The banks will not go for aggressive sales of stocks in a bid to help the market remain stable, said Association of Bankers, Bangladesh (ABB).

There was a meeting between ABB and DSE on Thursday where the bankers’ leaders agreed to avoid aggressive sales for the sake of market’s stability.

Dhaka Stock Exchange president Rakibur Rahman said, “ABB leaders have pledged to avoid massive sales of stocks like 2010.”

He said if there were more contributions from banks, merchant banks, financial institutions, brokers and dealers, the market would be more stable.

In 2010, the banking sector went on massive sales, which eventually placed the market in a highly and prolonged volatile situation.

DSE president said: “There is no alternative to the institutional investors to ensure stability on the stock market.”

ABB president Nurul Amin urged SEC and DSE to be careful about supply-demand balance of stocks, which is “essential for a stable market.”

In this regard, he put stress on strengthening bond market in, adding that “the banks are not traders, but market makers.”

Besides, ABB president claimed that banks invest in the stock markets complying with the related rules and regulations.

News: Daily Sun/Bangladesh/28-Sep-12

All major branches of the state-owned and private commercial banks in district and divisional towns will remain open Saturday across the country.

Bangladesh Bank (BB) has issued a circular in this regard to facilitate payment of income tax by pay orders and treasury challans following a request from the NBR, said a press release Thursday.

News: Daily Sun/Bangladesh/28-Sep-12

Dutch-Bangla Bank Lim- ited (DBBL) Wednesday signed an agreement on Mobile Banking Services with Anjuman Mufidul Islam (AMI).

The organisations signed the agreement for collecting fund from the donors, both local and foreign, through mobile banking, said a press release.

Md Shamsul Haque Chishty, President of Anjuman Mufidul Islam and K S Tabrez, Managing Director of DBBL signed the agreement on behalf of their respective organisations at the Head Office of the bank.

Md Azim Buksh, Chairman of Media, Publication and Branch Affairs Committee and Syed Jaglul Pasha, life member of Anjuman Mufidul Islam, Abul Kashem, Md. Shirin and Md Sayedul Hasan, Deputy Managing Directors of DBBL attended the signing ceremony.

As per the agreement, Anjuman Mufidul Islam will be able to collect funds through DBBL’s Mobile Banking account and will get opportunity of banking with a bank.

News: Daily Sun/Bangladesh/28-Sep-12

The initial subscription of Mutual Trust Bank (MTB) Unit Fund will expire Sunday. After expiry of the period, the units will be traded at NAV (net asset value) related prices, sources said.

MTB Unit with an initial size of Tk 1 billion, is an open-ended fund of face value of Tk 10 per unit. Mutual Trust Bank Limited has provided Tk 200 million as sponsor of the fund.

Bangladesh General Insurance Company Limited is the trustee of the fund, while BRAC Bank Limited is its custodian and Alliance Capital Asset Management Limited is asset manager.

MTB Unit Fund, managed by a team of professionals, has entered into the market at a time when the DSE market PE ratio is comparatively low, market sources said.

News: Daily Sun/Bangladesh/28-Sep-12

Michael Zink, Citi head of Asean and Citi country officer for Singapore, will visit Dhaka for two days from September 29, the bank said in a statement yesterday.

Zink will review business opportunities with senior Citi Bangladesh executives and meet key clients during the visit. He will also launch a global internal health and wellness programme, 'Live Well at Citi', designed to encourage employees to adopt a healthy lifestyle.

He will also attend the final award presentation ceremony for the Citi Microentrepreneurship Awards programme, in its seventh year, and unveil two new community projects.

A 24-year Citi veteran, Zink began his career in New York and has held various senior corporate banking and executive management roles for Citi in Africa, Russia and Asia.

News: The Daily Star/Bangladesh/27-Sep-12