DHAKA: Trust Bank Limited has opened its Kakrail Branch, Dhaka on 30th December 2014, reports in après release.Adjutent General of Bangladesh Army and Vice Chairman of Trust Bank Limited Maj Gen Md Mahfuzur Rahman, rcds, ndc, afwc, psc, PhD inaugurated the Branch as Chief Guest along with Banks Managing Director & CEO Ishtiaque Ahmed Chowdhury. Banks Deputy Managing Director Abu Zafar Hedaytul Islam, Senior Executive of the Banks and Local reputed people, Businessman, Industrialist and other invited guests were also attended the inaugural ceremony.Trust Bank Limited Vision is to provide financial services to meet customer expectations so that customers feel we are always there when they need us, and can refer us to their friends with confidence. We want to be a preferred bank of choice with a distinctive identity. Trust Bank Limited Mission is to make banking easy for our customers by implementing one-stop service concept and provide innovative and attractive products & services through our technology and qualified human resources. We always look out to benefit the local community through supporting entrepreneurship, social responsibility and economic development of the country.Trust Bank is a contemporary, upbeat brand of distinctive quality of service and solution that offers a rewarding banking experience as preferred choice of banking partner every time, every where.

Mymonshing : Trust Bank Limited has opened its Shumvugonj Branch, Mymonshing on Sunday, reports in a press release.
Ashrafuzzaman Khan, Director of The Trust Bank Limited inaugurated the Branch as Chief Guest along with Banks Managing Director & CEO Ishtiaque Ahmed Chowdhury. Local reputed people, Businessman, Industrialist and other invited guests were also attended the inaugural ceremony.
The Trust Bank vision is to build a long-term sustainable financial institution through financial inclusion and deliver optimum value to all stakeholders with the highest level of compliance. The Mission of the Bank is to long term sustainable growth- diversified business with robust risk management. Financial Inclusion- bring unbanked population into banking network through low cost and technology based service delivery. Accountable to all stakeholders- customers, shareholders, employees & regulators. Highest level of compliance and transparency at all levels of operation.

Dhaka: The Premier Bank Limited recently signed an agreement with PRAN-RFL Group for Premier Payroll Account Services. Under this agreement, PRAN-RFL, Chorka textile, Danga, Norshinghdi employees will maintain payroll accounts with the Premier Bank and Bank will provide all modern banking facilities including ATM booth at their premise for 365/24 hours cash withdrawal facilities.K.A.M. Majedur Rahman, Managing Director & CEO of Premier Bank Ltd. and Uzma Chowdhury, Director Finance, PRAN-RFL Group signed the agreement for their respective organizations. Khondker Fazle Rashid, Advisor and Abu Haniff Khan, Additional Managing Director of Premier Bank along with other Senior Executives of the both organizations were present at the signing ceremony.Premier Bank Ltd vision is with integrity, quality and exceptional service we aim to be the financial service provider of first choice.Premier Bank Ltd Mission is to efficiently increase value for our customers, shareholders, employees and communities, to provide the highest level of customer service, satisfaction and personalized financial solutions through knowledgeable team members, efficient teamwork and technological advancements while striving for innovative and creative ways to improve procedures and implement products, to always be mindful of the fact that our greatest assets is the trust and loyalty of our customers and that our future depends upon our reputation for honesty and fairness.

The central bank will be able to seek information on immovable or any assets owned by Bangladeshis abroad under the proposed changes to the Foreign Exchange Regulation Act.

The proposed amendment is likely to be placed at a cabinet meeting today.

The move to update the seven-decade-old law comes after the International Monetary Fund tagged it as a condition for the Extended Credit Facility loan to improve the trade and investment climate.

As per the existing law, the central bank can only ask for information from Bangladeshi citizens about their holdings of foreign currency and foreign securities.

Of late, many Bangladeshis have siphoned off money abroad and bought properties with the sums. And under the existing laws, neither the Bangladesh Bank nor the government can seek information about their assets abroad, and they are also not bound to provide it.

The proposed amendment will enable the government and the central bank to seek such information. If they do not provide it, punitive action can be taken against them, as per the proposed law. 

At the same time, the amendment, once passed, will give power to the central bank to seek information related to foreign currency from foreign nationals living in the country.

Meanwhile, the proposed amendment also contains other modifications to the existing law with a view to making foreign trade and investment easier.

Suggestions have been placed to make it easier to set up branches, representative and liaison offices of foreign companies.

At present, permissions are required from both the Board of Investment and BB to establish such offices.

As per the amendment, only permission from the BoI will suffice but the central bank has to be informed about it. 

A high official of BB said the amendment would lend a helping hand in attracting foreign investment.

Despite foreign currency reserves crossing the $22-billion mark, no provision is being included for making capital account transaction convertible.

At the start of the ECF programme, the IMF put pressure on the government to make the capital account transaction convertible but the government has since rejected the proposal.

But IMF too is now convinced that Bangladesh's economy is still not ready for making the capital account transaction convertible, a senior official of the finance ministry said.

Capital account convertibility would basically allow local currency be exchanged for foreign currency without any restriction on the amount.

Bangladesh's existing foreign exchange regulation act is almost a copycat version of the laws passed in undivided India in 1947 during the British rule.

In 1976 and 2003, some minor amendments to the act were introduced. Besides, the current account transaction convertibility was made in 1994, and the exchange rate was made market-based in 2003.

In case of foreign trade the service sector's share has increased, but the existing law does not have much about it.

A number of amendments have been proposed in the act to make foreign currency earning easier through service sector.

Besides, a number of amendments have been suggested to the existing convertibility of the current account transaction through which the central bank may impose various rules and regulations. 

Through these provisions, BB will have the authority to take measures to stop over- and under-invoicing.