Bangladesh Bank Governor Atiur Rahman has urged international banks to help Bangladesh raise longer-term external financing for corporate houses and develop the domestic bond market.

Rahman spoke at a meeting on business and investment opportunities, organised by Habib Bank AG Zurich's Bangladesh representative office, at Sonargaon Hotel in Dhaka on Friday.

There are ample opportunities for international banks to help boost international trade, raise external financing, develop domestic bond market and engage with the government in fund raising abroad, he said.

It is possible to expand international banks' domestic presence from representative offices to branch offices so that they can also expand activities here, he said.

He also suggested some potential sectors for new foreign investment: textiles, ceramics, leather products, infrastructure, energy, toll bridges, shipbuilding industry, light engineering, tourism, health care and ports.

Bangladesh has stable sovereign credit ratings, BB- and Ba3 by S&P and Moody's respectively for the last four consecutive years, he said, while explaining Bangladesh's suitability for foreign investment.

The World Bank ranks Bangladesh ahead of India, China, and Vietnam in protecting investors' interest, he said.

Also, the middle class consumer group in Bangladesh is larger than the total population of Malaysia, Singapore and the combined population of Sweden, Norway, and Denmark, Rahman said.

Electricity generation was more than doubled between 2009 and 2014 (from 4,931MW to 10,341MW) and is projected to reach 19,701MW by 2017, he said.

“Foreign investors can also benefit immensely from demographic dividend of the large youthful workforce in the country.”

State-owned BASIC Bank has fired two of its officials for their alleged involvement in a financial crime at the bank's Gulshan branch.

The officials are Shipar Ahmed and Zahid Hasan, who were deputy general manager and deputy manager, respectively, of the branch during 2011-2013, when scams worth hundreds of crores taka took place. Ahmed was also the in-charge of the branch.

The board of the bank took the decision at a meeting on December 11, 2014 and an office order was issued last week.

“Now the bank will file criminal cases against them,” a senior official of the bank said, asking not to be named.

BASIC, which was one of the best state banks till 2009, became news headlines in 2012 for financial scams. The central bank found that then chairman of the bank Sheikh Abdul Hye Bacchu (2009-2013) had granted loans worth around Tk 5,000 crore on forged and weak documents. Many of those have become bad loans now.

Muhammed Ali, Managing Director of UCB and Selim R. F. Hussain, Managing Director of IDLC along with other executives seen at the Term Sheet signing ceremony between United Commercial Bank Limited and IDLC Finance limited Thursday.

United Commercial Bank Limited (UCB) Thursday signed a Term Sheet with IDLC Finance Limited  at the Corporate Head Office of the Bank. The signing is initiated to issue 'UCB Second Subordinated Bond' of BDT 5.0 billion as Tier-II Capital.  

Muhammed Ali, Managing Director of UCB and Selim R. F. Hussain, Managing Director of IDLC signed the Term Sheet on behalf of their respective organizations.

Among others Mr. M. Shahidul Islam, Additional Managing Director of UCB; Mr. Mirza Mahmud Rafiqur Rahman, Additional Managing Director of UCB; Mr. A. E. Abdul Muhaimen, Additional Managing Director of UCB; Mr. Md. Tariqul Azam, Deputy Managing Director of UCB; Mr. Mohammad Habibur Rahman Chowdhury, SEVP & CFO of UCB;   Mr. M. Jamal Uddin, GM & Head of Corporate Division of IDLC and Mr. Md. Mesbah Uddin Ahmed, DGM & Head of Structured Finance of IDLC were also present at the signing ceremony.

DHAKA : Bank Asia opened its 98th branch in the district town of Tangail on Thursday, reports UNB.
Dr MH Khan, a renowned physician of the district, formally inaugurated the branch at Masjid Road in the town, said a press release.
Head of the newly opened branch Md Nasir Uddin and secretary of Panchani Soyani Bazar Sadharan Babosayee Samity were, among others, present.
Members of the business community, local elite and a large number of people also attended the auspicious event.
The new branch has all the modern banking facilities, including online banking and ATM booth.
Starting its operation in 1999, Bank Asia is one of the most innovative banks in the country’s banking sector. It offers a wide range of financial services that covers the entire spectrum of banking operations, including Islamic Banking, SME financing, e-banking, ATM, etc under its online platform to deliver the highest standard of services to its clientele, said the release. Members of the business community, local elite and a large number of people also attended the auspicious event.