The 208th meeting of the Board of Directors of Jamuna Bank Limited was held at the bank’s head office in Dhaka recently.

Md. Mahmudul Hoque, Chairman of the Board of Directors of Jamuna Bank Limited presided over the meeting, said a press release.

News: Daily Sun/Bangladesh/01-Nov-12

 The country’s inward remittance hit the single-month highest at $1.33 billion in October, Bangladesh bank (BB) data shows Tuesday.

Fabulous flow of remittance during this month surpassed the previous single-month highest of $1.22 billion posted in January this year.

The central bank data showed the country received the amount in a period between 1-26 October. With the latest development, total inward remittance stands at $4.89 billion from 1st of July to 26th October.

The remitters have sent $3.55 billion in last three months of current financial year (FY 2012-13).

Data shows the trend of remittance inflow maintains a steady growth in the current financial year with over $1 billion entering the country every month.

A BB official observed that remittance flow was soaring as remitters usually send extra pennies to near and dear ones during Eid-ul-Azha and Durga Puja.

Bangladeshis have celebrated two major festivals — Eid-ul-Azha and Durga Puja — this month.

Primary data suggests that around 8 million Bangladeshis have been working abroad who emigrated over the years in quest of employment.

News: Daily Sun/Bangladesh/31-Oct-12

Grameenphone has borrowed Tk 846 crore from 15 banks and financial institutions, the biggest syndicated term loan in Bangladesh.

The country's largest mobile phone operator with a 42 percent market share will use the fund for network expansion.

Standard Chartered Bank (SCB) as a lead manager has arranged the syndicated loan, the SCB said in a statement yesterday.

An agreement was signed among Grameenphone, SCB and the participating financial institutions on

October 7.

Grameenphone Chief Executive Officer Tore Johnson and Chief Financial Officer Fridtjof Rusten, and the top brass of the participating banks and financial institutions attended the signing ceremony.

The participants include Bank Asia, Bank Alfalah, Dhaka Bank, Eastern Bank, IFIC Bank, Infrastructure Development Company Limited, Mutual Trust Bank, NCC Bank, Premier Bank, Pubali Bank, Saudi-Bangladesh Industrial and Agricultural Investment Company, Shahjalal Islami Bank, Southeast Bank, SCB and Trust Bank.

“Standard Chartered Bank is delighted to be the mandated lead arranger and agent for this landmark transaction,” said Jim McCabe, SCB's chief executive officer for Bangladesh.

“This is the first ever unsecured term loan in the country, and that too for the largest amount,” he said.

Standard Chartered is leading the debt capital market in Bangladesh. Since pioneering in 1997, the capital markets unit of SCB has put together over $2 billion equivalent local and foreign currency syndicated loan facilities in power, telecommunication, infrastructure, food and beverage, textiles, service and other key sectors.

Over last 10 years, the syndicated loan market has grown 50 percent on average year-on-year in line with the country's industrial growth. SCB has arranged around 60 percent of the total syndicated debt raised in the market in the last 15 years.

News: the Daily Star/Bangladesh/31-Oct-12

Eastern Bank Limited (EBL) received a milestone award of recognition from the International Finance Corporation (IFC) of the World Bank Group as the “Best Global Trade Finance Programme (GTFP) Issuing Bank in South Asia”.

The award is in recognition of EBL’s contributions to trade and supply-chain finance in Asia. The award was handed over to EBL in the 5th Annual Bank Partners Meeting held in Dubai recently, said a press release Tuesday.

Md. Obaidul Islam, EBL Head of International Division and Junaid Masroor, Head of Transaction Banking received the award from Georgina Baker, Director, Global Trade and Supply Chain Solution of IFC, World Bank Group.

Over 275 trade and FI industry professionals from 130 institutions representing 58 countries across the globe participated in the 5th Annual Bank Partners Meeting in Dubai. EBL was the only bank from Bangladesh that participated in the meeting.

The Global Trade Finance Programme (GTFP) of IFC extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.

EBL joined the Global Trade Finance Programme (GTFP) of IFC in 2005 and is using the facility to support more trade and business for its customers and thereby contributing to the economy of the country.

Established in 1956, IFC, a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing worlds. IFC promotes sustainable private sector investment in developing countries.

News: Daily Sun/Bangladesh/31-Oct-12

 Bangladesh Bank (BB) has approved a new rating agency named Waso Credit Rating Company (BD) Limited (WCRCL), which takes the total number of local External Credit Assessment Institutions (ECAIs) to seven.

The remaining six rating agencies are—CRISL, CRAB, NCRL, ECRL, ACRSL and ACRL.

In a circular issued Monday, the central bank urged all the scheduled banks to nominate single or multiple rating agencies for their own and counter-part credit rating to calculate the Risk Weighted Asset (RWA) against credit risk as per Risk Based Capital Adequacy (RBCA) guidelines.

As per the RBCA, the RWA against credit risk is to be computed on the basis of credit rating conducted by ECAIs, duly recognised by the central bank.

Consequently, calculated RWA and Capital Adequacy Ratio (CAR) will be reported as per specific reporting formats enclosed in the RBCA guidelines, the BB circular reads.

News: Daily Sun/Bangladesh/31-Oct-12