The banks opened total 18 EHs for mobilising remittances. In this backdrop, the Bangladesh Bank (BB) issued warning to the parent banks to cancel licenses if the EHs could not reach to at least break-even point by a three-year timeframe by accelerating their drive for mobilising remittances.

The BB source said the EHs could not perform well in the UK because of persistent economic recession there that implies increase of unemployment rate and a fall in overall individual income. “As a result, EHs could not cover operational costs from their incomes.

An EH is supposed to run its operation by earning commission by channeling remittances,” said a high official of the central bank Tuesday. “But we found poor monitoring by banks,” he said adding, For this we adviced respective managements to shut down the losing EHs if they could not expedite endeavors for mobilising higher remittances for the country,” said the official, seeking anonymity.

According to the source, only two EHs in the UK are performing well. Of them, one house belongs to the state-owned Sonali Bank and another to NCC Bank Ltd. By obtaining approval from the central bank, the commercial banks have opened EHs in the UK, a priority choice of Bangladeshis who are leaving country for employment, emigration and education as a destination.

According to BB source, EHs namely NBL Money Transfer (UK) Ltd, IFIC Money Transfer (UK) Ltd, Prime Exchange Company, EXIM Exchange Company, Southeast Financial Services, Standard Exchange Company, Pubali Exchange Company, Premier Exchange Company, Jamuna Exchange Company, Bank Asia Exchange Company, Brac Sajjan Exchange, AB Exchanger, MTB Exchange, Mercantile Exchange House, EBL Exchange (UK) Ltd and Dhaka Exchange Company Ltd are running in losses.

Sources said the central bank is pursuing commercial banks for last couple of years to accelerate drives for mobilising remittances from Bangladeshi nationals living in different destinations (abroad) by providing hassle-free services at their doorsteps. In last couple of years, the BB authority issued licenses for 65 EHs in different countries including the USA, the UK, Malaysia, Singapore, Canada, Italy, Greece and Maldives.

Only 26 are in commercial operations while others are yet to starts functioning, according to BB sources. Besides, some 37 local banks have over 1000 drawing arrangements (contact with different EHs of various foreign banks in different countries) in 23 countries in order to provide facility to the Bangladeshi expatriates to remit money into the country at lower cost.

News: The Daily Sun/Bangladesh/07-Nov-12

Mohammed Nurul Amin, Managing Director of NCC Bank, inaugurates an ATM booth at Civil Station Road in Rangpur recently.

NCC Bank Limited opened two ATM booths at Civil Station Road, Rangpur and Patgram Bazar, Lalmonirhat recently.

Mohammed Nurul Amin, Managing Director and CEO of the Bank inaugurated the booths as chief guest, said a press release Tuesday.

Among others, Md. Matiur Rahman, Senior Vice President, Md Omar Faruque Bhuiyan, Executive Vice President and senior officials of the Bank were present.

News: The Daily Sun/Bangladesh/07-Nov-12

KS Tabrez, Managing Director of the Dutch-Bangla Bank Limited (DBBL) inaugurates Manda branch of the Bank in Dhaka Tuesday.

The 121st branch of Dutch-Bangla Bank Limited (DBBL) equipped with on-line facilities was opened at Uttar Manda, Dhaka Tuesday.

KS Tabrez, Manag- ing Director of the Bank inaugurated the branch, said a press release.

News: The Daily Sun/Bangladesh/07-Nov-12

Sean Wallace

Sean Wallace, group head for origination and client coverage for Standard Chartered Bank, is scheduled to arrive in Dhaka today for a two-day official visit.

Venkataramanan Anantharaman, regional wholesale banking co-head for South Asia, and Vinod Aachi, global head for regional markets, will accompany Wallace.

They will meet regulators, clients and senior officials of the bank during the visit, StanChart said in a statement yesterday.

“Bangladesh is a core footprint market for the corporate banking business of Standard Chartered Bank. We have been here for more than a century," said Wallace.

"It is a matter of great pride that we have been able to bring world-class banking solutions to this market and grow with our global and local client base.”

Wallace is based in Singapore and is responsible for management of the bank's relationships with its corporate and institutional clients globally.

He joined Standard Chartered Bank in March 2008 as group head of corporate finance business. Prior to StanChart, Wallace had previously worked at JPMorgan.

News: The Daily Star/Bangladesh/07-Nov-12

HSBC has been recognised as the 'Best Domestic Cash management Bank' in Bangladesh at the Euromoney Cash Management Poll 2012, the bank said in a statement yesterday.

The Euromoney survey recognises leadership in cash management across a range of markets and criteria. Respondents of this survey rated HSBC in terms of its effectiveness and excellence in providing cash management solutions, the quality of its service and secure banking system.

“I would like to thank our valued clients for their continued support which has helped to make HSBC the best choice for meeting their cash management needs. I am very proud of this achievement, and my colleagues who have worked so hard to make it happen," said Andrew Tilke, chief executive officer of HSBC Bangladesh.

"Recognition by Euromoney will serve as further motivation for all of us to work even more closely with our clients to help them realise their business potential,” he added.

“Euromoney Award is a recognition and reflection of the confidence of our customers. We are very proud of this achievement,” said Md Mahbub-ur-Rahman, head of commercial banking of HSBC Bangladesh.

"We are honoured to be voted as the Best Domestic Cash Management Bank in Bangladesh it's a recognition to our unparalleled products and services and client orientation,” said Syed Javed Noor, division head of global payments and cash management at the bank.

In addition to the local recognition, HSBC has also been recognised as the 'Best Regional Cash Management Bank in Asia' and 'Best Global Cash Management Bank'. HSBC's global reach and local expertise, coupled with best-in-class cash management solutions, have set it apart from its peers to win this accolade, the statement said.

News: The Daily Star/Bangladesh/07-Nov-12