The New Nation - Internet Edition

BAB to recommend to Bangladesh Bank soon: 2 directors from depositors for each private bank likely

BUSINESS REPORT

The Bangladesh Association of Banks (BAB) will submit recommendations to the central bank within a week on appointment of two directors in each of the banks from their depositors.

The Bangladesh Bank (BB) sought opinions from the BAB, an apex body of the country's private commercial banks (PCBs), at a meeting held in the central bank Wednesday with BB Governor Salehuddin Ahmed in the chair.

BAB chairman Nazrul Islam Mazumder, former Chairman of the BAB and Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBBCI) Syed Manzur Elahi and Deputy Governor of the BB Nazrul Huda were also present at the meeting.

The central bank is going to introduce a new rule that stipulates induction of two directors in each of the commercial banks from amongst their depositors.

On March 12 last, the BB published a public announcement seeking opinions from the people within the next two weeks to finalise the rule.

The meeting discussed different aspects of the appointment of directors, who will help the commercial banks function properly.

"We will submit our recommendations in this connection to the central bank within the next week," a senior official of the BAB told The New Nation on Wednesday after the meeting.

The official also said the BAB will finalise the recommendations after consultations with their members.

A three-member high-powered committee, headed by BB Governor, will select two directors for each commercial bank from among the depositors and appoint them for a three-year term, according to the announcement.

The committee may select the directors from the list to be provided by the banks concerned or from outside, whichever deems suitable.

Management of each bank will provide a list of 25 depositors to the committee in January every year for selection of their directors from depositors.

Under the existing rules, the board of directors of a commercial bank will consist of no more than 13 directors and their tenures will be restricted to two consecutive terms (three-year term each).

Two foreign cos to set up plants in DEPZ, KEPZ

BUSINESS REPORT

A Netherlands-Singapore joint venture company, Mainetti (Bangladesh) Pvt Limited, will set up an industry for manufacturing garment accessories in the Dhaka Export Processing Zone (DEPZ) with an involvement of 8.0 million US dollars, reports BSS.

The one hundred per cent foreign-owned company would produce plastic hangers and create an employment opportunity for 100 Bangladeshis.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and Mainetti (Bangladesh) Pvt Limited in the BEPZA Complex in the city on Thursday.

The general manager (Investment Promotion) of BEPZA and the operations manager of Mainetti (Bangladesh) Pvt Limited signed the lease agreement on behalf of their respective organisations.

The Executive Chairman of BEPZA and other officials were present on the occasion, a BEPZA press release said.

Besides, another Hong Kong-British Virgin Island joint venture company M/s Intimate Apparel Limited will set up a garment industry in the Karnaphuli Export Processing Zone (KEPZ).

The one hundred per cent foreign company will invest 5.59 million US dollars and produce garment items. The company will create jobs for 827 Bangladeshis and eight foreign nationals.

The Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the Intimate Apparel Limited at its office in the city recently.

Commercial Bank of Ceylon introduces 2nd SME product at its Dhanmondi branch

BUSINESS REPORT

Commercial Bank of Ceylon (CBC) introduced its second SME product TradeCom at its Dhanmondi branch in the city Thursday, said a press release.

Country Manager of the bank S Renganathan launched the product by handing over the first L/C copy to a customer while its Deputy General Manager (DGM) Golam Mortuza provided a detailed account of the features of the product.

Senior officials of the bank, staff members and a number of customers were also present on the occasion.

The launch of the product has reaffirmed the CBC's commitment to the SME sector. This is the second SME product of the bank after the Probriddhi Loan scheme.

TradeCom has emerged with very attractive features in connection with margin requirements, loan facilities, loan charges and quick delivery of services.

IBBL gets Best Islami Banking Award

Islami Bank Bangladesh Limited (IBBL) received the 'Best Islami Banking Award' of 'Bank-Bima Patrika Award-2007' by fortnightly Bank-Bima. Abdul Jabbar Mehman, Editor of fortnightly Bank-Bima handed over the prize to M. Fariduddin Ahmad, Executive President of IBBL at a function. Mohd. Shamsul Haque, Mohammad Abdul Mannan & Md. Habibur Rahman, Deputy Executive Presidents and Md. Ataur Rahman, Senior Vice President of Public Relations Department of the bank were present on the occasion.

Fortnightly Bank-Bima awarded different institutes and individuals for their contributions to the bank-insurance, commerce-industry and the society on the occasion of stepping into 17th year of the magazine.

DCCI Business Institute (OBI) participates in Global Education Expo 2008

DCCI Business Institute (OBI) has taken booth # 80 for participation in the Global Education Expo 2008, started from 21 - 24, March, 2008 at the Bashundhara Expo Centre. Level-7, Bashundhara City, Dhaka, organised by Event Touch Bangladesh (ETB). The main purpose of the participation is to display services products of OBI with a view to particularly attracting SME entrepreneurs, business executives, trainees and other participants to the following training courses : (i) Professional short training courses (3 & 5 Half days in afternoon); (ii) Certificated Diploma on International Purchasing and Supply Chain Management (IPSCM). Jointly with ITC-WTO/UNCTAD, Geneva (on Holidays); (ii) Executive MBA in cooperation with International Islamic University, Chittagong (IIUC); (iv) "P.C and Inernet Training for Business Communication" and "Spoken English for Business Communication" in DCCI-SEDF Knowledge Centre in cooperation with SEDF-IFC. These courses are offered for capacity building of the business community, particularly of business executives and SME entrepreneurs, to be forward-looking to grab emerging opportunities and face the challenges of globalisation. A Corporate Discount of 10 to 15% for companies and women participants have been offered to encourage them.

IFC facilitates EBL in increasing SME Finance in Bangladesh

South Asia Enterprise Development Facility (SEDF) of IFC, a member of the World Bank Group, is collaborating with Eastern Bank Limited to increase the financing Opportunities available to Small and Medium Enterprises in Bangladesh. An agreement signed recently (March 16) between the two organisations, elaborates that IFC-SEDF will provide advisory services on operational risk management, human resource skill development, introduction of new small and medium enterprise lending products and strengthening of the information system. IFC-SEDF played an integral role in setting up the small and medium enterprise department of the bank and is now providing advisory services to strengthen their small and medium enterprise operations. "Small and medium enterprises require specialised financial products and services to meet their needs," asserted Roger Handberg, Programme Manager, IFC-SEDF, while speaking on the occasion.

Amongst the private banks, Eastern Bank Limited is already leading the way in small and medium enterprise financing. Speaking on the occasion, Ali Reza Iftekhar, Managing Director and CEO of EBL said, "With proper tools and training, we are confident that we will be able to finance small and medium enterprises on a sustainable basis,"

MTBL brokerage house opens at Uttara

The 4th brokerage house of Mutual Trust Bank Limited (MTBL) has started its operation at Uttara Model Town in the city recently.

Securities and Exchange Commission Chairman Faruq Ahmed Siddiqi inaugurated the brokerage house as the chief guest while Dhaka Stock Exchange Chief Executive Officer Salahuddin Khan and MTBL founding chairman Syed Manzur Elahi were present on the occasion as the special guests. MTBL Chairman Samson H Chowdhury presided over the inaugural session.

MTBL Managing Director Kazi Md Shafiqur Rahman underscored the potential of capital market in the country. He said the bank is ready to give all-out support to its customers with the help of competent professionals.

Samson H Chowdhury said the investors of share market would be able to trade comfortably and safely at Mutual Trust Bank's brokerage house at Uttara. He expressed the hope that the officers of the brokerage house would render best possible services with their honesty, sincerity and sense of responsibility.

Later Siddiqi formally inaugurated the brokerage house by cutting ribbon.

Dhaka Bank holds workshop

BUSINESS REPORT

A workshop titled, "How to Reduce the Cost of Fund in Commercial Banks' was held at Dhaka Bank Training Institute at Motijheel in the city from March 2 to March 4 last.

Forty-five managers, executives and officials from different branches of Dhaka Bank Limited took part in the workshop. Dhaka Bank's Managing Director Shahed Noman inaugurated the workshop.

The three-day session of the workshop was conducted by Shirin Sheikh Mainuddin, Managing Director, ASAN.

Janata Bank NRB branch to be opened in Dhaka city

Suhel Ahmed Choudhury, Chairman, Janata Bank United (JBL) held a meeting with the members of a NRB delegation in his office on March 19 last and exchanged views on various banking business. The NRB delegation expressed their keen interest in participating in economic development of Bangladesh and image building of the country abroad. The Chairman informed that presently the board is empowered with more operational freedom and in a position to render special Banking services to the expatriates. The Chairman also affirms that as a matter of principle JBL is going to open one NRB Branch in Dhaka city to provide exclusive services for the expatriates.

StanChart signs deal with REL Motors

BUSINESS REPORT

Standard Chartered Bank has signed an agreement with REL Motors Ltd. on 12th March in Dhaka. Under this agreement, Standard Chartered will offer special interest rates to customers purchasing Subaru motor vehicles from REL Motors Ltd. by availing Auto Loan facility from Standard Chartered Bank.

Tarek Reaz, Head of Mortgage & Auto of Standard Chartered Bank and Tayabul Bahar, Director, REL Motors Ltd. signed the agreement on behalf of their respective organisations. Among other senior officials, Kamran Rahman Sunjoy, Head of Sales - Cards, Mortgages & Auto, and Md. Shah Shuja Bin Jabber, Sr. Business Manager, Mortgage & Auto of Standard Chartered Bank were also present in the occasion.

Fire guts 15 shops in Sylhet

At least 15 shops were gutted and 10 people were injured in a fire incident at Dakkhin Bazar bus stand in Kanaighat upazila headquarters on Wednesday midnight.

Local people said the fire broke out at the two markets of Nazrul Islam Khokon and Sirajul Islam at about midnight and burned its 15 shops into ashes.

Local people extinguished the fire before the fire brigade team from Sadar upazila reached the spot at about 1.25am.

Ten people were injured when they tried to putout the blaze. They were admitted to the upazila health complex.

The affected traders claimed that cash and valuables worth Tk 50 lakh were gutted in the fire.

Prime Bank Road Show begins

The first ever Roadshow of Prime Bank Limited showcasing different products and services of the Bank was fomally inaugurated at its Gulshan Branch on March 19, 2008. This Road Show with a feature of traveling demonstration will be brought to all the 61 Branches of the bank around the country, one after another. Chairman of the Board of Directors of Prime Bank Azam J. Chowdhury inaugurated the Road Show.

The theme of this Road Show is "Connecting Customers". This new concept of Marketing will give the customers a privilege of not going to Bank's branches, rather the bank officials will go customers door-to-door and provide them with all the information they need.

In this way, customers and future customers willing to take products and services of Prime Bank will have detailed insight into the service portfolios of the bank like Retail Loan, Deposit Accounts, Remittance Services, Credit Cards, etc will be benefited directly.

During the inauguration ceremony Director of the Board Mohammad Delwar Hossain, Managing Director of the Bank M. Shahjahan Bhuiyan, Deputy Managing Director R.Q.M. Forkan and other top officials of the Bank were present.

ICB announces NAV of two unit funds

BUSINESS REPORT

The Asset Management Company Ltd (AMCL), a subsidiary of Investment Corporation of Bangladesh (ICB), has declared the net asset values (NAV) of its two unit funds.

The net asset value of ICB AMCL Unit Fund stood at Tk 59,99,26,018.86 on the basis of cost price and Tk 82,19,59,900.76 on the basis of market price at the close of business operation Tuesday. The NAV per unit stood at Tk 136.55 on the basis of cost price and Tk 187.09 on the basis of current market price on the same day against the face value of Tk 100.00 per unit after taking into consideration all assets and liabilities of the fund. The sale and the repurchase prices of the ICB AMCL Unit certificate shall remain unchanged at Tk 190.00 and Tk 187.00 per unit respectively. On the other hand, The NAV of ICB AMCL Pension Holders' Unit Fund stood at Tk 741,77,299.96 on the basis of cost price and Tk 10,24,84,429.64 on the basis of market price at the close of business operation on the same day. The NAV per unit stood at Tk 121.05 on the basis of cost price and Tk 167.25 on the basis of current market price on the same day against the face value of Tk 1.00.00 per unit after taking into consideration all assets and liabilities of the fund. The sale and the repurchase prices of the Pension Holders' Unit certificate shall remain unchanged at Tk 170.00 and Tk 167.00 per unit respectively.

ISD student gets gold medal

Isabella Laws from Grade 9 of International School Dhaka (ISD) received a gold medallion from the University of NSW for her English results in the Standardized Assessment that took place recently. Professor Bazlul Mobin Chowdhury, Vice Chancellor of Independent University of Bangladesh, presented the medallion to Isabella at the book store, Words and Pages. Schools from across the subcontinent and the Middle East took part in the competition and there were over 400,000 entrants with only 88 medallions being awarded. Isabella also received a second medal for her results in the competition on a national level.