The Eastern Bank Ltd (EBL) distributed blankets among cold heated people in the districts of Lalmonirhat, Nilphamari and Dinajpur, the northern region of Bangladesh recently. A team of the bank comprising Mahbubul Alam Tayab, chief of internal control and compliance department, M A Awal, senior manager, and Md. Shajahan Ali, associate senior manger, distributed the blankets with the help of local administrations of the respective districts.

News:Daily Sun/Bangladesh/08 Feb 2011

A two-day 'Annual Managers Conference-2011' of Pubali Bank Ltd was held in Sylhet recently.

A total of 399 branch managers, regional managers and other senior executives of bank’s head office attended the conference at Rose View Hotel in the district town, said a press release.

Hafiz Ahmed Mazumder MP, chairman of the board of directors of PBL graced the conference as chief guest while Managing Director Helal Ahmed Chowdhury presided over the conference.

Bank’s Vice-Chairman and Director Habibur Rahman, Directors Moniruddin Ahmed, Sk. Wahidur Rahman, Monzurur Rahman, Syed Moazzem Hussain, Ahmed Shafi Chowdhury, M. Faizur Rahman, Muhammed Kabiruzzaman Yaqub, Mrs. Rumana Sharif and Mustafa Shahriar Ahmed, were also present at the conference.

News:Daily Sun/Bangladesh/08 Feb 2011

Finance Minister AMA Muhith said Sunday commercial banks must cut their presence in the stock market gradually since investing in the capital market is not their core business.

"Banks are not supposed to be playing in the stock market and they have to concentrate on expanding business activities through banking", the minister said.

He was speaking as the chief guest at a book launching ceremony titled "Shombhaboner Orthoniti" authored by Mamun Rashid, a banker and economic analyst.

The minister expressed his confidence in market mechanism and supported the functioning of the share market without much intervention while commenting on Sunday's fall of stock market which lost 400 points.

"Don't get panicked by today's market fall, rather let the market go by its own way", the minister said, adding that the government is trying to manage the problem created out of mismanagement.

Muhith also shared his views on various issues, ranging from micro-finance regulation, demutualisation of stock market, reform of taxation, budget implementation and corruption in education and other sectors while commenting on different chapters of the book.

"We'll surely implement the demutualisation of our stock market despite protest from the stock exchange authority and we'll do it within our tenure", he said terming it a major goal of the incumbent government.

Besides, he noted that demutualisation will help achieve the goal of national stock exchange, an idea presented by Mamun Rashid in his book.

While commenting on micro finance regulation, the minister came up with his observation that Microcredit Regulatory Authority (MRA) was doing good job in controlling 'sick' competition among Microfinance Institutions (MFIs) by fixing the ceiling of interest rate.

"Institutionalisation of Grameen Bank was done for ensuring sustainability of this approach, but, unfortunately, borrowers are getting entangled in the 'quicksand of loan", Muhith said, criticising the MFIs.

Earlier, the minister unveiled the book along with other dignitaries, which is a collection of different articles, mostly published in different dailies in 2010. Adviser of former caretaker government Dr. Mirza Azizul Islam was present at the launching as the special guest and vice chancellor of North South University Prof Hafiz G A Siddiqi presided over the function.

Dr. Aziz noted that banks showed collusive behaviour in fixing interest rates charged for loan but got involved in 'ill' competition in collecting deposit.

He also emphasised relying on market forces, good governance in reducing corruption and increased fund flow to education sector while commenting on the book.

He, however, expressed disagreement with the idea of National Stock Market and sought the finance minister's attention to demutualisation of stock market within next three to five years.

Mamun Rashid defended his proposition of a national stock market with his experience of India where it played significant role in stabilising the market.

Anyaprokash published the book which contains articles on different topics including stock market, budget implementation, stock market, microfinance, the incidence of 1/11 and potential of Bangladesh in its economic resilience.

News: The Financialexpress/ Bangladesh/ Feb-07-2011

The High Court has turned down the petition challenging a court order asking for the closure of 110 bank accounts of Chittagong-based multi-level marketing company Unipay2u. The bench of justices A H M Shamsuddin Chowdhury and Sheikh Mohammad Zakir Hossain on Sunday gave the order following the petition filed by the organisation’s managing director Mohammad Muntasir Hossain and director Shahiduzzaman.
Rokon Uddin Mahmud and Shah Manjurul Haque argued for the petitioners, while Anisul Haque and Abdul Aziz Khan for the plaintiff, the Anti-corruption Commission.
A Dhaka court on July 6 last year ordered the closure of 110 bank accounts of Unipay2U.
The High Court on Aug 26 last year stayed the lower court order following the petition.
The High Court’s Sunday order, however, upheld the previous court order.
It was said last month that the multi-level marketing company Unipay2U was creating image crisis for the government through disseminating false information. On Jan 16, a government circular said legal action would be taken against the organisation.

News: The Independent/ Bangladesh/ Feb-07-2011

Mashrur Arefin has recently been appointed as deputy managing director and chief operations officer of City Bank, the bank said in a statement yesterday.

Arefin joined City Bank in 2007 as head of retail banking. He also served the bank as chief communications officer.

An MA from Dhaka University and an MBA from Victoria University in Australia, Arefin started his career as management trainee with erstwhile ANZ Grindlays Bank in 1995.

He also served Standard Chartered Bank, American Express Bank, Eastern Bank, BRAC Bank and Citi Bank NA.

News: The Daily Star/ Bangladesh/ Feb-07-2011