Akhtar Kamal, Abul Moqsud

Akhtar Kamal Talukder and Abul Moqsud were recently promoted to Deputy Managing Directors of Eastern Bank Limited with effect from March 1, 2014.

Akhtar Kalam Talukder, an MBA from IBA, University of Dhaka, started his career with ANZ Grindlays Bank as Management Trainee in 1987, said a press release.

Later, he worked in different capacities for Mashreq Bank, Union National Bank, BEXIMCO Group and One Bank.

He joined EBL in 2005 and has been serving as the Head of Internal Control and Compliance.
Abul Moqsud, an MA in Economics from University of Dhaka, joined EBL in 2007.

He started his career with James Finlay in 1979. He has earned more than three decades’ experience in banking arena and specialisation in Credit Service, Loan Syndication, Project Finance and Branch Banking.

Bangladesh Bank (BB) allowed freight forwarders, handling FOB (Free- On- Board) export cargo, for opening foreign currency accounts to facilitate the payments in foreign currency.

Shipping lines, airlines and multimodal transport operators licensed as freight forwarders by Customs Authorities

will now be able to open and maintain accounts in US dollar or other freely convertible currencies with Authorized

Dealer (AD) banks to receive payments in foreign currency against their handling of FOB export cargos from

Bangladesh. Foreign Exchange Policy Department (FEPD) deputy general manager Md Zakir Hossain

Chowdhury on Monday issued a circular directing the AD banks to follow the instruction. Funds from these

accounts will be usable in foreign currency for payments costs and charges abroad relating to handling of FOB

imports into Bangladesh, said the central bank circular.

Md Badiul Alam, Managing Director of National Bank Ltd, inaugurates a branch at Joina Bazar in Gazipur on Monday.

National Bank Limited (NBL) opened its 172nd branch at Joina Bazar in Gazipur on Monday.

Md Badiul Alam, Managing Director of the bank, inaugurated the branch as chief guest, said a press release.

Meanwhile, a discussion meeting was held on the occasion. AKM Shafiqur Rahman, Additional Managing Director of the bank, presided over the meeting. Shamsul Huda Khan

Deputy Managing Director of the bank, delivered his welcome addresses at the meeting.

Md Badiul Alam said, “NBL will pay a remarkable contribution in the business development of Gazipur area like other branches of the bank in the near future.”

Mohammad Salim, Executive Vice President and Head of System and Operations Division, Md Ashraf Uddin, AVP and Manager of Bhaluka Branch, Mohammad Ali,

Manager of Joina Bazar Branch, Md Siraj Matbar, Moshiur Rahman Noyech and Alhajj Abdul Baten Sarker businessman of the local area attended the function.

 Jamuna Bank Foundation (JBF) organised a seminar on International Mother Language Day at Jamuna Bank’s branch in Comilla.

Kanutosh Majumder, Chairman of Jamuna Bank Limited (JBL), presided over the seminar as chief guest, said a press release.

Md Tazul Islam, MP, Director of JBL, attended the function as special guest.

Nur Mohammed, Chairman of Jamuna Bank Foundation, spoke at the seminar and Shafiqul Alam, Managing Director and CEO of JBL attended the function as guest of honor.

Bangladesh Bank has imposed restrictions on the major shareholders of banking companies to ensure proper utilisation of fund of the banking companies and gain confidence of the depositors.

They will have to take board approval before taking financial facilities over Tk1 crore and let the central bank know about the privilege.

The facilities might come in terms of loans and advances, guarantees and other financial facilities, according to a circular Bangladesh Bank issued yesterday to comply with the amendments (up to 2013) to the Bank Company Act 1991. The circular takes immediate effect.

The major shareholders would be the individuals or companies having more than 5% stake in the bank.

The limit of financial facilities would be calculated with having the facilities to be enjoyed by the spouse or organisation having his or her own interest.

According to the circular, the loan or its part and net income interest should not be exempted, and in case of exemption, it should get prior approval from the central bank.

It also asked the bank-related persons to get prior approval by majority members of the respective bank boards for taking financial facilities from the banks.  

The representative directors will have to take prior approval or guarantee from the respective board or similar authorities to get loans and advances or any other financial facilities from the bank.

The loan amount will have to be considered based on the amount of paid up capital of the shareholder institutions, and it should not be more than 50% of the paid up capital.

Loan or other financial facilities cannot be provided to independent directors or persons and institutions having relation with the independent directors.

A bank will not perform any transaction with the bank-related persons that would be easier than with the person not related to the bank.

All financial transactions with a bank-related person or in favour of his interest should be done through prior approval by the majority members of the bank board of directors.

Bangladesh Bank also imposed a restriction on the directors of banking companies not to borrow more than 50% of their respective paid up capital in the bank.  In case, a director’s loan amount is more than 50%, it should be immediately raised to the bank board and informed the central bank.

The additional facilities being enjoyed by any director should be repaid within the stipulated time to be fixed by Bangladesh Bank. The additional amount cannot be renewed or its tenure be extended under no circumstance.

News:Dhaka Tribune/24-Feb-2014