Director, Finance and Planning, ACI Limited, emphasised the importance of risk hedging for prudent financial management of corporate and thanked Standard Chartered Bank for providing such innovative risk hedging solutions.

Standard Chartered Bank is committed to providing innovative risk management solutions to its customers and continually strives to be at the forefront of advancement in financial products and services.

The deal is yet another testament to SCB's leading role in developing the local foreign exchange market.

SIBL, Premier Leasing sign loan agreement

BUSINESS REPORT

Social Investment Bank Ltd (SIBL) has signed a loan agreement for Tk 120 million with Premier Leasing and Finance Ltd in the city recently, said a press release.

Managing Director of Social Investment Bank Limited KM Ashaduzzaman and Managing Director of Premier Leasing & Finance Ltd Kazi Emdadul Hoque signed the agreement on behalf of their respective organisations.

Abu Sadek Md Sohel, Deputy Managing Director, Sheikh Borhan Ali, Executive Vice President and Tarik Morshed, Vice President and Manager of SIBL, and Azizul Haque, Senior Vice President, and Md Golam Mostofa, Vice President and CFO of Premier Leasing and Finance Ltd, were present on the occasion of signing ceremony.

Prime Bank launches ATM Service in city

BUSINESS REPORT

Prime Bank, one of the leading private commercial banks in the country, is going to launch ATM Services at eleven regions in the capital Dhaka.

This was disclosed by M. Shahjahan Bhuyian, Managing Director of Prime Bank Limited while addressing a press conference at a local hotel in the city yesterday on the eve of launching ATM services in the capital today.

The Managing Director of Prime Bank Ltd said the 11 regions, where ATM Services are going to be launched today are: Motijheel, SBC Tower at Dilkusha, Shantinagar, Eskaton, Panthapath, Elephant Road, Rampura, Dhanmondi, Gulshan, Banani and Wari.

Besides, two other ATM booths will be opened at Mohakhali and Pallabi shortly, he said. The features of the ATM Service are: Customers can draw money from those ATM booths 24 hours a day. Besides, a customer will be able to know account balance and can receive a mini statement of their accounts. In case of changing of ATM code, one can do the same from the ATM booth. Moreover, a client can get 'Fast Cash' service and drawing own choice of notes service from the same booth.

A client also can pay utility bills like gas, electricity, water supply, mobile phone bills etc from the same ATM machine. VISA Card and Master Card holders can avail their required services through those ATM machines and ATM Card holders will be able to use those in shops and markets for shopping through POS machines.

Highlighting different services and benefits of ATM Service, M. Shahjahan Bhuyian said that Prime Bank Ltd had introduced sate-of-the-art 'Core Banking Software' information technology in last July 2005 for its banking system.

"There would be no charge initially for the ATM services," he also said.

Nasiruddin Ahmed, Additional Managing Director, Mahbubul Alam, Deputy Managing Director, RQM Forkan, Deputy Managing Director, Md Mukhter Hossain, Senior Executive Vice President, Adil Rahman, Senior Vice President (Card), Md Iqbal Hossain Senior Vice President (Information Technology) were, among others. present at the press conference.

Uttara Bank extends Tk 100m credit to Bay Leasing

BUSINESS REPORT

Uttara Bank Limited (UBL) extended a credit facility of Tk 100 million to Bay Leasing & Investment Limited (BLI) for its leasing operations.

A loan agreement was signed to this effect between Uttara Bank Limited and Bay Leasing & Investment Limited recently, said a press release.

Managing Director of Bay Leasing Mahbubur Rashid and Managing Director and CEO of Uttara Bank Limited Shamsuddin Ahmed signed the agreement on behalf of their respective institutions. Other high officials of both the organisations were present on the occasion.

SONY launches free service clinic

BUSINESS REPORT

Rangs Electronics Ltd, widely known as 'SONY RANGS' and the sole distributor of renowned SONY products of Japan, has taken up a programme titled 'Free Service Clinic 2008' similar to that of last year as part of their customer service.

Rangs Electronics is giving an opportunity to its customers to do the servicing and repair works of their SONY products free of cost after expiry of the warranty of sets.

Rangs Electronics General Manager (Service) S. Iqbal Khan inaugurated the servicing programme at a launching ceremony held in the city recently.

Deputy Manager Manab Kanti Dey, Assistant Manager Rezaur Rahman, Engineer Quamrul Alam and other high officials were present at the function.

In the inaugural speech, S. Iqbal Khan mentioned that Rangs Electronics Ltd does not finish the responsibility to its customers by selling or giving warranty only and this Free Service Campaign is an example of that.

Padma Islami Life Insurance DMD Shah Alam gets Ph.D

BUSINESS REPORT

Al-haj Md Shah Alam, MBA, Deputy Managing Director, (HR and Admin) and Chief Staff Officer has been blessed with Ph.D. on 'Insurance Marketing-Services & Relationship' from Victoria University, USA. The topic of his thesis was 'Insurance Marketing -Services & Relationships.' It may be mentioned here that his research work for the Ph.D will be so helpful and one of the effective guides for the sector. Except this achievement and after completion of post graduation he obtained "Diploma in Secretarial Science" where he stood First with distinction. Also, he obtained BMA from University of New Castle, USA (Major HRM) with 94 per cent marks and CGPA 4 out of 4.

Because of the able leadership as Deputy Managing Director of 'Padma Islami Life Insuance Limited' as well as his sincerity, honesty and hard labourship, the company is likely to reach a fruitful position.

He seeks co-operation and doa from all..

Bangladeshis can take advantage Unique opportunity to study in Australia

BUSINESS REPORT

Prominent Sydney lawyer Stewart Levitt has said that Bangladeshi people can take advantage of the unique opportunity to study in Australia and obtain permanent residency as Australia still suffers an acute skills shortage.

A leading migration agent from the Sydney law firm, Levitt Robinson Solicitors & Attorneys, and former consultant to the Anti-Discrimination Board of New South Wales in Australia, Levitt also dwelt on the wide level of acceptance of Bangladeshi students in Australia whom the Australian government regards as preferred candidates for study in Australia compared with other sub-continent students who have to pass a higher threshold.

There is no shortage of facilities to cater for their lifestyle in major cities where halal food is readily available and there are mosques in most areas in proximity to colleges and universities, he disclosed while speaking at a seminar arranged in the city recently in partnership with Global United Corp Bangladesh, which is associated with Levitt Robinson Migration in Australia.

Global United Corp Bangladesh Managing Director Tarique Khan delivered the address of welcome in the two-day seminar.

Director of the firm and migration education expert, Satya Shah, outlined the shortest and most cost-effective pathway to gaining Australian residency through study and that a practical trade qualification provided a surer route to migration than higher education in some academic areas.

Students are able to earn money by working up to 20 hours/week during term time and full time, during holidays, Shah added.

Once permanent residence is gained, students can access all of the rights available to an Australian, including health care and educational fee concessions.

Another seminar at the Sweet Dream Hotel at Gulshan on Saturday covered Skilled and also Business Migration to Australia, where Levitt and Shah also discussed about mutual investment and commercial and trade opportunities, including for joint ventures between Australian and Bangladeshi businessmen.