HSBC, Europe’s biggest bank, said on Friday it was investigating the alleged loss of data for clients in Jersey but had not been notified of any investigation by tax authorities.

The Daily Telegraph has reported that British tax authorities were examining details of more than 4,000 UK clients of HSBC in Jersey after a whistle-blower handed them a list of names, addresses and account balances. HM Revenue & Customs (HMRC) said in a statement: “We can confirm we have received the data and we are studying it.

We receive information from a very wide range of sources which we use to ensure the tax rules are being respected.”

HSBC said it was investigating the alleged loss of client data “as a matter of urgency.”

“We have not been notified of any investigation in relation to this matter by HMRC or any other authority but, should we receive notification, we will cooperate fully with the authorities,” the bank said in a statement.

This could mark another potential blow for HSBC which has been slammed by U.S. regulators for lax anti-money laundering controls in Mexico and elsewhere, and last year saw thousands of its Swiss clients probed by the UK taxman.

The bank’s London-listed shares dipped 0.2 per cent by 4 a.m EDT, in line with a weak European banking index.

The Daily Telegraph report said Britain’s revenue service was combing through the list it had been given of HSBC’s Jersey clients to establish whether some used the offshore bank accounts to avoid paying UK taxes.

News: The Daily Independent/Bangladesh/10-Nov-12

WASHINGTON: The International Monetary Fund on Thursday urged the United States to quickly reach an agreement on a permanent fix to avoid automatic tax hikes and spending cuts early next year, saying a stop-gap solution could be harmful to the global economy.

Many analysts believe Washington will come up with a deal that would temporarily stave off what has become known as the fiscal cliff, although doubts persist as to whether Congress can agree on a timely compromise.

In a report prepared for the Group of 20 finance ministers’ meeting in Mexico on November 4-5 and published on Thursday, the IMF warned that the euro zone crisis and the threat of a political impasse in Washington over the looming fiscal cliff posed the biggest risks to the world economy.

The Fund said, however, there were signs that financial stress and global economic conditions “may be stabilizing” due to recent steps by major central banks to cut interest rates to spur growth, although economic activity remains sluggish.

The combined US government spending cuts and tax rises to be implemented under existing law at the start of 2013 are seen by many as threatening to tip the economy back into recession.

The IMF has estimated that the tax increases and spending cuts amount to $700 billion in 2013. Unless avoided, this could contract US gross domestic product by around 4.5 percent.

News: The Daily Sun/Bangladesh/10-Nov-12

HSBC Bangladesh yesterday struck a deal with Power Grid Company of Bangladesh Ltd (PGCB) to provide $60 million to help the state-run company improve its transmission network.

The British banking giant's credit facility includes $24 million in term loans.

Md Jamal Ullah, managing director of PGCB, and Md Mahbub-ur-Rahman, head of commercial banking of HSBC Bangladesh, signed the deal at Ruposhi Bangla Hotel in the city.

This is the first time a state-run energy company has obtained a commercial loan from a financial institution, Abul Kalam Azad, power secretary, told reporters. He said PGCB, a profit-making company whose revenue grew 14 percent last year, is being able to borrow the fund at commercial rate because of its strong financial health.

The interest rate is 4.5 percent and the loan is repayable within six years, said Jamal Ullah.

Andrew Tilke, chief executive officer of HSBC Bangladesh, expressed his bank's willingness to finance similar projects in the country's energy sector.

PGCB is responsible for operation, maintenance and development of the transmission system for the distribution of the electricity generated in the country.

The company is borrowing the fund mainly to construct the Barisal-Bhola-Borhanuddin 230kV double circuit power transmission line.

A part of the fund will also be used to finance other power sector projects, including a small power plant in Bhola, said Tawfiq-e-Elahi Chowdhury, energy adviser to the prime minister.

News: The Daily Star/Bangladesh/10-Nov-12

Islami Bank Bangladesh Limited has organised employees conference of Rangpur zone at Rangpur Zilla Parisad Community Center Friday.

Mohammad Abdul Mannan, Managing Director of the bank was present as chief guest, said a press release. Dr. Mohammad Abdus Samad, Associate Professor of International Islamic University Chittagong Dhaka campus and Member, Shariah Supervisory Committee of the bank was present at the function.

Taher Ahmed, Senior Vice President and Head of Rangpur Zone, Md. Shafiqul Mawla, Executive Vice President and Head of Bogra Zone and AAM Habibur Rahman, Executive Vice President and Head of Rajshahi Zone and Md. Kamal Uddin Jasim, Senior Vice President and head of business promotion and marketing division were present.

News: Daily Sun/Bangladesh/10-Nov-12

Sheikh Abdul Hai Bacchu, Chairman of BASIC Bank, inaugurates the 56th branch of the bank at Mathbaria in Perojpur Thursday.

BASIC Bank Limited opened its 56th branch equipped with online facilities at Mathbaria in Perojpur Thursday.

Sheikh Abdul Hai Bacchu, Chairman of BASIC Bank, inaugurated the branch, said press release.

Kazi Fakrul Islam, Managing Director of the bank presided over the function. Md Rafiuddin Ahmed Ferdous, president of Mathbaria Thana Awami League, Ahsan Habib, TNO of Mathbaria, AKM Selim Mia, administrator of Mathbaria Pourasaba, Sheikh Manjur Monjur Morshed, additional managing director of Basic Bank, Fazlus Sobhan, DMD of the bank and other local elites were present at the function.

While speaking at the inaugural function, chairman of the bank said the bank has ensured topmost security for the customers’ deposit.

News: The Daily Sun/Bangladesh/09-Nov-12