‘NBL Securities Limited’, a stock brokerage business venture of National Bank Limited (NBL), has started its journey in the city recently.

Neaz Ahmed , managing director of the bank, formally inaugurated the company at a function, said a press release.

The Dhaka Stock Exchange (DSE) member number of the new company is 203.

Md Badiul Alam, additional managing director , Debobrota Kumar Sarker, chief executive officer (merchant banking operation), Mahmud Al Hasan, chief executive officer (securities) and all other high officials of the bank were also present at the inaugural ceremony.

Source: daily-sun, Bangladesh/ March 11, 2011

Citibank, N.A. has recently appointed Rashed Maqsood as its managing director and Citi Country Officer for Bangladesh.

Prior to the new role, he held the position of country business manager of the bank in December 2010. He was the head of global transaction services for Citi in Indonesia for three years before he took up the new role in Bangladesh, said a press release.

Maqsood started his 18-year banking career with Citi in 1995 as a relationship manager before going on to lead the newly established Corporate Banking Business franchise in Bangladesh.

He is a strong supporter of various CSR initiatives including financial education for the youth and Bangladeshi culture and music. He is also involved with the initiatives supported by the Citi Foundation – the philanthropic arm of Citi and also oversees the Corporate Affairs function. In Bangladesh, he successfully rolled out Citi’s flagship initiative – the Citi Microentrepreneurship Award for three consecutive years, the statement said.

He received an MBA majoring in Finance from the Institute of Business Administration (IBA) of Dhaka University and attended various international senior leadership programs across Asia Pacific and Europe.

Source: daily-sun, Bangladesh/ March 11, 2011

Pubali Bank Limited (PBL), the largest bank in private sector won the “Best Rated Bank 2010” award by the leading economic industry.

Helal Ahmed Chowd- hury , managing director of the bank has received the award from the chief guest Dr. Mohammed Farashud- din, former governor of Bangladesh Bank at a function of the national press club in the city recently.

Pubali Bank has been adjudged as a best rated bank in recognition to its capital adequacy, satisfactory income, percentage of non-performing loans and contribution to the corporate social responcibility (CSR).

A Q Siddiqui, chairman of Bangladesh Commerce Bank Limited (BCBL), Md. Shahjahan Khan, former sr. vice-president of Dhaka Chamber of Commerce and Industry (DCCI) were present as special guests. Enayet Karim, editor of the industry presided over the function.

Source: daily-sun, Bangladesh/ March 11, 2011

The World Bank is going to review its US$3.6 billion lending schemes in Bangladesh next week amid concern that at least half of the 28 projects it is financing has failed to attain desired pace of implementation.

Officials said four of the projects have been singled out as "risky" and "problematic" and at least 11 others have "very high un-disbursed balances", raising fears the schemes may not achieve the desired results.

Finance ministry officials said the "implementation status" of all these projects and their bottlenecks will be discussed on Sunday when they meet representatives of World Bank Dhaka office in the planning commission.

"It's a crucial meeting. All the schemes being implemented with the World Bank's fund will be discussed there. They have raised some issues. We hope we can satisfy their queries," said an Economic Relations Division official.

The Washington-based bank is the country's largest donor. Annually it lends Dhaka $1.2 dollar in soft loans, which play a key role in Bangladesh's infrastructural, social, human and agriculture development.

The official said the World Bank would also review an "action plan", set jointly by the lender and the government in January to speed up the implementation of 28 projects, for which the lender has committed at least $3.6 billion.

According to the Bank, Bangladesh government's project executing agencies have been able to spend only $195.7 million loan during the first half (July-December) of the current financial year 2010-2011.

"We have identified the problematic and risky projects from the 28 ongoing schemes. These projects face slow disbursement of the funds and some other bottlenecks," a World Bank official in Dhaka office told the FE.

He spoke on condition of anonymity because he is not authorized to talk to the press.

The lender has identified avian influenza preparedness, water management improvement, disability and children at risk, and the enterprise growth and bank modernisation projects as "risky and problematic".

Besides, it has identified 11 others of the ongoing operational schemes, which have less than 50 per cent fund disbursement despite they have completed average two years project cycle since the loan agreements.

They include $350 million Siddhirganj peaking power plant, $149 million Dhaka water supply and sanitation, $184 million emergency cyclone recovery, $62.2 million clean and sustainable environment, $81 million higher education quality enhancement and $307 million investment promotion financing projects.

The Bank has said these projects face belated procurement and financial mismanagement, delay in setting implementation arrangements and complex government procedures.

A senior ERD official said since the government agencies have failed to implement the schemes in time, the Washington-based lender has cut back on the disbursement of the entire fund committed for the projects.

"The government agencies and the World Bank representatives will attend the next week's meeting. Our officials will explain the barriers in project execution as well as fund disbursement," he told the FE.

"I hope it will be fruitful meet and help us overcome the hurdles. Otherwise, some of these multi-million dollars schemes may face a bleak future," he added.

Source: The Financial Express, Bangladesh / March 11, 2011

Export Import Bank of Bangladesh Ltd (EXIM Bank) recently promoted Dr. Mohammed Haider Ali Miah to additional managing director.

Prior to the promotion, he was the deputy managing director of the bank and performed his duty as the head of Corporate Banking, Human Resources Division, Information Technology, Law and Recovery Division, Merchant Banking Division, Credit Card Division, AML Division and Public Relation Division, said a press release.

Dr. Haider Ali started his banking career as a probationary officer with Islami Bank Bangladesh Ltd in 1984.

He achieved his B. Sc. (Hons) and M. Sc. degrees from Dhaka University and later obtained an MBA degree major in Marketing and Management from London Institute of Technology and Research in the United Kingdom.

Dr. Haider obtained his Ph.D degree in “The Role of Marketing on Financial Performance in showing differences between the Traditional and Islamic Banking in the context of Bangladesh” from American World Univer- sity of USA.

Source: daily-sun, Bangladesh/ March 11, 2011