BSEC active to reform the stock market
A number of regulatory measures are underway to enhance investors’ participation and the depth of the stock market along with ensuring its sustainable development in the long run. The opening of digital trading booth in home and abroad is a matter of time now as the Bangladesh Securities and Exchange Commission (BSEC) has almost finalized the draft rules in this regard. The BSEC officials said they are working to ratify the laws and regulations for the securities regulator, issuers and other stakeholders of the capital market to enhance their capacity building. Meanwhile, the Financial Institutions Division (FID) of the ministry of finance (MoF) has drafted an act accommodating the Securities and Exchange Ordinance, 1969 and the Bangladesh Securities and Exchange Commission Act, 1993. Taking into account the margin loan dependent capital observed in 2010, the BSEC wants the enforcement of margin rules without ‘fear and favour’. Meanwhile, the BSEC has floated tenders seeking consultants who will prepare road maps for technical innovation of the securities regulator and Investment Corporation of Bangladesh (ICB). The securities regulator has also ordered the Dhaka Stock Exchange (DSE) to upgrade its website through efficient manpower.
ONE Bank signs deal with Hotel Tropical Daisy
ONE Bank Limited has recently signed an agreement with Hotel Tropical Daisy Managed by Lifestyle Hotel BD Limited. Md Kamruzzaman, head of retail banking of ONE Bank Limited, and Shahed Azaz Ahmed, managing director of Hotel Tropical Daisy, signed the agreement on behalf of their respective organisations. Under the deal, ONE Bank credit, debit and prepaid card holders will enjoy 50 per cent discount on room rent, 15 per cent discount on all food items and 10 per cent discount at coffee corner round the year. High officials of both the organisations were also present on this occasion..
City Bank and World Vision Bangladesh ink deal
City Bank will work with World Vision Bangladesh (WVB) to facilitate access to banking service to financially disadvantaged people. Initially, City Bank and WVB made an bilateral agreement to reach banking service through agent banking in Satkhira and Khulna. The agreement will improve financial inclusion through decentralize banking service to help country to attain sustainable development goal. Mashrur Arefin, Managing Director & CEO of City Bank and Suresh Bartlett, National Director of World Vision Bangladesh signed the agreement on behalf of their vespective organizations. Among others, Md. Zafrul Hasan, Head of Digital Financial Servises and Kamrul Mehedi, Head of Small Business of City Bank, Rakesh Katal Chief of Party – NoboJatra Project and Alex Bekunda, Deputy Chief of Party – Nobo Jatra Project and other senior officials of the two organizations were also present.
SIBL opens Akbarshah Subbranch in Chattogram
Social Islami Bank Limited (SIBL) opened its 51st Subbranch at Akbarshah, Chattogram recently. Managing Director & CEO Quazi Osman Ali inaugurated the Akbarshah Subbranch as chief guest through virtual platform.
MTB rides on trail-blazing digital innovations
Mutual Trust Bank Limited (MTB) has planned to double its financing in retail and small and medium enterprises (SME) for minimising risk with diversifying portfolios by 2022, the bank’s top executive has said. Under the MTB’s new plans, the investment in retail and SMEs will be reached to 50 per cent of its total loans and advances within the next two years from the existing level of 25 per cent. The private commercial bank (PCB) started its journey with a promise – ‘You can bank on us’ which has both a literal and metaphorical meaning – on October 24, 1999. FinTech is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services using smartphones or the internet. MTB has introduced Green PIN Service for its cardholders with a view to enhancing green banking and sustainable development, according to the CEO. This paperless service will facilitate MTB Cardholders to set their new card PIN, change the old PIN as well as reset the old PIN instantly just by calling MTB 24/7 Contact Centre at 16219 from their registered phone numbers. The BB’s latest moves came against the backdrop of slower progress in loan disbursement under the package for the CMSMEs until September 30. The banks and non-banking financial institutions (NBFIs) disbursed Tk 48.23 billion of the stimulus package by then. The disbursed amount is 24.18 per cent of the total Tk 200 billion financial support for the sector. Loans amounting to Tk 58.82 billion were sanctioned for nearly 27000 CMSMEs during the period, according to the central bank’s latest statistics. In 2019, total assets of the bank grew by 15.49 per cent to Tk 256.91 billion, marking a milestone in the bank’s annals. It was supported by a prudent 14.20 per cent growth in gross loans which amounted to Tk 189.73 billion at the year closing while the total deposit grew by 14.92 per cent to Tk 190.95 billion.