M. Fakhrul Alam has been made new Managing Director of ONE Bank Limited for a tenure of 3 (three) years with effect from October 8.

Prior to this assignment he was the Managing Director (current charge) of the bank, said a press release.

Before joining at ONE Bank Limited, he was the Deputy Managing Director and Head of Corporate Banking, Treasury and Investment Banking of Eastern Bank Limited.

Fakhrul Alam has diverse experiences in banking over 29 years, including corporate, treasury and investment banking in various capacities in different banks and other financial institutions.

He started his career in 1983 as an officer at Agrani Bank Limited and later served different organisations at home and abroad including IFIC Bank Limited and Bank of Credit & Commerce International (Overseas) Ltd.

He is an MBA from IBA, Dhaka University. 

Md Abdul Mannan, Managing Director, IBBL and Brig. Gen. Md. Sajjad Hossain, President, Proyash School, Jessore, sign a Memorandum of Understanding (MoU) on behlaf of their respective organisations on Tuesday to build an academic building in Jessore Cantonment on Tuesday. 

Islami Bank Bangladesh Limited (IBBL) donated Tk 150 million to Proyash, an institution run under the patronisation of Bangla- desh Army.

Proyash works for the wellbeing of persons and children with special needs, said a press release.

The amount donated to build an academic campus on 42 bighas of land at Jessore Cantonment. In this regard Md Abdul Mannan, MD of IBBL and Brig. Gen. Md. Sajjad Hossain, President, Proyash School Jessore, signed a Memora- ndum of Understanding (MoU) on behlaf of their respective organisations on Tuesday.

Prior to this, the foundation stone of the academic building was laid. Prof. Abu Nasser Md Abduz Zaher, Chairman, Board of Directors, Engr. Eskandar Ali Khan, Chairman, EC, Md. Nurul Islam, DMD of IBBL, Maj. Gen. SM Motiur Rahman, GOC of 55 artillery brigade and commander, Jessore Area, Lt Col. Shams Alauddin, member, Proyash Managing Committee, Lt Col. Saiful Alam Bhuiyan, PSC, Begum Soheli Ehsan, Principal, Proyash Jessore Branch, Abu Nasser Md Nazmul Bari, IBBL Khulna Zonal Head along with high officials of Jessore cantonment were present on the occasion. 

British financial giant HSBC announced Thursday it was closing its struggling retail brokerage and depository business in India, the latest international bank to reduce operations in India.

The move comes five years after HSBC, one of the three largest foreign banks in India, entered the country’s fiercely competitive retail broking business.

Nearly 300 employees of the company stand to lose their jobs due to the decision, the Press Trust of India said, quoting unnamed sources.

“We are discontinuing retail broking and retail depository services business here, operated under HSBC InvestDirect Securities,” HSBC India said in a statement.

“Impacted employees will be offered a fair and equitable severance pay in line with HSBC policy,” the statement added.

HSBC India entered the Indian retail brokerage business in May 2008 -- just months ahead of the global financial crisis—by buying a 73 percent stake in ILFS Investsmart for $242 million.

Later it took its stake to over 93 percent, bringing its total investment to $296 million.

News:The Daily Sun/19-Oet-2013

The 551st meeting of the Executive Committee (EC) of Shahjalal Islami Bank Limited (SIBL) was held at head office of the bank recently.

Al-hajj Mohammad Younus, Chairman of the EC committee presided over the meeting, said a press release.

The meeting discussed various issues relating to investment in different sectors.

Anwer Hossain Khan, Mohiuddin Ahmed, Directors, Md. Abdur Rahman Sarker, Managing Director, Md. Setaur Rahman and Khondoker Nayeemul Kabir, Deputy Managing Directors of the bank were present in the meeting.

News:The Daily Sun/21-Oet-2013

Prime Bank Limited donated Taka 18 lakh to establish ‘L R Sarkar Chair Professor’ at the Banking and Insurance Department of Dhaka University recently.

The donation was made in memory of former Bangladesh Bank governor and former managing director of Prime Bank Limited late Lutfar Rahman Sarkar, said a press release on Monday.

Ahmed Kamal Khan Chowdhury, Deputy Managing Director of the bank handed over cheque to the Dean of the Business Studies Faculty of Dhaka University Professor Dr. Shibli Rubaiyatul Islam at a function in Dhaka.

Bangladesh Bank Governor Dr Atiur Rahman was present at the handing over ceremony.

News:The Daily Sun/14-Oet-2013