The outstanding loans of five state-owned commercial banks (SoCBs) crossed Tk 320 billion, which the experts term as a risky situation for the country’s banking sector.

The state-run banks include the Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank and Basic Bank.

Bangladesh Petroleum Corporation (BPC) grips some Tk 193.42 billion or 63 percent of the outstanding loans of the state-owned banks till September this year, Bangladesh Bank (BB) data shows.

Data suggests that the total amount of the outstanding loans of 38 state-owned enterprises to the state-run banks stood at Tk 338.43 billion till September, 2012.

Till September this year, the classified loans of the state-run firms amounted to Tk 12.67 billion, data shows.

BPC remains in debt of Tk 81.42 billion to Sonali Bank, Tk 59.86 billion to Janata Bank, Tk 48.83 billion to Agrani Bank and Tk 3.29 billion to Rupali Bank.

News: Daily Sun/Bangladesh/01-Nov-12

The 378th meeting of the Executive Committee of Jamuna Bank Limited was held at the bank’s head office in Dhaka recently.

Sakhawat Abu Khair Mohammad, Chairman, Executive Committee of Jamuna Bank Limited presided over the meeting, said a press release.

Md. Mahmudul Hoque, Chairman, Jamuna Bank Limited, Al-Haj Nur Mohammed, Chairman, Jamuna Bank Foundation, bank’s Director Alhaj Md. Rezaul Karim Ansari, Engr. AKM Mosharraf Hussain, Kanutosh Majumder, Md Sirajul Islam Varosha, Managing Director (Current Charge) Md. Abul Shahjahan and Deputy Managing Director Md. Mozammel Hussain were also present in the meeting.

News: Daily Sun/Bangladesh/01-Nov-12

The 208th meeting of the Board of Directors of Jamuna Bank Limited was held at the bank’s head office in Dhaka recently.

Md. Mahmudul Hoque, Chairman of the Board of Directors of Jamuna Bank Limited presided over the meeting, said a press release.

News: Daily Sun/Bangladesh/01-Nov-12

 The country’s inward remittance hit the single-month highest at $1.33 billion in October, Bangladesh bank (BB) data shows Tuesday.

Fabulous flow of remittance during this month surpassed the previous single-month highest of $1.22 billion posted in January this year.

The central bank data showed the country received the amount in a period between 1-26 October. With the latest development, total inward remittance stands at $4.89 billion from 1st of July to 26th October.

The remitters have sent $3.55 billion in last three months of current financial year (FY 2012-13).

Data shows the trend of remittance inflow maintains a steady growth in the current financial year with over $1 billion entering the country every month.

A BB official observed that remittance flow was soaring as remitters usually send extra pennies to near and dear ones during Eid-ul-Azha and Durga Puja.

Bangladeshis have celebrated two major festivals — Eid-ul-Azha and Durga Puja — this month.

Primary data suggests that around 8 million Bangladeshis have been working abroad who emigrated over the years in quest of employment.

News: Daily Sun/Bangladesh/31-Oct-12

Grameenphone has borrowed Tk 846 crore from 15 banks and financial institutions, the biggest syndicated term loan in Bangladesh.

The country's largest mobile phone operator with a 42 percent market share will use the fund for network expansion.

Standard Chartered Bank (SCB) as a lead manager has arranged the syndicated loan, the SCB said in a statement yesterday.

An agreement was signed among Grameenphone, SCB and the participating financial institutions on

October 7.

Grameenphone Chief Executive Officer Tore Johnson and Chief Financial Officer Fridtjof Rusten, and the top brass of the participating banks and financial institutions attended the signing ceremony.

The participants include Bank Asia, Bank Alfalah, Dhaka Bank, Eastern Bank, IFIC Bank, Infrastructure Development Company Limited, Mutual Trust Bank, NCC Bank, Premier Bank, Pubali Bank, Saudi-Bangladesh Industrial and Agricultural Investment Company, Shahjalal Islami Bank, Southeast Bank, SCB and Trust Bank.

“Standard Chartered Bank is delighted to be the mandated lead arranger and agent for this landmark transaction,” said Jim McCabe, SCB's chief executive officer for Bangladesh.

“This is the first ever unsecured term loan in the country, and that too for the largest amount,” he said.

Standard Chartered is leading the debt capital market in Bangladesh. Since pioneering in 1997, the capital markets unit of SCB has put together over $2 billion equivalent local and foreign currency syndicated loan facilities in power, telecommunication, infrastructure, food and beverage, textiles, service and other key sectors.

Over last 10 years, the syndicated loan market has grown 50 percent on average year-on-year in line with the country's industrial growth. SCB has arranged around 60 percent of the total syndicated debt raised in the market in the last 15 years.

News: the Daily Star/Bangladesh/31-Oct-12