Standard Bank recently come up with their intention to open a new exchange house in New York aiming to grab the remittance business. This bank has already become one of the leading commercial banks in Bangladesh and hence extending their network worldwide. S A Farooqui, Managing Director and CEO of Standard Bank said, "We are set to launch our remittance business operation in the top city of the world very soon." on Thursday in an interview. He said Bangladesh Bank has already given necessary permission in this regard and the bank is waiting for the final approval from the US side.

This will be a subsidiary exchange company of the bank in U S A. As a result, Bangladeshi expatriates will be able to remit their earnings easily under proper banking channel. The bank has also plans to open Exchange Houses in Spain and Australia in near future subject to the regulatory permission. "We opened 'Standard Exchange Co (UK) Ltd' on August 20, 2009 in London and we received BDT 1 billion remittance from UK through the new company," the Standard Bank chief said. Standard Bank started its commercial operation on June 3, 1999.

Standarar Bank is in operation with their 58 branches, and 10 more branches will be open this year, of which 8 will be urban and two will be rural. "During my tenure, the bank under the strong support from its board of directors and Bangladesh Bank as well experienced sustainable growth in all areas of business," Mr Farooqui said. According to the latest un-audited report, the bank achieved laudable growth in all areas of operation including raising capital, asset, deposit, advances, international business and profit. The Bank clocked significant growth in its business areas in the outgoing year. The Bank achieved around 90 per cent growth in operating profit, 48 per cent growth in deposit and 42 per cent growth in advance in 2010. "We always put thrust on developing the rural economy through disbursing loan to SME and agri-business and in testimony to our mission, we financed flower cultivation in Jessore," the Standard Bank chief added.

In line with the Bangladesh Bank thrust, the Standard Bank launched few projects to mitigate poverty which includes crop loan, live stock & poultry loan, fishery loan, agriculture machinery and equipment loan, poverty elevation scheme and crop mortgage loan. "We have so far selected two villages as 'adarsha village' (ideal village) aiming to make the villagers poverty-free through disbursing agriculture and rural credits," the Standard Bank chief executive said. The villages are Kurpala under Kotalipara upazila and Tungipara under Tungipara upazila.

Mr S A Farooqui, a senior banker began his career in 1973. Prior to join the Standard Bank as EVP in April of 1999, he worked in National Bank and Agrani Bank. He was promoted as the MD of Standard Bank on September 30, 2008.

News: Financial Express/Bangladesh/16 Jan 2011