Ahmed Akbar Sobhan, Chairman of Bashundhara Group, Mostafa Kamal Mohiuddin, Chairman of East West Media Group and Sheikh Abdul Hye Bachchu, Chairman of BASIC Bank, seen at the inauguration of the 48th branch of the Bank at Bashundhara Residential Area in the city on Wednesday.

Bashundhara Group (BG) Chairman Ahmed Akbar Sobhan said BASIC Bank is playing an important role in poverty alleviation and accelerating the country’s economic growth.

The BG Chairman made the remarks while addressing as special guest the inauguration of the 48th branch of BASIC Bank Limited at Bashundhara Residential Area in the city on Wednesday.

Ahmed Akbar Sobhan also hailed the role of the Bank’s board of directors for accelerating the Bank’s popularity and expanding service coverage by opening more branches.

Sheikh Abdul Hye Bachchu, Chairman of BASIC Bank and former MP, formally inaugurated the branch. BASIC Bank Limited opened the new branch at Bashundhara Residential Area to take banking services to the doorsteps of more people.

Mostafa Kamal Mohi- uddin, Chairman of East West Media Group, Jahangir Akhand Selim, Member of Board of Directors of BASIC Bank, Subhashish Basu, Sakhawat Hussain, Md Anwarul Islam, FCMA, were present as special guests at the inaugural function, presided over by Kazi Fakhrul Islam, managing director of the Bank.

Sheikh Manjur Morshed, Additional Managing Director of the Bank and other entrepreneurs and local businessmen were also present on the occasion.

Sheikh Abdul Hye Bachchu said people consider BASIC Bank as safe as it is wholly owned by the government. As a result, deposits with the bank have increased. He also said the standard of service of BASIC Bank is higher than other banks.

Kazi Fakhrul Islam said his bank gives priority to large industrial or commercial institutions, SMEs, agriculture, women entrepreneurs while extending loans.

“We also finance export, import, industries and commerce” he added.

The Daily Sun/Bangladesh/ 17th Feb 2012

The boards of directors of four listed commercial banks and insurance have recommended dividend for the year ended on December 31, 2011. The board of directors of the Eastern Bank has recommended 35 percent stock dividend for the year 2011.

The Bank will hold an annual general meeting (AGM) on March 29 at Gulshan Avenue in Dhaka to approve the announcement while the record date for the AGM has been set on March 1 this year. The Company has reported Consolidated Earning Per Share (EPS) of Tk 5.59, consolidated Net Asset Value (NAV) per share of Tk 32.23 and consolidated NOCFPS of Tk 15.29 for 2011.

It has also reported EPS of Tk 5.57, NAV per share of Tk 31.82 and NOCFPS of Tk. 15.33 for 2011.

According to DSE, the board of directors of Prime Bank has recommended 10 percent cash and 20 percent stock dividend for 2011. The board has also decided to increase authorized capital of the company from Tk 10 billion to Tk 25 billion subject to approval of shareholders in the EGM and prior permission of the regulators. The company will hold its EGM and AGM on March 29 at Winter Garden of Ruposhi Bangla Hotel.

The Daily Sun/Bangladesh/ 17th Feb 2012

Bangladesh Bank (BB) has asked the scheduled banks to prepare risk management reports on a regular basis and present those at the monthly risk management meeting of the banks.

A circular issued by the Department of Offsite Supervision (DOS) of the central bank on Wednesday, also directed the banks to send the reports to the DOS in every three months.

The circular mentioned that the banks have to face newer challenges as competition had been increasing in the ever-widening banking sector coupled with bit instability due to the external reasons.

Considering the circumstances, the banks must strengthen their risk management efforts and should prepare risk management reports regularly, the circular said.

“And the reports would be the associated with the main risk report of the banks, not the substitute” it added.

The Daily Sun/Bangladesh/ 17th Feb 2012

Robelliert Zock

World Bank president Robert Zoellick announced Wednesday that he would step down at the end of June, setting up a possible new fight over US dominance at the global development lender.

Zoellick, 58, said he would complete his five-year term, during which he shepherded the Bank and its members through the financial crisis that had a heavy impact on many of the world's poorest countries.

"I'm very pleased that when the world needed the Bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open," Zoellick said in a statement.

"The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership."

His departure sets up the second battle in less than a year over US and European dominance of the Bank and the International Monetary Fund, the world's two leading multilateral financial institutions.

Thanks to an unwritten pact between European powers and the United States dating to 1945, all 11 Bank presidents have been Americans and all IMF managing directors have come from Europe.

Speculation on Zoellick's successor has focused on three Americans -- Secretary of State Hillary Clinton, Treasury Secretary Timothy Geithner and former Treasury chief Larry Summers.

But a fight could be looming. After IMF chief Dominique Strauss-Kahn's sudden resignation last May, strong pressure arose from emerging economies to name a non-European to lead the Fund.

But backed by the leading economic powers, in the end French finance minister Christine Lagarde was chosen over several non-Europeans.

On Wednesday, some five dozen international development organisations and activists said developing countries should have a greater say in choosing Zoellick's successor.

"It is time for the US to publicly announce that it will no longer seek to monopolize the presidential position," they said in an open letter.

Brazil's Finance Minister Guido Mantega said emerging country candidates should have "the same chance" to lead the Bank.

"I believe that the United States will continue to insist that it will be one of its representatives," he said. "We are working so that that does not happen."

The Daily Star/Bangladesh/ 17th Feb 2012

M Teresa Kho

The Asian Development Bank (ADB) has appointed a US citizen, M Teresa Kho, as the new country director for its Bangladesh resident mission.

Kho succeeds Thevakumar Kandiah who retired from the ADB on January 12. The new country boss is expected to assume her new position on February 22.

Kho has been with the ADB since 1997, according to a statement . She is experienced in development issues in the region with focus on infrastructure, urban development, private sector development, co-financing management, and processing, implementation and monitoring of projects.

Prior to this assignment, she was a director of ADB's South Asia Urban Development and Water Division and managed urban water and sanitation, urban transport lending and technical assistance operations in Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka.

Kho's extensive experience also includes finance, administration, treasury and audit management. She has an MBA from Stanford University, and a BA in economics from the University of Notre Dame, Indiana, USA.

The ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region.

The Daily Star/Bangladesh/ 17th Feb 2012