British financial giant HSBC announced Thursday it was closing its struggling retail brokerage and depository business in India, the latest international bank to reduce operations in India.

The move comes five years after HSBC, one of the three largest foreign banks in India, entered the country’s fiercely competitive retail broking business.

Nearly 300 employees of the company stand to lose their jobs due to the decision, the Press Trust of India said, quoting unnamed sources.

“We are discontinuing retail broking and retail depository services business here, operated under HSBC InvestDirect Securities,” HSBC India said in a statement.

“Impacted employees will be offered a fair and equitable severance pay in line with HSBC policy,” the statement added.

HSBC India entered the Indian retail brokerage business in May 2008 -- just months ahead of the global financial crisis—by buying a 73 percent stake in ILFS Investsmart for $242 million.

Later it took its stake to over 93 percent, bringing its total investment to $296 million.

News:The Daily Sun/19-Oet-2013

The 551st meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited (SIBL) was held at head office of the bank recently.

Al-hajj Mohammad Younus, Chairman of the EC committee presided over the meeting, said a press release.

The meeting discussed various issues relating to investment in different sectors.

Anwer Hossain Khan, Mohiuddin Ahmed, Directors, Md. Abdur Rahman Sarker, Managing Director, Md. Setaur Rahman and Khondoker Nayeemul Kabir, Deputy Managing Directors of the bank were present in the meeting.

News:The Daily Sun/21-Oet-2013

Prime Bank Limited donated Taka 18 lakh to establish ‘L R Sarkar Chair Professor’ at the Banking and Insurance Department of Dhaka University recently.

The donation was made in memory of former Bangladesh Bank governor and former managing director of Prime Bank Limited late Lutfar Rahman Sarkar, said a press release on Monday.

Ahmed Kamal Khan Chowdhury, Deputy Managing Director of the bank handed over cheque to the Dean of the Business Studies Faculty of Dhaka University Professor Dr. Shibli Rubaiyatul Islam at a function in Dhaka.

Bangladesh Bank Governor Dr Atiur Rahman was present at the handing over ceremony.

News:The Daily Sun/14-Oet-2013

Prime Bank’s Anti Money Laundering Department of Head Office recently organised a workshop on ‘Prevention of Money Laundering and Terrorist Financing’ at the Chittagong Chamber Conference Hall in Chittagong.

Deputy Managing Director and Chief Money Laundering Prevention and Compliance Officer of the bank Muhammad Yasin Ali inaugurated the workshop as the chief guest, said a press release.

Head of IBB OR Nizam Road Branch of the Bank, EVP, SH Mukhter Ahmed was present in the workshop and delivered the welcome address while Deputy Chief Anti Money Laundering and Compliance Officer of the bank, SVP-Kazi Zillur Rahman presided over the workshop.

The Managers and Operation Managers of different branches in Chittagong Division of Prime Bank participated at the workshop.

News:The Daily Sun/14-Oet-2013

Southeast Bank Limited opened its 100th branch in Sirajganj recently.

SM Mainuddin Chowdhury, Deputy Managing Director of the bank formally inaugurated the branch as the chief guest, said a press release.

In the inaugural ceremony, among others, AMM Ariful Haque, Head of Rajshahi Branch and Executive Vice President, Lt CDR (Retd) Wares-Ul-Matin, Senior Assistant Vice President and Head of Logistics and General Services Division of Head Office, Md. Khairul Islam, Head of Sirajganj Branch and local businessmen, industrialists, were present.

Right from day one, the branch started providing all modern banking services to the customers. Besides, the hard-earned money of the Bangladeshi expatriates working abroad shall be handed over speedily to their beneficiaries from the branch.

News:The Daily Sun/14-Oet-2013