IDLC makes stock investment simpler

Investment in the stock market is no longer costly, complicated and time-consuming, especially for those who do not want to take risks or have lesser understanding of the capital market.

There is now an affordable and simple way to invest, as IDLC Investments has come up with a new product for small savers.

The product, Easy Invest, offers an individual to deposit a minimum Tk 3,000 monthly and IDLC will do the share business in a structured way, which reduces the risks because of costs averaging over a long time horizon.

“This is the first of its kind in Bangladesh,” IDLC officials said, adding that it will be launched formally at a programme in Dhaka on Tuesday.

“We want that people who hardly understand the capital market will deposit their small amounts with us every month and our professional management team on behalf of the customers will manage the accounts,” said Arif Khan, managing director of IDLC Finance, the parent company of IDLC Investments.

Easy Invest is a discretionary portfolio management product that will build a portfolio over time, with small investments at regular intervals.

As a fund manager, IDLC will follow a disciplined and structured investment process, and reduce the risk of market volatility.

“Such kinds of products are very popular in India, where they term it systematic investment plan,” Khan said.

The tenures of the product are three years, five years and 10 years.

With the monthly investment plan an individual will get rebate on income tax and tax exemption on capital gain.

Easy Invest is also offering 'accidental death' and 'accidental insurance' coverage of up to Tk 1 lakh per year. An 'auto debit' instruction facility eliminates the need for physical submission of cheques or cash.

IDLC Finance has been in Bangladesh for the last 30 years, with a strong presence in the capital market for more than 17 years.

IDLC Investments, completely owned by IDLC Finance, is a premier brand for investment banking in Bangladesh. It has been offering discretionary portfolio management services to its clients for the last nine years with a strong track record.

The daily star

August 07, 2016

HSBC pre-tax profit up 32% at $6.1 bn, revenue down

AFP, Hong Kong : HSBC saw pre-tax profit surge 32 percent year on year in the third quarter on the back of lower fines the banking giant announced Monday, but revenue dropped in the wake of Asian market volatility. Group chief executive Stuart Gulliver said the performance was "resilient" but that revenue had been affected by stock market sell-offs in Asia, with revenue down four percent. The Asia-focused lender announced in June that it would cut its global workforce by up to 50,000 and sell off its businesses in Brazil and Turkey as it seeks to cut costs. "Our cost-reduction measures are beginning to have an impact on our cost base," Gulliver said, but added that there was "more to achieve". The bank is also looking at possibly moving its headquarters away from Britain but said there was a "considerable amount of work still to do" before a decision is made. "Whilst the target for completion of the review was initially set as by the end of 2015, this is a self-imposed deadline that can be moved should the Board require further work to be performed," the report said. Adjusted operating expenses were up two percent year on year, partly due to investment in regulatory programmers and compliance, the report said. HSBC was fined late last year by US and British regulators for attempting to rig foreign exchange markets. In February, it was forced to apologies for "unacceptable" failings at its Swiss division following allegations that the unit helped rich clients hide billions from the taxman. It has faced a storm over claims that it helped clients from around the world dodge taxes on accounts containing 180 billion euros ($204 billion) between November 2006 and March 2007, in cases that are being investigated in several countries. HSBC is also facing a French criminal probe over the affair. The rise in third-quarter pre-tax profits was partly due to lower fines and settlements, the report said. HSBC agreed in June to pay Geneva authorities 40 million Swiss francs ($40 million) to settle a money laundering investigation at its Swiss private bank.

News Source:

New Nation

Date: 3-Nov-2015

SCBs apply for upward revision of loan ceiling

Three state-owned commercial banks — Sonali, Janata and Rupali — applied to Bangladesh Bank to increase their credit ceiling considering the banks’ financial health, said officials of the central bank.

According to BB data, the central bank earlier set credit growth targets for Sonali Bank, Janata Bank, Agrani Bank and Rupali Bank at 6 per cent, 10 per cent, 10 per cent and 12 per cent respectively for 2014 from 8 per cent, 12 per cent, 10 per cent and 10 per cent for 2013.

Against the central bank move, the board of directors of the three SCBs, except Agrani Bank, applied to the BB last week to increase their credit ceiling for 2014.

The Sonali Bank board requested the central bank to increase its credit ceiling to 10 per cent from the BB’s ceiling of 6 per cent and Janata Bank to 12 per cent from the ceiling of 10 per cent, a BB official told New Age.

The board of Rupali Bank, however, did not mention its expected credit ceiling, but the bank requested the central bank to reset the ceiling on the basis of its reasonable business background, he said.

According to Rupali Bank application, the bank appealed to BB to increase the credit growth in accordance with its deposit collection from the clients.

Sonali and Janata requested the central bank to reset their credit ceiling on the basis of their large business profile and financial health.

The three banks said that credit disbursement was one of the major indicators for any bank to earn operating profit.

The central bank may deny the proposals of the three banks to increase their credit ceiling although it is yet to take decision formally in this regard, the BB official said.

Another BB official said that the central bank had set the limited credit growth targets for the SCBs for 2014 to reduce their high volume of default loans, expedite their loan recovery rate and improve their core risk management operations.

The BB started to set lower credit ceiling for the state-owned banks since 2013 as the financial health of the banks deteriorated massively in the period due to scams and corruptions.

The central bank unearthed a number of loan scams in the past few years including Hallmark Group, Bismillah Group and S Alam Group loan scams at Sonali and Janata banks and that was one of the key reasons for lowing the credit expansion targets for the two SCBs, he said.

The central bank set the credit ceilings in accordance with the memoranda of understanding signed between the BB and the SCBs.

Under the MoUs, the BB calculates the credit ceiling excluding farm loans, staff loans and government borrowing to be provided by the four banks.

The BB data showed that the four banks except Rupali failed to achieve the credit growth in 2013 set by the BB.

In 2013, Sonali Bank posted a 7-per cent negative credit growth, Janata Bank a 1.15-per cent growth and Agrani Bank a 0.63-per cent negative growth.

Rupali Bank, however, registered a credit growth of 13.98 per cent, surpassing the ceiling of 10 per cent set by the central bank.

The BB official said the SCBs had adopted cautious policy to disburse loans in last year that decreased the credit growth at the three banks.

Besides, political unrest in the run up to the national elections held on January 5 also created an adverse impact on their credit growth as the majority of businesspeople were reluctant to take bank finance in the period, he said.

News Source: New Age

Date:- 21-Apr-2014

Banks asked to submit forex statements thru BB web portal

Bangladesh Bank on Sunday asked scheduled banks to submit their foreign exchange transaction-related statements through a central bank’s web portal instead of their existing manual-basis posting.

To this end, the BB issued a circular to authorized dealer branches of all banks asking them to submit their seven types of daily and monthly statements of foreign exchange-related transactions through the central bank web portal. The BB circular said that the central bank had made a web portal-based platform named ‘Online Foreign Exchange Market Monitoring System’ in a part of its ongoing automation program. The seven types of statements, which will be submitted through the web portal, are: daily statement of inter-bank and cross boarder foreign exchange transactions, daily statement of foreign exchange rates, daily statement of deal rates with exchange houses, daily statement of quoted rates to exchange houses, daily statement of day-end balances in nostro accounts, monthly statement of unadjusted entries of nostro accounts, and monthly foreign exchange inflow-outflow statement.

The BB asked the banks to submit the five types ofdaily-basis statements from April 1 and the monthly-basis statements from May 2 of this year through the web portal on experimental basis while the banks will also have to place the statements on manual-basis. The AD branches of the banks will have to submit the statements from July 1 on regular basis. A BB official told New Age on Sunday that the central bank’s monitoring system on the country’s foreign exchange market would be eased more as the BB would be able to analyses the data through online. Under the circumstances, the foreign exchange-related fraudulent acts will also decrease in the months to come, he said.

News Source: New Age

Date: 31-Mar-2014

Weak state banks pose risks to economy: study

 The banking sector is seriously vulnerable to economic shocks, mainly due to the poor performance of state owned banks, Business Monitor International (BMI), a London-based research firm, found in a recent study. The state banks have racked up a large amount of non-performing loans on their books, creating a flaw in the banking system, the study said. “This makes the banking system extremely vulnerable to shocks and impedes the efficient allocation of financial resources in the economy,” the BMI said in its Bangladesh Commercial Banking Report 2014. “Weak balance sheet brings risks to privatization of state-owned banks. “As of September 2013, the gross non-performing loan ratio of state banks stood at an elevated 28.8 percent, an increase from 2011's 11.3 percent and 2012's 23.9 percent, while the specialized banks' gross NPL ratio remained high at 29.4 percent, it said.  The amount of default loans at the state banks was Tk 16,606 crore or 19.76 percent of their outstanding loans on December 31 last year, according to Bangladesh Bank. Despite various reforms, the banking sector's health remains poor, and “a greater concerted effort from the regulators, specifically targeted at state-owned banks, is clearly warranted,” the study said.As of September 2013, capital shortfall at state banks stood at Tk 8,860 crore, and the government has already disbursed Tk 4,100 crore to strengthen their capital base, the BMI said.

The study also said last year's political unrest marred Bangladesh's image abroad. A total of 206 fatalities "due to Islamist terrorism" have been recorded up to August last year, which is staggering three times more than the total over the past eight years, according to the study. The report said the total assets of banks are expected to rise by more than 2.5 times to Tk 1,864,280 crore in 2018, from Tk 708,410 crore in 2012.Even in the gloomy outlook, some points to cheer remain, it said. The Financial Action Task Force, an inter-governmental body for monitoring countries that are strategically deficient in their compliance with its anti-money laundering and counter-terrorism financing rules, has recently removed Bangladesh from its watch list. “This reflects the significant progress that has been made by Bangladesh to combat money laundering and terrorism financing in its banking system,” it said. 

While the central bank has relaxed its loan rescheduling policy to help affected businesses, this temporary Measure is unlikely to provide much reprieve to the continued deterioration in asset quality, the BMI said.

Bangladesh has 56 banks including nine new ones. Four state-owned banks -- Sonali, Janata, Agrani and

Rupali -- hold around a quarter of total industry assets and roughly a fifth of total outstanding loans.

News Source: The Daily Star

Date: 30-Mar-2013

Atiur for socially responsible financing

Bangladesh bank’s governor Mr. Atiur Rahman emphasized that higher access to finance enhances social and economic stability.

Bangladesh Bank Governor Atiur Rahman has advised financial regulators to focus on financial inclusion including micro-insurance, micro-finance and socially responsible financing (SRF) for ensuring economic stability.

Addressing the 24th meeting of the Council and the 12th General Assembly of Islamic Financial Services Board (IFSB) in Brunei Darussalam yesterday, he made the call saying that financial inclusion and SRF would not only for improving the condition of the disadvantaged, but also for wider objective of achieving financial stability.

Islamic Development Bank (IDB) president, governor of Sudan and chairman of Financial Supervision Authority of Indonesia supported Dr. Rahman’s views on micro-finance including Islamic micro-finance, according to a BB press release issued here.

Dr. Rahman also suggested IFSB to do more research and advocacy on capacity building of different central banks on their regulatory and supervisory role related to Islamic financing.

In addition to attending the Council meeting, the BB governor joined in the annual general meeting and a public lecture on financial stability.

News Source:Daily Sun

Date: 29-Mar-2014

Southeast Bank declares 21pc dividends

Alamgir Kabir, Chairman, Southeast Bank Limited, presides over the 19th Annual General Meeting of the bank at Bashundhara in Dhaka on Monday.

 Southeast Bank Limited declared 16 percent cash and 5 percent bonus dividends for its shareholders for the year 2013.

The announcement came at the 19th Annual General Meeting (AGM) of the bank held at Bashundhara Convention Centre-2 at Baridhara in Dhaka on Monday.

Bank’s directors, sponsors and large number of shareholders attended the meeting.

Alamgir Kabir, FCA, Chairman of the bank, presided over the AGM.

Shahid Hossain, Managing Director of the bank in his address highlighted the bank’s operational performance in 2013 and outlined the future plans and programmes undertaken by the bank to boost up operational efficiency and profitability of the bank.

The AGM discussed the bank’s operational performance. The bank earned an operating profit of Tk 6,700.20 million in 2013.

As on 31st December, 2013, the bank’s total deposits amounted to Tk 177,519.46 million, total assets reached Tk 220,930.85 million. Its Earning Per Share (EPS) was Tk.3.87 (consolidated), Net Asset Value Per Share was Tk 25.11 (consolidated) and Net Operating Cash Flow per share was Tk.23.58 (consolidated).

The Price Earning Ratio of the bank was 4.68 times in 2013. The Capital and Reserves of the bank soared to a record high of Tk 21,807.57 million as on 31st December 2013.

The shareholders approved 16 percent cash dividend and 5 percent stock dividend and also the financial statements of the bank for the year 2013. Shareholders also elected directors and approved appointment of external auditors for the year 2014.

News Source:Daily Sun
Date: 1-Apr-2014

NRB Global Bank formally opens Motijheel Branch

NRB Global Bank Limited formally opens its Motijheel Branch at Dhaka on Thursday, reports in a press release. Nizam Chowdhury Chairman of the bank has inaugurated the operations of the branch as chief guest. Among others Vice Chairman Mohammad Hanif Chowdhury, Directors Dr. Mohammed Faruque, Mohammed Yousuf, Managing Director Md. Abdul Quddus, Deputy Managing Director R Q M Forkan, SEVP Mr .Kazi Mashiur Rahman Jay had Company Secretary J Q M Habibullah, Branch Manager, honorable & distinguish clients were also present on the occasion. All guests have hoped that through the latest technological support, the bank will provide quality service to the customers & will expand its network in home & abroad to provide “Great Experience” to its entire stakeholder.

News Source: Bangladesh Today

Date: 31-Mar-2014

Al-Arafah Bank approves 13.5pc bonus dividend

Al-Arafah Islami Bank Ltd has approved 13.5 per cent dividend in the form of bonus share for the year ended December31, 2013.

 The approval came from the bank’s 19th annual general meeting that was held at Hotel Agrabad in Chittagong on Sunday, says a press release. The meeting was presided over by Badiur Rahman, chairman,board of directors of the bank. The bank achieved growth of 18.79 per cent in deposit and 17.88 per cent in investment during the year 2013 compared to 2012. The bank also kept its classified investment in control. At the end of 2013 classified investment of the bank stood at 2.77 per cent. The AGM considered and adopted the directors' report, statement of accounts for the year 2013 along with auditors' report and also appointed the auditors of the company for the term until the next annual general meeting.

News Source:The Independent

Date: 31-Mar-2014

Prime Bank declares 12.5pc dividend

Md. Nader Khan, Chairman of Prime Bank Limited, is seen at the 19th Annual General Meeting of the bank in Dhaka on Sunday. Prime Bank Limited declared 12.5 percent cash dividend for its shareholders for the year 2013.

The announcement, based on the financial statements of the bank, came at the 19th Annual General Meeting of the bank on Sunday.

The AGM was held at the Police Convention Hall at Eskaton Garden Road, Ramna, said a press release. Md. Nader Khan, Chairman of the Board of Directors of the bank presided over the AGM. 

The chairman thanks the shareholders of the bank for achieving the leading position on their continuous support and confidence shown toward it. Nasim Anwar Hossain and Mafiz Ahmed Bhuiyan, Vice Chairmen, Tanjil Chowdhury, Chairman of the Executive Committee, Prof. Ainun Nishat, Chairman of the Audit Committee, Imran Khan, Vice Chairman of the Executive Committee, Md. Shirajul Islam Mollah, M.A. Khaleque, Quazi Sirazul Islam, Khandker Md Khaled,Md. Shahadat Hossain, Nazma Haque, Salma Huq, Directors and Md. Ehsan Khasru, Managing Director & CEO of prime bank were present at the AGM. Mohammed Ehsan Habib, SEVP and Company Secretary conducted the AGM. Ahmed Kamal Khan Chowdhury, Quazi A.S.M. Anisul Kabir and Habibur Rahman, Deputy Managing Directors of the bank also attended the AGM.

News Source: Daily Sun

Date: 31-Mar-2014

Citi gets Best Bank in Asia award

Citi was named Best Bank in Asia at the annual Triple-A 2013 regional banking awards from The Asset Magazine.

This was the 15th year in a row Citi won the Best Bank in Asia award from the magazine, said a press release. The bank also picked up the Best Loan House in Asia award. The awards are decided by the editorial team at The Asset Magazine.

“In a highly competitive market, this recognition is greatly appreciated by all of us at Citi. I would also like to thank our clients who place their trust in us to meet their financial needs and without whom this award would not be possible,” said Stephen Bird, Citi’s CEO for Asia Pacific.

“This win demonstrates Citi’s commitment to provide the best solutions to its clients in the Asia Pacific region. This has been possible by focusing on our clients’ requirements and leveraging Citi’s strong network,” said Rashed Maqsood, Managing Director and Citi Country Officer for Bangladesh.

 News Source:Daily Sun

Dated:- 31-Mar-2014

BKB to organize Halkhata 1421

Bangladesh Krishi Bank (BKB) is going to observe Shubho Halkhata-1421

BKB View in this regard a view to expediting all types of banking activities including disbursement and recovery of loans and deposit mobilization. The bank will arrange ‘Shuvo Halkhata Programme-1421’ on April 13 next, marking the Bengali New Year. All the branches of the bank will be decorated with colored paper and leaflets will be distributed on this occasion.

In this situation,

 the bank will chalk out a different business development program from 6 to 24 April, 2014, being conducted at all branches of the bank across the country. Meanwhile, high officials of the bank have been deputed to the field offices in order to conduct the program successfully, the release said.

On the time, the bank will offer various activities to its customers for developing cordial relation between bank and customers.

News Source:Daily Sun
Date:29-Mar-2014

Rupali Bank suggested for disbursing more credits

Expert people of banking sector opined that the state-owned Rupali Bank Limited should disburse more credit and advances to prospective borrowers in a bid to avert any long-term crisis.

They also advised the bank authority for attracting prospective entrepreneurs for taking loans from the bank.They feared that the bank will face long-term crisis if its rate of loan disbursement slows down.To make-up the banks’ growing costs for paying interests against higher deposits as well as increased salaries for new recruitment and also for expanding network by opening new branches, there is no alternative but to sanction new loans among potential borrowers, experts opined.The credit growth of Rupali Bnak was 14.90 percent in December 2012 while in 2010 and 2011, the rate were 15.71 percent and 16.01 percent respectively.

In an official order in May 2013, the Bangladesh Bank limited the bank’s credit growth to 10 percent from previous rate of 15 percent. Later on September last year, the central bank, in a letter, advised the bank to reduce credit growth to 2.50 percent (on quarterly basis).Senior banking sector experts recommend that the government should allocate the budget for credit disbursement by any bank ahead of the beginning of the year because the bank’s loan distribution activities are operated on the basis of field level target.

Besides missing the yearly credit disbursement target, then banks fail to fulfill the quarterly disbursement targets, they said adding, the similar problem arouse in case of Rupali Bank.The credit of Rupali Bank grew in 2012 as non-funded liabilities of some reputed customers against letter of credit (L/C) turned into funded liabilities for non-compliance.

As a result,

 A forced loan amounting to Tk 708 crore was created. For the forced loan amount and also for increased interest payments against credit accounts resulted in huge credit balance, enhancing credit growth as well.

News Source: Daily Sun

Date: 28-Mar-2014

Bangladesh Bank gives banks directives for operating agent banking

Bangladesh Bank (BB) has given banks some directions for operating agent banking in a safe and secured manner, reports BSS.

In this circular today,

Banking Regulation and Policy Department of the Bangladesh bank said every agent must below criteria:-

è Have a current account with the bank concerned where maximum available deposit will be Taka 1.0 million.

è A customer can deposit or withdraw maximum Taka 25,000 in cash each time and such withdrawal and deposit

è Can be made maximum twice in a single day. This ceiling will not be applicable in case of withdrawal of inward remittance.

è No “bank related people” will be appointed as agent and agent banking will have to be conducted in rural

è Area (out of the preview of metropolitan city corporation and Pourashava). Shariah- based banks can only conduct Islami banking at agent level.

All Transection of money with customer will be under coverage of insurance.

BB’s respective departments will give banks approval letters under which banks will be able to appoint agents as per its policy. For supervising the agent banking operation, the list of agents and copies of agreement and other relevant papers must be sent to Green Banking and CSR Department of the central bank. Banks must submit some documents: a) sample copy of agreement to be signed with agents, b) business plan about agent banking (including business continuity plan) and c) guidelines approved by the board of directors about agent baking.

News Source: Bangladesh Today

Date: 27-Mar-2014

State banks fall short of loan recovery targets

State banks last year fell way short of realizing their loan recovery targets despite the central bank's constant pressure.

In 2013, the four banks aimed for cash recovery of Tk 5,379 crore from loan defaulters, but managed only Tk 2,834 crore, which is 52.7 percent of the target, according to data from the central bank.

The recovery from top 20 loan defaulters, however, was better than in previous years: Sonali, Agrani, Janata and Rupali achieved 66 percent of their targets for 2013, whereas in previous years it was less than 12 percent.

Janata and Rupali were the high-achievers, hitting 117 percent and 217 percent of their targets respectively for retrieving bad loans from the top 20 defaulters. In comparison, Sonali and Agrani fared poorly, managing 37 percent and 42

percent of their targets respectively.

As for their recovery target from the other defaulters, the banks managed only 51 percent. Sonali achieved 50 percent of the target, Janata 69 percent, Agrani 40 percent and Rupali 46 percent.

A Janata Bank high official said the recovery of loans would have been higher were it not for the slow and lengthy legal process.

As of December 2013, the number of pending cases was 15,395, involving Tk 17,210 crore, according to the central bank data.

The four banks last year signed performance agreements with the central bank, and the loan recovery targets were made accordingly.

Early this month, Bangladesh Bank evaluated the performance of the four banks in line with the performance agreements and found most of the conditions were not met.

The state banks are not allowed to provide more than 15 percent of capital as credit to a single client borrower, as per the agreements. But, Sonali exceeded the upper limit for one client, Rupali for four and Janata two.

Janata also provided around Tk 50 crore to a government entity, exceeding the limit.

Another condition was that the operating expenses would not be more than 10 percent of previous year's actual spending, but Janata, Agrani and Rupali went slightly over the limit.

The state banks were also supposed to make their loss-making branches profitable, but as of December 2013 some 129 of the branches continue to lose money.

However, the four banks improved their position significantly regarding capital, loan growth and classified loan reduction.

Loan rescheduling and write-offs under BB's relaxed classification rules owing to political turmoil helped the state banks improve their situation in these cases. In 2013, the nationalized banks wrote-off around Tk 4,000 crore in contrast to Tk 1,000 crore a year ago.

News Source:

Daily Star

Date: 27-Mar-2014

Bangladesh don’t want IMF to oversee foreign credit flows

The International Monetary Fund wants to monitor the credit flows under a fresh proposal on debt monitoring policy

Bangladesh has opposed an IMF proposal to monitor the flows of non-concessional loans by low income countries (LICs).

The International Monetary Fund wants to monitor the credit flows under a fresh proposal on debt monitoring policy.

We compared your proposal significantly, Fund Minister AMA Muhith advised reporters, from a meeting with visiting IMF’s Southern region Asian countries Professional Movie director Rakesh Mohan on the Ministry associated with Fund inside Dhaka the other day. “This just isn't your legal system associated with IMF along with I really do not need that by simply IMF. ”

He / she stated the planet Bank today monitoring your non-concessional loans and may proceed. He / she, on the other hand, stated generally there would be no serious injury in the event the IMF deals with your non-concessional mortgage loan.

Replying to question, your minister stated your countrys payment efficiency associated with international credit history can be relatively much better than different nations around the world and possesses be a lifestyle associated with Bangladesh.

The actual finance ministry did wonders prudently with regard to last 42 a long time inside payment on the international mortgage loan, including the operates conducted because of the down and dirty level mortgage loan committee setup by simply me 20 in the past.Rakesh praised the country’s macroeconomic situation and said it showed creditable progress with holding stable macroeconomic status. He said the foreign exchange reserve and positive balance of payment helped the country maintain a nice economic situation.

News source :

Dhaka Tirbune

Date:- 31-Mar-2014

Xpress Money launches any bank account credit service

Xpress Money, one of Bank Asia, to  the leading money transfer brands, recently announced a strategic extension of its services with offer ‘Any Bank Account Credit’ service to its Bangladeshi customers,

says a press release. Xpress Money’s ‘Any Bank Account Credit’ service with Bank Asia will provide beneficiaries an access to their funds sent to any branch of any scheduled or specialized bank in Bangladesh,

Within 48 hours from the time the remitter completes the transaction.

This service is routed through Bangladesh Electronic Funds Transfer Network (BEFTN), a payment solution provided by Central Bank of Bangladesh.

Xpress Money is the first amongst the international money transfer operators to introduce this service in Bangladesh

.

The service does not levy any back-end charges to customers. Speaking on the launch, Shamim Iftakhar, country manager-Bangladesh,

Xpress Money, said, “We are pleased to introduce the ‘Any Bank Account Credit’ service with Bank Asia that would enhance the Direct Account Credit service in Bangladesh.

This unique service will boost the savings culture amongst Bangladeshis as the remittances are directly credited to their savings account with any bank in Bangladesh.

Bangladesh being a critical market for Xpress Money, it is essential that we strategically expand our services to attract both white-collared and blue-collared expats.”

Xpress Money offers a bunch of services to address varied customer demands in both develop and developing remittance markets.

“We constantly innovate to bring homes closer for the growing expatriate community of Bangladesh,” he added.

News Source: The Independent

Dated:-4-Feb-2014

Sonali to sue Hallmark to recover embezzled money

A file photo shows an establishment of Hallmark Group is being demolished by authorities on the outskirts of Dhaka. Sonali Bank board of directors on Monday decided to file a number of cases against Hallmark Group with Artha Rin Adalat and other civil courts in a bid to recover Tk 2,554 crore embezzled by the group. — New Age photo.

Sonali Bank board of directors on Monday decided to file a number of cases against Hallmark Group with Artha Rin Adalat and other civil courts in a bid to recover Tk 2,554 crore embezzled by the group.

The board made the decision in a meeting and the bank will file a number of cases against the companies concerned of Hallmark Group which embezzled around Tk 3,000 crore with the help of some officials of Sonali Bank.

Sonali Bank director Zaid Bakht told New Age on Monday that the bank would file the cases within this month in a bid to recover the swindled money by Hallmark Group.

This is for the first time Sonali Bank will file the cases against Hallmark Group’s managing director Tanvir Mahmud along with related persons involved in the embezzlement which was unearthed in 2012.

Tanvir and other Hallmark officials along with a number of high officials of Sonali Bank have already faced criminal cases by the Anti-Corruption Commission for embezzlement of the money.

An investigation by Bangladesh Bank revealed that the Ruposhi Bangla Hotel branch of Sonali Bank had lent Hallmark Group and five other companies Tk 3,606.48 crore in between 2010 and May 2012 on the basis of fake documents.

A high official of Sonali Bank told New Age that in the first phase the bank would file civil cases against Hallmark Group to recover the money and then they would go for five other companies.

The funded and non-funded liabilities of Hallmark with the bank stand at around Tk 2,554 crore as the bank has so far recovered around Tk 500 crore, he said.

Sonali Bank board of directors on Monday decided to file a number of cases against Hallmark Group with Artha Rin Adalat and other civil courts in a bid to recover Tk 2,554 crore embezzled by the group.

The board made the decision in a meeting and the bank will file a number of cases against the companies concerned of Hallmark Group which embezzled around Tk 3,000 crore with the help of some officials of Sonali Bank.

Sonali Bank director Zaid Bakht told New Age on Monday that the bank would file the cases within this month in a bid to recover the swindled money by Hallmark Group.

This is for the first time Sonali Bank will file the cases against Hallmark Group’s managing director Tanvir Mahmud along with related persons involved in the embezzlement which was unearthed in 2012.

Tanvir and other Hallmark officials along with a number of high officials of Sonali Bank have already faced criminal cases by the Anti-Corruption Commission for embezzlement of the money.

     

An investigation by Bangladesh Bank revealed that the Ruposhi Bangla Hotel branch of Sonali Bank had lent Hallmark Group and five other companies Tk 3,606.48 crore in between 2010 and May 2012 on the basis of fake documents.

A high official of Sonali Bank told New Age that in the first phase the bank would file civil cases against Hallmark Group to recover the money and then they would go for five other companies.

The funded and non-funded liabilities of Hallmark with the bank stand at around Tk 2,554 crore as the bank has so far recovered around Tk 500 crore, he said.

News Source: New Age

Dated:-4-Feb-2014

FSIBL sponsors Nat’l School Hockey tourney

First Security Islami Bank Limited, became the title sponsor of the National School Hockey Tournament with an amount of Tk two crore.

The National School Hockey Tournament-2014 was inaugurated in the city on Saturday.

Shri Biren Sikder, MP, was present as chief guest and AAM Zakaria, Managing Director of First Security Islami Bank Limited were present as special guest.

Leandro Negre inaugurated the tournament.

News Source: Daily Sun

Dated:- 3-Feb-2013

Banks advised to follow FATCA for US taxpayers’ accounts

Bangladesh Bank has advised the bank companies which have accounts of US taxpayers to report to the country’s internal revenue service (IRS).

A circular issued yesterday made the advice to do it as per Foreign Account Tax Compliance Act (FATCA) of the United States.

As Bangladesh government has not yet decided to execute an intergovernmental agreement with the US, the obligation can alternatively be discharged at individual bank level by registering and signing ‘Participation Agreements’ with the IRS, it said.

National Board of Revenue also consented on registering with the IRS if a bank has US taxpayer accounts in its books.

FATCA enacted in 2010 requires a foreign financial institution (FFI) to report to the IRS information about certain accounts held by US taxpayers or by foreign entities in which US taxpayers hold a substantial ownership interest.

According to the definition of FFI, all banks as defined in the Bank Company Act, 1991 have come within the provisions of FATCA.

Banks said FATCA may have implications for their customers and operations should register themselves with the IRS and put in place appropriate processes and controls to ensure compliance with the law.

The concerned banks are advised to visit the IRS’s website, www.irs.gov/fatca-registration, for necessary guidance in this regard.

Banks should communicate with the existing customers well in advance of executing “Participation Agreement” with the IRS enabling the accountholders to comply with reasonable requests for information or to provide acceptable documentation to meet the FATCA obligations, according to the circular.

Bangladesh Bank said because the agreement requires disclosures which would normally be breaches of the banker’s general duty of confidentiality under prevalent Bangladeshi

laws including the Bankers’ Books Evidence Act 1891, banks are to obtain written consents from their customers before reporting the requested information to IRS.

News Source:- Dhaka Tribune

Dated:- 17-Jan-2014