BB sells $25m to two banks as demand grows

The central bank sold $25 million more to two commercial banks directly on Tuesday to meet the growing demand for the greenback in the market, officials said. “Today, we’ve sold the US currency to the banks at market rate to settle their import payment obligations, particularly for food grains,” a senior official of the Bangladesh Bank (BB) told the FE. However, the exchange rate of Bangladesh Taka (BDT) remained unchanged against the US dollar in the inter-bank forex market on the day. The US dollar was quoted at Tk 80.80 each, unchanged from the previous level, according to the market operators. The BB official hinted that the central bank would continue providing such support to the banks in line with the market requirement.

Source: http://today.thefinancialexpress.com.bd/trade-market/bb-sells-25m-to-two-banks-as-demand-grows-1507652255

Industrial loan growth falls to 5-year low

Growth of industrial loan disbursement fell to a five-year low in fiscal 2016-17 despite a sharp decline in interest on lending. Industrial loan disbursement registered growth of 13.51 percent in the last fiscal year compared to 20.77 percent a year ago, according to data released by the central bank yesterday. An expert and a banker said poor infrastructure and a lack of energy held back new private investments and expansion of existing ones despite political stability prevailing for over two years. Together, banks and non-bank financial institutions disbursed Tk 300,672 crore in FY17, up from Tk 264,887 crore a year ago. They disbursed Tk 219,339 crore in FY15.

Source: http://www.thedailystar.net/business/industrial-loan-growth-falls-5-year-low-1474531

SoCBs’ outstanding loans rise further

Both outstanding and classified loans of state-owned enterprises (SoEs) to five state-owned commercial banks (SoCBs) are on the rise again due to delay in making repayments, officials said. Many of these SoEs fail to pay back loans to the SoCBs as they continue incurring losses for years, they added. As of August last, outstanding debt liabilities reached Tk 83.22 billion, up by Tk 2.17 billion from the previous month. Besides, SoEs’ classified loans increased by Tk 770 million to Tk 2.76 billion in August from Tk 1.99 billion in July. Statistics show that outstanding loans of SoEs with Sonali Bank stood at Tk 52.33 billion in August while with Janata Bank Tk 19.01 billion, Agrani Bank Tk 2.25 billion, Rupali Bank Tk 7.51 billion and BASIC Bank Tk 2.11 billion.

Source: http://today.thefinancialexpress.com.bd/first-page/socbs-outstanding-loans-rise-further-1507655863

BTRC readies draft MFS pricing guideline

The telecom regulator has recently formulated a draft guideline for pricing of the mobile financial services (MFS), recommending introduction of session-based pricing for the unstructured supplementary service data (USSD) facilities on MFS platforms. The proposed ceiling under this session-based pricing is Tk 0.85 per session, whereas the span of each session will be 90 seconds, according to sources. The Bangladesh Telecommunication Regulatory Commission (BTRC) has already sent the draft guideline for approval of the Post and Telecommunications Division, BTRC officials said. If approved, the new guideline will replace the revenue sharing model that currently exists for MFS in the country. Sector insiders have opined that this would also be an apparent victory for the mobile operators, who have long been demanding introduction of session-based pricing for MFS.

Source: http://today.thefinancialexpress.com.bd/first-page/btrc-readies-draft-mfs-pricing-guideline-1507655949

Foreign investor may acquire minority stake in bKash

A foreign investor may acquire a minority shareholding in bKash, Bangladesh’s largest mobile financial service provider. Brac Bank that owns 51 percent of bKash announced it through a posting on the website of Dhaka Stock Exchange yesterday. The bank said its subsidiary bKash has entered into a non-binding ‘summary of terms’ under which a strategic investor may acquire a minority shareholding in bKash. The proposed acquisition, however, remains subject to satisfactory due diligence, negotiation, completion of a definitive share acquisition agreement and compliance with all applicable regulatory requirements, according to the announcement. The Daily Star contacted bKash officials, but they declined to make comments on the issue.

Source: http://www.thedailystar.net/business/foreign-investor-may-acquire-minority-stake-bkash-1474516

SCB Malaysia appoints Abrar A Anwar new CEO

Standard Chartered Bank (SCB) Malaysia has appointed Abrar A Anwar as its managing director and chief executive officer effective from November 1. The former Standard Chartered Bangladesh CEO has 26 years of experience in corporate and investment banking in Bangladesh, India and the UK. Abrar joined the bank in January 2011 and led the corporate client coverage businesses until 2014. He was made the bank’s CEO in January 2015.

Source:
http://www.dhakatribune.com/business/banks/2017/10/11/scb-malaysia-appoints-abrar-anwar-new-ceo/
http://today.thefinancialexpress.com.bd/stock-corporate/stanchart-malaysia-appoints-abrar-as-ceo-1507651880
http://www.thedailystar.net/business/abrar-anwar-joins-stanchart-malaysia-ceo-1474528

Islami Bank to sell property of three SA Group units

Islami Bank has moved to sell off the mortgaged property of three companies owned by Chittagong-based SA Group to recover default loans of Tk 573.74 crore. Through advertisements, the bank has announced an auction to sell off the machinery and a ship of: Sharija Oil Refinery, Sharija Navigation and Kamal Vegetables Oil. Sharija Oil Refinery owes Islami Bank Tk 417.84 crore, while Kamal Vegetables Oil owes Tk 153.16 crore and Sharija Navigation Tk 2.73 crore. “We called the auction as part of the procedure to file a case with the money loan court against the defaulter,” said Arastoo Khan, chairman of Islami Bank. Contacted, Shahabuddin Alam, chairman of SA Group, said: “Islami Bank called the auction following the legal process — the Bangladesh Bank instructed them to do so.”

Source: http://www.thedailystar.net/business/islami-bank-sell-property-three-sa-group-units-1474519

Brac Bank, Srimangal’s Tea Resort and Museum ink agreement

Brac Bank Limited has signed a new business agreement with Tea Resort and Museum in Srimangal, on Tuesday. Under the agreement, the customers can use any credit or debit card to pay bills at Tea Resort and Museum. The bank’s Head of Retail Banking Nazmur Rahim, and Bangladesh Tea Board Secretary Mohammad Nurullah Noori have signed the agreement on behalf of their respective sides at the bank’s Head Office in Dhaka.

Source: http://www.dhakatribune.com/business/banks/2017/10/10/brac-bank-tea-resort-museum-sign-agreement/