Primary dealer banks will now be able to show 50 percent of HTM (held to maturity) securities, up from 25 percent, as tradable assets, according to a new decision by Bangladesh Bank.

HTM securities are debt securities purchased by banks with intent to hold them until they mature. On the other hand, HFT (held for trading) securities can be traded anytime.

Now, banks can sell up to 50 percent of HTM securities anytime.

Bankers said the move will not ease the liquidity crisis but help minimise accounting losses, not actual losses. The banks at a meeting with the BB deputy governor on May 26 suggested that up to 50 percent of HTM securities, up from 25 percent, should be shown as the statutory liquidity ratio (liquid assets).

Source: The Daily Star/Bangladesh/May 31, 2011

BRAC Bank yesterday launched a new product, Probashi Card, to help customers receive overseas remittance directly from ATM booths and point-of-sales all over the country.

With the pre-paid card, customers can now receive remittance money at anytime avoiding the hassle of coming to the bank branches, the bank said in a statement yesterday.

“BRAC Bank's Probashi Card is the fastest, safest and the most convenient way of receiving remittance money from across the world for beneficiaries in Bangladesh,” the statement added.

Syed Mahbubur Rahman, managing director and chief executive officer of BRAC Bank, launched the card at a programme at Sonargaon Hotel in Dhaka.

“BRAC Bank has always been bringing in new services for convenience of its customers. Probashi Card gives customers freedom to withdraw desired amount of money directly from ATM and keep the rest as savings for withdrawing as and when required,” said Rahman.

“All these features make this a unique card to facilitate quickest remittance delivery at home. BRAC Bank will continue to introduce innovative banking solutions for the expatriate customers and their beneficiaries.”

Mohammad Mamdudur Rashid, deputy managing director, and Khwaja Shahriar, head of cash management, custodial services and Probashi Banking, were also present.

Source: The Daily Star/Bangladesh/May 31, 2011

Akhtaruzzaman Chowdhury MP has recently been elected chairman of United Commercial Bank. The election took place in a meeting of the bank yesterday.

Chairman of parliamentary standing committee on the textile and jute ministry, Chowdhury is one of founder directors of the bank.

He is the chairman of Janata Insurance Company. Former president of Chittagong Chamber of Commerce and Industry, he was also the president of the Federation of Bangladesh Chambers of Commerce and Industry and chairman of Chambers of Commerce and Industry of OIC Member Countries.

Source: The Daily Star/Bangladesh/May 31, 2011

Bangladesh Commerce Bank Ltd has launched ‘Proprietary Credit Card’ for its clients recently.

The credit card will be a low-cost product with wide acceptability within the country, compared to other cards available in the market, said a press release.

The BCB Card will be accepted in the POS terminals at all merchant points of The City Bank Ltd and Dutch-Bangla Bank Ltd for buying goods and services and in ATMs of DBBL, Brac Bank and all the member banks of Q-Cash for cash advance, the statement said.

Source: Daily Sun/Bangladesh/May 31, 2011

Bank Asia on Sunday relocated its corporate office from Motijheel to Rangs Tower in Purana Paltan.

The 208th board meeting of the bank was held at the new office at 68 Purana Paltan yesterday with the bank’s Chairman A Rouf Chowdhury in the chair, said a press release.

The bank’s Vice Chairman Safwan Choudhury, Directors— Anisur Rahman Sinha, A.M. Nurul Islam, Rumee A. Hossain, Mashiur Rahman, Faisal Samad, Shah Md. Nurul Alam, Nafees Khundker and acting President & Managing Director S.M. Khorshed Alam were also present at the meeting.

Bank Asia started its operation in 1999. It is now one of the most progressive banks in the country with 54 branches, 2 agriculture branch, 10 SME service Centres and 5 Islamic Windows. It offers a wide range of financial services that covers the entire spectrum of banking operations, the news release said.

Caption: A. Rouf Chowdhury, chairman of Bank Asia, presides over the 208th Board Meeting of the bank at its new corporate office at Rangs in Purana Paltan in the city yesterday.

Source: Daily Sun/Bangladesh/May 31, 2011