Banking

ADB wants FRA in 2 months to release final part of stock development programme .

Posted by BankInfo on Wed, Mar 12 2014 10:48 am

ADB has asked Bangladesh’s government to enact Financial Reporting Act

Asian Development Bank has asked Bangladesh’s government to enact Financial Reporting Act (FRA), which is one of major conditions to get final tranche of $150m under the ongoing second capital market development programme, officials said.

Director General of ADB Joan Miranda in a recent letter to finance Minister AMA Muhith requested to implement the FRA within next two months to release of second and final tranche.

The letter also revealed the second capital market development programme would end in the second half of 2014.

Meanwhile, the government, after a demand from ICAB, decided to amend the draft of the FRA in accordance with the Sri Lankan model. Sources said the debate on FRA model between the government and Institute of Chartered Accountants of Bangladesh (ICAB) has been delaying the enactment of the law.

At a recent meeting with Finance Secretary Fazle Kabir, ex-chairman and member of Institute of Chartered Accountants of Bangladesh (ICAB) Abdul Salam urged the government to make FRA following the Sri Lankan model.

ICAB’s ex-chairman told other members that the secretary had assured of considering their demand.

ICAB has always been against the proposed FRA as it is claiming there would be duel standards among the accountants and the auditors if the government enacts any such law.

It will also hamper the existing independency of the chartered accountants, it believes.

As ICAB currently regulates such job, there will be a conflict in the overseeing of the overall work if the proposed law is passed,law is passed, according to the body.

News:Dhaka Tribune/12-Mar-2014

One Bank opens two branches

Posted by BankInfo on Wed, Mar 12 2014 10:22 am

Sayeed H. Chowdhury, Chairman of ONE Bank Limited, inaugurates Amishapara Branch of the bank at Amishapara Bazar in Noakhali recently.

 

 ONE Bank Limited inaugurated two branches in Noakhali and Laxmipur recently.

One branch was inaugurated at Amishapara Bazar in Noakhali while another SME/Agriculture branch was opened in Laxmipur.

Sayeed H. Chowdhury, Chairman of ONE Bank Limited formally inaugurated the branches, said a press release.

On the occasion, he said that One Bank has the capacity to fulfill the need of the clients and meet their demand through progressive banking services.

News:Daily Sun/12-Mar-2014

IFIC Bank holds training on legal securities aspects

Posted by BankInfo on Wed, Mar 12 2014 09:59 am

Jahir Uddin Ferdous, Senior Vice President and Head of Credit Risk Management of IFIC Bank is seen with the participants of a training course on “Legal Aspects of Securities and Documentation” at the bank’s training institute at Motijheel in Dhaka.

 

 IFIC Bank recently organised a two-day-long training course on “Legal Aspects of Securities and Documentation” at the bank’s training institute at Motijheel in Dhaka.

Jahir Uddin Ferdous, Senior Vice President and Head of Credit Risk Management inaugurated the course.

Rashedul Alam, First Assistant Vice President and Head of HR Development and Talent Management, Md. Abdul Kadir, Senior Principal Officer and Barni Saha, Senior Officer of HR Development and Training Institute were present at the function.

A total of 29 participants from different branches of the bank participated in the training course.

News:Daily Sun/12-Mar-2014

Bangladesh Commerce Bank Training Institute organised ‘Trade Finance’ workshop

Posted by BankInfo on Tue, Mar 11 2014 01:04 pm

Dhaka- Bangladesh Commerce Bank Training Institute recently organized a Training workshop on “Trade

Finance”.

CEO & Managing Director, Abu Sadek Md. Sohel, inaugurated the course as Chief Guest. Among others Principal of the Institute M Abu Hena & Md. Mobarak Hossain, AVP and Faculty member were present on the occasion.

News:Bangladesh Today/11-Mar-2013

800 Sonali Bank branches prone to burglary

Posted by BankInfo on Tue, Mar 11 2014 12:47 pm

3-month road map made for security; four suspended over Bogra heist

The government has prepared a three-month road map to reinforcement of security system at all state-owned banks to prevent further bank robbery, especially at Sonali Banks as 800 of its branches have been found risky.

A number of officials at the Bank and Financial Institutions Division (BFID) yesterday said these risky branches were housed in rented buildings.

BFID Secretary Dr M Aslam Alam told the Dhaka Tribune yesterday that they could not provide security to the risky Sonali Bank branches for the next three months when the road map would be executed.

However, the execution of the road map could not be completed unless the government took policy decisions on three major issues – insurance of the money kept in a branch, purchase of land for banks, and building strong iron vaults, he said.

Rest of the measures, including arrangement of security guards for the Sonali Bank branches, would be implemented on short-term basis, he said.

The BFID secretary also said branch managers of all banks had been asked to enhance social connection with the owners of the buildings that housed their branches and the business entities around and inform the local police of this.

He was speaking to the Dhaka Tribune after a meeting with the CEOs of the eight state-owned banks, including Sonali, Rupali, Janata and Agrani.

The meeting discussed security of bank vault rooms as the government is concerned over the heists at two Sonali Bank branches in Bogra and Kishoreganj through underground tunnels.

Later, Aslam Alam told reporters that the meeting had formed a committee headed by BFID’s Additional Secretary Amalendu Mukherjee for recommending measures to prevent burglary at banks. The committee was asked to submit its recommendations within two months.

Talking to the Dhaka Tribune, a meeting source alleged that lower rank officials of Sonali Bank had not followed the directives of their top brass which had created huge security and fraud risk in the bank’s branches.

At the meeting Rupali Bank Managing Director M Farid Uddin suggested purchasing strong iron vaults from international market. He informed the meeting that he had already bought three iron vaults for his bank.

The source said the meeting had seen a long discussion on the 800 vulnerable branches of Sonali Bank and how security at these branches could be beefed up. A bank official suggested renting the first floor of a building for a branch if necessary and having the bank’s vault in the middle of the floor.

After the meeting, Sonali Bank CEO Pradip Kumar Dutta told reporters that it was not possible to ensure security to its 1,201 branches overnight and that it needed a long time.

He said a total of 25 chest branches of the bank were situated in rented houses and ran the risk of being broken in.

In reply to a question, the BFID secretary said the incumbent Sonali Bank CEO had been performing well in his duties and there had been no big scams like that of Hallmark during the past one and a half years.

The burglary incidents at Sonali Bank branches were due to some long-term problems, Aslam Alam said.

On Saturday, robbers looted Tk30.8 lakh from the Adamdighi branch of Sonali Bank in Bogra by digging a 30 feet tunnel from a nearby furniture shop to the bank’s vault room. In a similar fashion, robbers had looted Tk16.4 crore from the vault room of Sonali Bank’s main branch in Kishoreganj on January 24.

Four Sonali Bank officials suspended

The Sonali Bank authorities yesterday suspended four of its officials following an order from the BFID. The decision had come at a board meeting of the bank, said the BFID Director Zaid Bakht.

“We suspended four officials – the manager, deputy general manager and general manager controller of Adamdighi branch of Sonali Bank in Bogra, and also an official of our Dhaka office who was in charge of supervising that branch,” he said.

In the wake of the latest burglary at Sonali Bank’s Adamdighi branch, the BFID asked the bank’s CEO Pradip Kumar Dutta on Sunday to immediately order the suspensions. 

News:Dhaka Tribune/11-Mar-2014
476 | 477 | 478 | 479 | 480 | 481 | 482 | 483 | 484