Citi Bank holds Innovation Day
Bangladesh has recently organized an event titled ‘Citi Innovation Day 2019’. The event underlined innovation as the key problem solving tool for many day-to-day complex banking matters businesses face in Bangladesh. Attended by over 40 guests including clients, regulators, partners and key stakeholders, the event delivered differentiated content. The event demonstrated the use of the latest technologies in building Citi’s products and solutions for clients across the world as well as in Bangladesh. Citi, a leading Global Bank, has been pioneering many digital innovations in Bangladesh and has been recognized as the Best Corporate/Institutional Digital Bank in Bangladesh for the 12th consecutive year by Global Finance. Bangladesh, spoke about the key components to enable the country’s ease of doing business and highlighted Citi’s role in introducing innovative solutions in the financial sector, according to Mr. Md. Moinul Huq, Head of Treasury and Trade solutions, Citi Bank. Apart from discussing disruptive technologies and Citi’s proactive solutions, the event included an interactive workshop on the use of design thinking tools in solving complex problems. The workshop also engaged clients to solve specific real life problems relevant to their businesses.
Padma Bank ranks 28th in Remittance collection
Padma Bank, a fourth generation PCB has stood 28th among the 57 remittance receiving Banks in the country, according to a recent Central Bank ranking. The Bangladesh Bank has prepared the list based on the amount of remittances that the Local Banks received in September this year. Padma Bank has topped the list among the fourth generation Banks after it signed an array of foreign exchange agreements with well-known companies and exchange houses in the world, according to a statement. The Bank after the re-launching of remittance business in August ’19 has already signed 8 remittance deals with renowned companies and exchange houses across the world. Nine more deals are under the process and would be signed with the next few weeks, according to the Bank statement. All 57 branches of the Bank has also initiated awareness raising programmes to promote these remittance saving schemes. These schemes have revolutionized remittance collection from abroad by helping tens of thousands of Bangladesh migrants to open accounts easily and without hassles.
Bangladesh second in South Asia in GDP Growth: WB
The Bangladesh economy is forecast to achieve the second highest growth rate this fiscal year in South Asia, according to the World Bank in its biennial regional economic update yesterday. Bangladesh’s gross domestic product is projected to grow at 7.2 percent this fiscal year and 7.3 percent the following year, according to the latest edition of the ‘South Asia Economic Focus, Making [De]centralization Work’, Bhutan topped the list with an estimated 7.4 percent growth this fiscal year. The outlook is clouded by rising financial sector vulnerability, but the economy is likely to maintain growth above 7 percent, supported by a robust macroeconomic framework, political stability and strong public investments. The WB forecast is much lower than the government’s target of 8.2 percent for the current fiscal year. The GDP is estimated to have grown 8.1 percent in the fiscal year that ended in June, in the highest expansion in the region. Pakistan’s growth is projected to deteriorate further to 2.4 percent this fiscal year. In Sri Lanka, growth is expected to soften to 2.7 percent in 2019. In the Maldives, growth is expected to reach 5.2 percent in 2019 while it is projected to average 6.5 percent in Nepal over this and the next fiscal year. Afghanistan is expected to recover and reach 3 percent in 2020 and 3.5 percent in 2021.
SIBL signs MoU with UCEP Bangladesh
Social Islami Bank Limited [SIBL] and UCEP Bangladesh have taken a project named “UCEP-SIBL Skills Training Project” for providing Skill Development Training to the underprivileged youth of the society, according to a statement. The Bank signed a MoU with UCEP Bangladesh in this regard at the head office of the Bank on Sunday. Under this project, SIBL will provide financial support and UCEP will provide all technical and logistic supports. Initially the training programme will be started in Dhaka and Chattogram and gradually it will be extended other divisions of the country. The participants will also get job placement opportunity.
ONE Bank signs deal with Secret Recipe
ONE Bank Limited signed an agreement with Secret Recipe, Malaysian largest café chain in Bangladesh and its master franchisee Pepperoni Ltd recently. Md. Kamruzzaman, Head of Retail Banking of OBL and K.S.M Mohith-Ul Bari, Head of Business, Pepperoni Ltd, signed the agreement. OBL Employee and Platinum Credit Card holders will enjoy 12 per cent discount and all other OBL Credit, debit and prepaid card holders will enjoy 10 per cent discount on all food items.
Project put on ice as Chinese fund gets uncertain
The implementation of the Cox’s Bazar marine drive expressway project, for which China pledged fund, has apparently been put on a back burner. Previously, the government had scrapped a deal with the China Harbour Engineering Company Ltd for the US$2.0 billion project. Another Chinese company has recently shown interest, but no Expression of Interest will be submitted before the feasibility study of the project is completed. The roads and bridges ministry has started to conduct the study of late and after that it will decide on the implementation. In September 2016, the cabinet committee on economic affairs approved the project under direct purchase method. China committed to finance the project during the visit of President Xi Jinping in 2016. Later, the Roads and Highways Department prepared the project paper. The project titled “Construction of the marine drive expressway and coastal protection work from Sitakunda-Chittagong-Cox’s Bazar” will be implemented under preferential export buyers’ credit offered by China if it would be evaluated as feasible.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4761.87908||↓ 48.34||↓ 1.00|
|↑ 319.92 ||↑ 1.21% |
|FTSE100||7,247.08||↑ 60.72||↑ 0.84% |
|Nikkei 225||21,798.87|| ↑ 246.89 ||↑ 1.15%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 54.41 ||↓ 0.29 ||↓ 0.53%|
|Crude Oil (Brent)||$ 60.24 ||↓ 0.27 ||↓ 0.45%|
|Gold Spot||$ 1,486.79|| ↓ 2.22 ||↓ 0.15% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.0573|
|GBP 1||BDT 104.984|
|EUR 1||BDT 91.6442|
|INR 1||BDT 1.17264|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<