Strengthen School Banking to create savings habit, say Bankers
Bankers have stressed on strengthening of the school banking system to inspire school students in creating savings habit to ultimately help them in ensuring financial security in future. As per the report of BSS, Bankers said this at a post-rally school banking conference in Lalmonirhat recently. Rupali Bank Limited (RBL) organised the post-rally School Banking Conference-2019 at the Zila Parishad auditorium at the district town. Earlier, a big colourful rally was brought out in the town. Hundreds of school students and officials of all commercial banks of Lalmonirhat district paraded the streets and gathered at Zila Parishad auditorium to participate in the conference. Deputy Commissioner of Lalmonirhat attended the conference as the chief guest with Rangpur Zonal Manager and Deputy General Manager of RBL in the chair. The main objective of the conference was to properly run school banking activities, opening bank accounts at Tk 10 for each student for their involvement with banking activities and enhancing financial education since childhood.
StanChart projects 7.2pc growth for Bangladesh
According to projections of the Standard Chartered (StanChart), Bangladesh economy is likely to grow at a rate of 7.2 per cent during the ongoing and the next fiscal years (FY). According to an economist for South Asian region with SC, they project the Bangladesh economy to grow at around 7.2 per cent during FY 2018-19 and FY 2019-20.
TIC opens clothes hanger factory at Meghna Economic Zone
TIC Group, an Australia-based multinational company, inaugurated its new factory at Meghna Industrial Economic Zone in Narayanganj on Monday to produce plastic hangers for the garment sector. The TIC Manufacturing (Bangladesh) Ltd, stretching over 14,000-square-metre area, has created employment opportunities for 1500 people, and the figure will increase to 5,000 in the future. Salman F Rahman, private industry and investment adviser to the Prime Minister, attended the opening ceremony on the factory premises as the chief guest.
BRAC Bank, Shahriar Steel sign deal
According to a statement, BRAC Bank Limited has signed an Employee Banking Agreement with Shahriar Steel Mills Ltd. (SSRM). SSRM, a leading manufacturer of steel products in Bangladesh, is a corporate client of BRAC Bank. Under this agreement, the employees of SSRM will enjoy exclusive benefits of Employee Banking services from BRAC Bank.
Islami Bank Bangladesh Limited signs agreement with DHL
Worldwide Express (BD) Islami Bank Bangladesh Limited signed an agreement with DHL Worldwide Express (BD) Pvt. Ltd. on Monday at Islami Bank Tower. In presence of Md. Mahbub ul Alam, Managing Director & CEO, Mohammad Ali, Deputy Managing Director of the Bank and Md. Miarul Haque, Country Manager of DHL signed the agreement on behalf of respective organisations.
IDRA move for central database, UMP
The Insurance Development and Regulatory Authority (IDRA) has taken a fresh initiative to remove customer dissatisfaction in insurance sector through launching Unified Messaging Platform (UMP). Approximately more than 10 million policy holders of both life and non-life insurance companies will be directly benefitted by implementation of UMP. As per IDRA, as a part of modernisation and digitisation of insurance sector, often seen as a simile for malpractices and unethical businesses, the initiative has been taken to send notification through SMS by central arrangement where each insurance company gets separate UMP portal.
IDLC’s performance highlights show resilience in 2018
IDLC Finance’s total loan book increased by 17.39 per cent and now stands at BDT 83.9 billion in 2018. According to a statement, NPLs reduced to 2.20 per cent from 2.77 per cent in the previous year, reflecting an improvement in portfolio quality. A total of 5,803 new loan clients were booked during the year and Net Interest Income grew by 5.71 per cent to BDT 4.22 billion. Business segment-wise, SME loan book grew by 12.43 per cent during the year to BDT 34.69bn, up from BDT 30.85 billion in the previous year. SME now comprises of 42.09 per cent of the company’s total standalone loan book. The consumer portfolio – which comprises of Home Loans, Car Loans and Personal Loans – grew by 15.20 per cent during 2018 to reach BDT 27.82 billion. It now contributes 33.76 per cent of the lending basket. The company’s Corporate loan division has posted a year on year growth of 37.88 per cent to reach a portfolio of BDT 19.90 billion.
PDB implements Tk 9.64b project in Rajshahi Div
Power Development Board (PDB) has been implementing a mega project to ensure a safe and dependable power supply to meet increasing demand for electricity till 2025. As per PDB sources, the four and half-year project styled ‘Power Distribution Management Development, Rajshahi Zone’ is being implemented in Rajshahi City and 16 upazilas in eight districts under Rajshahi division. According to the Director of the project, Tk 9.64 billion project will improve distribution system along with capacity enhancement of the distribution zone coupled with supplying power uninterruptedly. Upon its successful implementation by December 2020, the mega scheme will meet the gradually mounting power demand and reduce system loss.
Standard Chartered gets new Retail Head
Mr. Sabbir Ahmed has recently been appointed head of retail banking at Standard Chartered Bangladesh. According to a statement, he was previously the country head of retail banking and wealth management in HSBC Vietnam, Ahmed’s banking career spans over 22 years in retail, priority, SME, branch banking and wealth and channel management.
Standard Bank gets new Executive Committee Chair
Mr. Kamal Mostafa Chowdhury has recently been elected executive committee chairman of Standard Bank. According to a statement, he is a sponsor and founder vice chairman and a director of the bank. Chowdhury started his business career in export-import and shipping while studying at the University of Chittagong. He is the proprietor of Raja Corporation and KMC International, director of Holy Crescent Hospital in Chattogram and the senior director of the Chittagong Chamber of Commerce and Industry.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.73||↑0.14||↑0.25%|
|Crude Oil (Brent)|| $ 66.06||↓0.44||↓0.66%|
|Gold Spot|| $1,325.21||↓1.68||↓0.13%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.0100|
|GBP 1||BDT 108.4149|
|EUR 1||BDT 94.9733|
|INR 1||BDT 1.1773|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<