Deposits safe in banks being merged: according to Bangladesh Bank

Money deposited by individuals and institutions with banks, which have decided to go for mergers, will remain completely safe and secure, according to Bangladesh Bank. The assurance came about amidst the depositors rushing to the bank branches to withdraw their funds over apprehensions centring the mergers. Moreover, the merger process will be completed with the consent of the sponsor directors, boards of directors and general shareholders of the banks. The banking regulator is working on merging or amalgamating banks bearing unsustainable levels of non-performing loans with lenders having good performance records to deliver more services in the interest of the public.

Source: https://www.thedailystar.net/business/news/deposits-safe-banks-being-merged-bb-3593876

Bangladesh lags behind peers in digital adoption for business

Less than half of the companies in Bangladesh use computers, according to a World Bank’s survey that revealed the country’s weak position in digital adoption for business compared to peer economies and neighboring nations. According to the Digital Progress and Trends Report 2023, only 46 percent of the firms in Bangladesh used computers between 2019 and 2022 while 50 percent had access to the internet. Almost 100 percent of the firms in Brazil, Chile, Georgia, India, Korea, Poland, and Vietnam had a computer for business purposes and internet connection during this period. In contrast, only half of the firms in Bangladesh, Burkina Faso, and Ethiopia had computers. Bangladeshi firms also lagged in using cloud computing services during 2019–22, with only 7 percent of the local businesses using the facility. Meanwhile, 34 percent of Bangladeshi companies have websites while 23 percent use social media for business. According to the report, 39 out of every 100 people in Bangladesh use the internet. This rate is higher than that of Pakistan and Afghanistan, however, it is lower compared to neighboring and peer economies such as India, Sri Lanka, Myanmar, Bhutan and Nepal. In other South Asian countries, the percentage of mobile phone users using smartphones is significantly higher: 83 percent in Maldives, 81 percent in Bhutan, 77 percent in India, 70 percent in Sri Lanka, 63 percent in Pakistan and 59 percent in Nepal.

Source: https://www.thedailystar.net/business/news/bangladesh-lags-behind-peers-digital-adoption-business-3593861

Chinese SBS Zipper to invest $20 million in Bepza economic zone

Chinese company SBS Zipper Bangladesh Co Ltd is going to invest around $20 million to set up a garments accessories manufacturing industry inside Bepza Economic Zone. The Chinese company will produce annually 271 million pieces of metal zipper, nylon and plastic zipper, slider, zipper parts, tapes, plastic button, button parts and mould, the Bangladesh Export Processing Zones Authority (Bepza) said in a press release. Some 2,063 Bangladeshi nationals will get employment opportunity in this manufacturing unit. Bepza economic zone is located inside the country’s future industrial hub Bangbandhu Sheikh Mujib Shilpa Nagar in Mirsarai of Chattogram.

Source: https://www.thedailystar.net/business/news/chinese-sbs-zipper-invest-20-million-bepza-economic-zone-3593711

BRAC Bank distribution network achieves Tk 25b deposit

BRAC Bank Distribution Network achieved Tk 25 billion net deposit in the two months through March 2024 despite fewer working days than usual. Managing Director & CEO Selim R. F. Hussain and Deputy Managing Director & Head of Branches Sheikh Mohammad Ashfaque joined the leaders of the Distribution Network in celebrating the success at a ceremony on Sunday.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-distribution-network-achieves-tk-25b-deposit-1713888957

Standard Chartered Bangladesh executes first INR-BDT import transaction for Unilever

Standard Chartered Bangladesh recently arranged the first Indian Rupee (INR)-denominated trade transaction in the multinational fast-moving consumer goods (FMCG) sector, for Unilever Bangladesh Limited (UBL). This landmark achievement is the first cross-border import transaction to have been settled in each nation’s respective local currencies. This import transaction empowers Unilever Bangladesh Limited to offer Indian Rupee payment options to the organisation’s India-based suppliers. This will enable UBL to enjoy greater operational flexibility, while simultaneously aiding in brand enhancement and growth efforts.

Source: https://today.thefinancialexpress.com.bd/trade-market/stanchart-executes-first-inr-bdt-import-transaction-for-unilever-1713893874