BB asks four SoCBs to focus on SME lending
According to the official, the Central Bank has asked the four State-owned Commercial Banks (SoCBs) to focus on SME (small and medium enterprise) lending, particularly in the manufacturing sector, along with large loans to minimise risks. The advice was given at a meeting held at the Bangladesh Bank (BB) headquarters in Dhaka on Sunday to review the memorandums of understanding (MoUs) of Sonali Bank, Janata Bank, Agrani Bank and Rupali Bank. BB Governor Fazle Kabir chaired the programme. Official also added, there is no alternative but to boost recovery drive to improve their (SoCBs) financial health and the Public Banks have been advised to expedite SME lending to bring unbanked people under the banking network.
Islamic Finance to issue Tk 3.0b bond
As per the official, the Board of Directors of Islamic Finance & Investment has decided to issue IFIL Mudaraba non-convertible fully redeemable subordinated bond of Tk 3.0 billion. The company will issue the bond only for raising fund subject to the approval of the regulatory authorities- Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC).
Two Companies to raise Capital through SME Platform
Two small capital Companies namely Krishibid Seed and Annex Suites have taken initiatives to raise capital through SME Platform of the country’s premier bourse. As part of the process of raising capital, both the companies have signed agreement with their issue manager– MTB Capital. The Dhaka Stock Exchange (DSE) formally launched the ‘DSE SME Platform’ on April 30 last to facilitate the growth of small and medium sized Companies. As per the agreement, Krishibid Seed, a private limited company of Krishibid Group, will raise a capital worth Tk 150 million offloading 15 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
NBR to allow private ICDs in Dhaka
National Board of Revenue has, in principle, decided to allow setting up private inland container depot under Dhaka Customs House to ease congestion at air cargo village at Hazrat Shahjalal International Airport. NBR has asked Dhaka Customs House to frame a policy on licencing, conditions and other relevant issues of private ICDs, also known as off-dock or air freight station. A senior customs house official last week told New Age they had already finalised the draft of the policy and had submitted to Dhaka Customs House commissioner Md. Moazzem Hossain to place before NBR.
All exports to get same incentives in Budget
According to the Prime Minister’s (PM) Private Industry and Investment Adviser Salman F Rahman, all export-oriented sectors will get incentive benefits, similar to ready-made garments (RMG), from the next financial year (FY), 2019-20, to ensure diversification in the country’s exports. While speaking in a workshop titled ‘’Bangladesh – Leveraging Growth Opportunities in the Neighbourhood’ Mr. Rahman added, all the incentives, provided to garments sector, will now be given to all exports, irrespectively. The decision to give equal incentives to all exports will be reflected from the next budget.
A Rouf Chowdhury, reelected as Chairman of Bank Asia
A Rouf Chowdhury has recently been reelected as Chairman of Bank Asia. The leading promoter of the bank, Mr. Chowdhury is the Chairman of Rangs Group and Sea Resources Group and a director of The Daily Star, the highest circulated English daily in the country.
Nargis Anwar, new Vice-Chairman of Premier Leasing and Finance
Nargis Anwar has been elected as new vice-chairman of Premier Leasing & Finance recently. Nargis is the chairperson of Living Plus Limited, a Real Estate company currently. She is also a sponsor shareholder of Mercantile Bank.
Two mutual funds declare 8.0pc cash dividend
The Trustee Board of two mutual funds — the AIBL 1st Islamic Mutual Fund and MBL 1st Mutual Fund — have declared 8.0 per cent cash dividend each based on the net income for the year ended March 31, 2019.
Hatil brings robot carpenters
Hatil has invested over Tk 200 crore to renovate its Zirani Bazar factory in Savar with state-of-the-art machinery, including automated robotic systems, in an attempt to take its growing global popularity to newer heights. The additions led to increased technological dependence for the 20-acre plant but that did not translate into job cuts, much to the relief of around 2,300 human employees of the company, rather it doubled production. The tech includes a robotic arm for lacquering, computer-aided design machinery and curing equipment using ultraviolet light. Most of the fund came as loans from HSBC, Mutual Trust Bank, Prime Bank and others.
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