United Commercial Bank Limited (UCBL) signed an agreement with Protective Islami Life Insurance Limited at the corporate head office of the bank in Dhaka on Tuesday.

As per the agreement, Protective Islami Life Insurance Limited will work as Group Term Insurance Coverage service provider for UCB, said a press release.

Muhammed Ali, Managing Director, United Commercial Bank Limited and Mohd. Golam Rabbani Choudhury, Managing Director and CEO of Protective Islami Life Insurance Limited signed the agreement on behalf of respective organisations.

Bangladesh Bank (BB) earned a net profit of Taka 3351.82 crore in the 2013-14 financial year (FY14) with Taka 1562.78 crore transferable profit to the national exchequire, according to the Bangladesh Bank’s Account for 2013-2014.

The BB’s board of directors approved the annual account at a meeting, held on Wednesday at the central bank’s headquarters in the capital city, said a BB press release.

The earning was lower than Taka 4,152 crore of the 2012-13 financial year.

BB said that its monetary policy and money market management along with the trend in the government’s revenue collection and borrowing were reflected in the financial activities of the central bank.

Like previous year, the financial result of operations of BB has been prepared in accordance with the International Financial Reporting Standards (IFRSs) approved by the International Accounting Standards Board (IASB).

DHAKA: Sixteen commercial banks have entered into agreements with the Bangladesh Bank (BB) to provide low interest credits to the jute sector from the central bank’s newly formed Tk 200 crore refinancing scheme, reports AFP.
Deputy Governor SK Sur Chowdhury attended the agreement signing ceremony as the chief guest. Executive director Md Moniruzzaman and general manager of Agricultural Credit and Financial Inclusions Department Provash Chandra Mallik and chief executives of 16 commercial banks were present at the ceremony.
SK Sur Chowdhury said the central bank has formed the refinancing scheme to provide loans to all public-private jute mills, exporters and jute traders for the revival of the country’s jute sector. BB has signed agreements with the banks to release money from the fund because it is now high time for purchasing raw jute, he added.
“We hope that BB’s refinancing fund would play a role in ensuring fair price of jute,” he said, adding that the central bank has plans to enhance the size of this fund in future.
As per the agreement, the participatory banks will get fund from this refinancing scheme at 5 percent interest. Jute mills and jute traders involved in jute export will be able to take loans from banks at maximum 9 percent interest.
The participatory banks are Sonali, Agrani, Janata, Rupali, BASIC, UCBL, IFIC, National, Prime, AB Bank, Mercantile, Uttara, Bank Asia, Standard, One, Trust, Shahjalal and City Bank.

 Prime Bank Limited signed a Memorandum of Understanding (MoU) with Grand Sultan Tea Resort and Golf at the bank’s head office in Dhaka recently.

Habibur Rahman, Deputy Managing Director and Head of Emerging Market of the bank and Brig. Gen. (Retd.) A K M Shahjahan, Director (Operation) of Grand Sultan Tea Resort and Golf signed the MoU on behalf of their respective organisations, said a press release.

 IFIC Bank Limited opened the 113th branch of the bank in Habiganj recently.

Jalal Ahmed, Additional Finance Secretary inaugurated the branch, said a press release.

SM Abdul Hamid, Deputy Managing Director and Chief Financial Officer, AKM Mozharul Hoque, Senior Executive Vice President and Company Secretary of IFIC Bank, local dignitaries and businessmen, other senior executives of the bank also attended the inaugural ceremony.