First Security Islami Bank Limited (FSIBL) signed a remittance agreement with SuperX10 Global Money, Australia at the bank’s head office recently, says a press release. Foiz Ahmed, senior vice-president and head of international division, FSIBL and Dr Rashid Raashed, managing director of SuperX10 Global Money, signed the agreement.

The remittance deal was signed to foster the economic growth of the country and bring the inward foreign remittance of the expatriate through proper banking channel.

The Daily Independent/Bangladesh/ 12th Jan 2012

Sonali Bank earned a record profit of Taka 15.04 billion in 2011, topping the list of state-owned commercial bank.

The amount was Taka 4.02 billion of 36.48 percent higher than that in the previous year.

“As a largest commercial bank of the country, Sonali Bank has set a new record of profit in every indicator such as expansion of business, loan, realisation of classified loan, external trade growth and expansion of branches,” Md. Humayun Kabir, managing director and chief executive officer (CEO) of the Bank said.

The Bank made remarkable progress in various fields with joint efforts of the present board of directors and employees, Kabir observed.

Official figure showed, the investment made by the Bank has increased by 23.52 per cent to Tk 138.02 billion in 2011 from Tk 111.74 billion in 2010.

Besides, the growth rate in import and export activities through the Bank was 88.12 per cent and 6.50 per cent respectively, as the Bank financed Tk 308.50 billion in imports and Tk 78.95 billion in exports, he added.

In 2011, the Bank reduced its classified loan by 16.98 percent, which stands at Tk 57.61 billion now from Tk 68.31 billion in 2010.

On the other hand, the Bank recovered Tk 21.83 billion classified loans in 2011, while it was Tk 13.48 billion in 2010.

In addition, the Bank’s capital has witnessed a sharp rise to Tk 516.93 billion, although it was Tk 478.13 billion in 2010.

The bank has set up the largest network across the country with 1,196 branches. Of them, 853 are in villages, 341 in towns and cities, and the rest two are foreign exchange branches, Humayun Kabir said.

The number of profit making branches increased to 1,129 in 2011 against 1,096 in 2010, while that of loss incurring ones reduced to 65 from 95 in 2011.

A total of 2,248,591 farmers opened accounts with the Bank by Tk 10 in 2011, while that was 60,480 accounts for freedom fighters and 441,968 for handicapped, elderly and widow.

The Bank is providing 25 kinds of services like payment of utility bill, pension, salary, elderly allowance, freedom fighters’ allowance, handicapped allowance and hajj fees.

Kabir said the success attained by the Bank even after the world economic downturn will definitely encourage us to move forward in the days ahead.

The Daily Sun/Bangladesh/ 12th Jan 2012

ROME: Organised crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and squeezing the life out of thousands of small firms, according to a report on Tuesday.

Extortionate lending by criminal groups had become a "national emergency," said the report by anti-crime group SOS Impresa.

Organized crime now generated annual turnover of about 140 billion euros ($178.89 billion) and profits of more than 100 billion euros, it added.

"With 65 billion euros in liquidity, the Mafia is Italy's number one bank," said a statement from the group, which was set up in Palermo a decade ago to oppose extortion rackets against small business.

The Daily Sun/Bangladesh/ 12th Jan 2012

Bangladesh Bank is going to open Consumer Interest Protection Center (CIPC) cells in all its branches and the head office to improve the quality of banking and financial services and to protect consumer interests.

BB Governor Dr. Atiur Rahman will formally open the center at its head office in Dhaka on January 19.

Talking to daily sun, Swapan Kumar Roy, Assistant Director of the CIPC and Deputy General Manager (DGM) of Vigilance Department of BB, said the objectives of setting up such centres was to turn the banking and financial services more humanistic, ensure improvement of financial services and to protect the interest of the customers strictly.

As all the commercial banks have already set up a complaint centers at their headquarters and branches complying BB directives, he said.

Now the central bank would monitor whether the complaint centers of the banks are working actively and replying properly to the complaints lodged by the customers, he added.

Roy also said with the expansion of banks and financial institutes, the number of banking clients has increased a lot, and some of them can usually be harassed or deprived of their rights. In such cases, CIPC centres will be entitled to ensure justice to the clients in any corner of the country, he added.

He pointed out that there may have some dishonest officials in the banks who misguide clients to serve their ill motivations, undermining commercial banks’ reputation. In such cases, commercial banks by themselves should open CIPC type of centers or cells to have complains against those corrupt officials, said the BB official.

BB will also open a number (16236) to call for lodging complaints or having any sorts of banking services from anywhere in the country.

The Daily Sun/Bangladesh/ 12th Jan 2012

Ahmed Saiful Islam has recently been appointed chief operating officer of HSBC Bangladesh with effect from January 1, the Bank said in a statement yesterday.

Prior to the appointment, Islam was the head of global payments and cash management at HSBC, Bangladesh.

An MBA from the Asian Institute of Technology in Thailand, he is a postgraduate in European business from EM Lyon Graduate School of Management, France and a BBA from the Institute of Business Administration in Dhaka University.

"With a strong background in banking services and cash management, Saif is in an ideal position to drive continuous improvement and customer focus in our technology and services teams," said Sanjay Prakash, chief executive officer of HSBC, Bangladesh.

The Daily Star/Bangladesh/ 12th Jan 2012