Shafiqul Alam, Managing Director and CEO of Jamuna Bank Limited, and Md. Rafiqul Islam, Managing Director and CEO of SBAC Bank, exchange documents after signing MoU in Dhaka recently.

 South Bangla Agriculture and Commerce Bank Ltd (SBAC) signed a Memorandum of understanding (MoU) with Jamuna Bank Limited (JBL) for disbursement of Foreign Remittance as an associate bank of JBL.

Shafiqul Alam, MD and CEO of JBL and Md. Rafiqul Islam, MD and CEO of SBAC Bank signed the MoU on behalf of respective sides, said a press release. Besides, A.K.M. Saifuddin Ahamed, DMD of JBL, Md. Dilwar Hossain Bhuiyan, DMD of SBAC Bank, Md. Abdus Sobhan, Head of NRB Banking and FRD of JBL and Harun Ar Rashid, Head of ID of SBAC Bank Ltd were also present.

 Modhumoti Bank Limited launched a new product styled ‘Modhumoti Priority Banking’ for its high-valued customers at a ceremony held at Gulshan branch in Dhaka.

Humayun Kabir, Chairman of the bank inaugurated the launching ceremony as chief guest recently, said a press release. Md Mizanur Rahman, Director, Bengal Group and Managing Director and CEO of the bank were present on the occasion as special guest while high officials of the bank and other clients attended the function.

 Pubali Bank Limited signed an agreement with Oracle and Aamra Technology Limited involving Tk. 46.43 crore at Pubali Bank head office in Dhaka recently.

Mohammad Ali, Chief Technical Officer and General Manager of Information Technology Division of the bank and Syed Farhad Ahmed, Managing Director of Aamra Technology Limited (Platinum Partner of Oracle Corporation) signed the agreement on behalf of their respective organisations.

Mentionable, it is one of the largest investment agreements for infrastructural development in the country’s banking sector. Under this agreement, customers of Pubali Bank will get reliable, secured and fastest service.

Managing Director and CEO of Pubali Bank Limited Helal Ahmed Chowdhury was present as chief guest at the agreement signing ceremony.

Aditional Managing Director M.A. Halim Chowdhury and Deputy Managing Director Safiul Alam Khan Chowdhury of Pubali Bank Ltd were present as special guests. Amit Srivastava, Country Lead, Technology Business, Oracle was also present.

In his speech, Helal Ahmed Chowdhury said, “Pubali Bank Limited has installed the largest Online Banking network through 427 branches across the country by using software developed by its dedicated IT professionals.”

He also said, “Pubali Bank is committed to give modern and technology-based service to cope up with modern banking system. So, we have signed the agreement with Oracle and Aamra Technology Limited to install the latest technology of Oracle Exadata.”

General managers and senior executives of Pubali Bank and other senior officials of both the organisations were also present.

The Central Bank Deputy Governor Nazneen Sultana yesterday urged the non- residence Bangladeshis (NRB) to invest their hard earned money in country’s productive sector to facilitate economic growth.
“Country’s economy is gradually growing but this is not enough, we have to attain our expected level of economic development, the BB deputy governor said while addressing a seminar tilled as ‘Survey of Impact of migration on Poverty and Development’ at city’s Brac In centre. The day long seminar was organized by Refugee and Migratory Movements Research Unit (RMMRU) of Dhaka University.
She suggested the NRB,s to invest their money  in country’s SME and agro sector to ensure economic advancement.
The central bank is continuously encouraging all private banks to provide access to finance for country’s underprivileged people to receive financial assistance so that they can operate their business smoothly.
The aim of the central bank is ‘inclusive financial growth and viable economy’ and to implement the theory, we introduced low rate SME and agro loan under refinance facilities.
Considering the necessity of a vibrant economy, the deputy governor said that migrant people can take loan from the bank for using any kinds of productive sector.
Already the central bank approved foreign loan for country’s business community and the rate is very low comparing with the local financer which will help them to operate their business smoothly, also added the deputy governor.
However, talking to the ‘The Independent’ Professor Mustafizur Rahman, Executive Director, CPD said the ‘the Independent’ that the non resident Bangladesh should invest their money in the productive sector instead of constructing house, building and so on.
Meanwhile, Tasneem Siddiqui , chair of RMMRU presented a key note paper titled “Impact of Migration on Poverty and Development” 
Hossain Zillur Rahman Former Advisor to the Caretaker Government prented the seminar as the chief guest.
The day long seminar also participated by Dr. Khondaker Showkat Hossain, Secretary Ministry of Expatriates’ Welfare and Overseas Employment, Zahid Hussain, Lead Economist of World Bank, . Siroco Messerli, Deputy Head of Cooperation, Swiss Agency for Development and Cooperation, and M Riaz Hamidullah, Director General of  Economic Affairs.

News:The Independent/1-Sep-2014

Bangladesh Bank (BB) yesterday made some changes to the repatriation of sale proceeds of non-resident owned equity in unlisted companies purchased by residents, reports BSS.
"It has now been decided that in such cases Bangladesh Bank will accept fair value of the shares as on the date of sale based on appropriate combination of three valuation approaches (viz. net asset value approach, market value approach and discounted cash flow approach) depending on the nature of the company,” the central bank said in a circular. According to the Guidelines for Foreign Exchange Transactions-2009, the sale proceeds of non-resident equity investment in unlisted companies and private limited companies are repatriable abroad with prior approval from BB to the extent of net asset value of the shares as on the date of sales, based on latest audited financial statements.
The central bank in its latest circular directed all the authorised dealers of foreign exchanges to submit the application for repatriation of sale proceeds of shares to Foreign Exchange Investment Department at head office of BB with a valuation certificate of shares issued by a merchant banker licensed by Bangladesh Securities and Exchange Commission (BSEC) or a chartered accountant experienced in company valuation.
Full set of audited financial statements of the company will have to be submitted to BB along with application for 
remittance approval, the circular said.