AAM Zakaria, Managing Director, First Security Islami Bank Ltd, hands over a computer to a student at a function in Dhaka on Saturday.

First Security Islami Bank Limited (FSIBL) donated computers for the education of poor and disable meritorious students.

The donation was made during a seminar styled “Disable people deserve the equality in our society” and “Scholarships to the intellectually disabled poor students” at CIRDAP Auditorium in Dhaka on Saturday.

AAM Zakaria, Managing Director, First Security Islami Bank Ltd, handed over those computers to the beneficiaries.

The central bank plans to exempt foreign banks from the mandatory requirement of a subsidiary to participate in the stockmarket for the sake of development of the country’s capital market.

Bangladesh Bank has already sought opinions of the banking division of the finance ministry in this regard.
“If they are not exempted from the related article of the banking companies law, portfolio investment might be hampered,” the central bank said in its letter to the finance ministry.

The recently amended law has made it compulsory for banks to form a separate subsidiary if they want to give share-market services—a time-consuming and tricky process for the foreign banks.

To form the subsidiary, the foreign banks would require approval from their headquarters, which, in turn, would require authorisation from their regulators.

As the size of the capital market in Bangladesh is still small, the headquarters of the foreign banks are unlikely to give permission for separate subsidiaries.

A high official of the central bank said among the foreign banks in Bangladesh four have been providing custodian services to foreign multinational banks and financial institutions in the share market.

The amount of portfolio investment of the foreign financial institutions through Standard Chartered Bank, Citibank NA, HSBC and the Commercial Bank of Ceylon is more than $1.2 billion.

“As these banks account for the lion’s share of the external portfolio investment in the country, the problem caused by the recently amended law should be resolved,” said the central bank letter.

“Otherwise, the stability of the stockmarket might be hampered,” it added.

The central bank in consultation with the government can exempt any bank from setting up the subsidiary.

Md Yousuf Ali Howlader, Chairman of board of directors of BCBL, seen at a workshop at the bank’s training institute in Dhaka recently.

Bangladesh Commerce Bank Limited (BCBL) organised a workshop on “SME financing and strategy” at the bank’s training institute in Dhaka recently.

Md Yousuf Ali Howlader, Chairman of the bank, inaugurated the course as chief guest, said a press release.

Dr. Muhammad Asaduzzaman, Managing Director of the bank, attended the function as special guest while Shamsuddin Ahmed, EVP (HRD), Principal of the Institute, M Abu Hena and Md Mobarak Hossain, AVP and Faculty member of the bank’s training institute, were also present on the occasion.

Railway Minister Mazibul Haque inaugurates a branch of Modhumoti Bank Limited at Motijheel in Dhaka on Thursday.

Modhumoti Bank Limited inaugurated a branch at Motijheel in Dhaka on Thursday.

Humayun Kabir, Chairman of Modhumoti Bank Limited, presided over the function.

Md. Mizanur Rahman, Managing Director and CEO of the bank conducted the programme. Mazibul Haque, Minister, Ministry of Railways, inaugurated the programme as chief guest and declared branch operation by cutting cake.

Shamim Iftakhar, Country Manager, Xpress Money, Mohammad Abdul Mannan, Managing Director, IBBL, conduct the draw of a campaign in Dhaka recently.

Xpress Money, in association with Islami Bank Bangladesh Ltd, launched a Mega Consumer Promotion in Bangladesh.

The largest-ever consumer promotion campaigns will be launched from September 15 and will end in October 14 this year culminating with Eid-Ul-Azha, said a press release.

This campaign will be active for a month across 280 branches of IBBL for Xpress Money customers. The Mega Consumer Promotion campaign will give the beneficiaries a chance to win 30 deep refrigerators, one each day during the campaign.

Through an electronic draw, Masud, son of Shobhan Mridha and remittance receiver from Zinzira branch of IBBL on September 15 was the first winner to win a refrigerator.

The draw was conducted by Shamim Iftakhar, Country Manager, Xpress Money in Dhaka recently.

Mohammad Abdul Mannan, Managing Director, IBBL, Md Mahbub ul Alam, DMD and head of IBW and other high officials of Xpress Money and IBBL were present.