ONE Bank Limited organised 'Clients' Anniversary Night' programme for its clients across the country marking its 13th anniversary at a hotel in Dhaka Thursday.

Farman R Chowdhury, Managing Director of the Bank inaugurated the programme, said a press release Saturday.

Sayeed H. Chowdhury, Chairman of the Bank delivered welcome speech at the function while Asoke Das Gupta, Vice Chairman thanked the guests.

A colorful cultural programme was arranged in which country's renowned artistes performed to entertain the guests.

High officials of the Bank also attended the programme.

Daily Sun/Bangladesh/10-Sep-12

The 122nd branch of Prime Bank Limited (PBL) was opened at the Karnaphuli EPZ (KEPZ) in Chittagong recently.

Md. Nader Khan, Director of the Bank inaugurated the branch as chief guest, said a press release.

Md. Ehsan Khasru, Managing Director and CEO of the Bank presided over the programme while Imran Khan, Director was present as special guest.

Md. Khurshid Alam, General Manager of BEPZA and In-charge of KEPZ, AFM Ishaque, ex-MD of Eastern Refinery Ltd and ex-Director of Bangladesh Petroleum Corporation and Md. Ishak, ex-CBA president of Chittagong Steel Mills Ltd, among others, spoke on the occasion.

Md. Nader Khan said that the Bank’s actual capital is the trust and confidence of its customers. Prime Bank has been contributing in the social development by supporting the education, health and sports of the country, he added.

News:Daily Sun/Bangladesh/10-Sep-12

Dutch-Bangla Bank Ltd (DBBL) and Shakti Foundation signed an agreement on Mobile Banking Services at head office of DBBL recently, says a press release.

Under this agreement, employees of Shakti Foundation will receive their monthly salaries in their DBBL Mobile Banking Accounts.  After receiving their salaries in their mobile accounts, employees will be able to withdraw/ deposit cash from any nearby agent or DBBL branches, withdraw money from any DBBL ATM, transfer money to other mobile accounts, buy goods and services from retailers and pay utility bills throughout the country and moreover will get the opportunity of "Banking with a bank".

The agreement was signed by Dr Humaira Islam, founder and executive director of Shakti Foundation, and K S Tabrez, managing director of DBBL.

Syeda Obaida Haque, Mahfuzur Rashid, Nazmul Ahsan and Shariful Islam, senior directors of Shakti Foundation, Abul Kashem Md Shirin, deputy managing director of DBBL and Mir Mominul Huq, head of mobile banking division of DBBL were also present.

News: The Daily Independent/Bangladesh/09-Sep-12

 The second installment of IMF credit hangs in the balance as the government will not be able to meet the condition of demutualising bourses by December this year.

According to the government roadmap, the two stock exchanges of the country will be demutualised by June next year.

The global lender has provided Bangladesh with Extended Credit Facility (ECF) fund in a bid to help the country keep its foreign currency reserve stable and introduce financial reforms.

A Banking Division official Saturday said: “We have failed to reach a consensus on demutualisation of two bourses with the visiting IMF officials, as it is set for June 2013 as per road map.”

International Monetary Fund (IMF) approved $987 million ECF on some conditions including the demutualisation of Dhaka and Chittagong stock exchanges by December 2012.

In the second tranche, IMF is supposed to release $141 million.

A Bangladesh Bank official, however, said the government has already met all but four conditions which will also be “addressed shortly”.

“The government could be able to convince IMF about the matter,” he hoped.

The official also expressed his confidence that the second installment of ECF will be available once the IMF approves the loan at its board meeting to be held on 27 and 28 this month.

IMF team is now in Dhaka to see whether the condition of fuel price adjustment has been met. It will leave the city on Thursday.

Besides, another IMF team related with first tranche is set to arrive in Dhaka on Wednesday and stay till 26th of this month. During the visit, it will examine the fulfilling of 16 conditions.

A top official of the banking division said they were able to convince the visiting IMF officials about the deadline of submitting the amended Banking Companies Act to parliament.

“The amended Banking Companies Act and VAT Act will be passed at the current parliament session”, he added.

Earlier, the government agreed to increase fuel oil prices anytime soon to meet a condition tagged by the IMF to release the second tranche of ECF to Bangladesh. Fuel prices will be raised as per automatic price adjustment process as per the conditions.

The IMF approved loan for Bangladesh under its ECF scheme to help the country overcome its macroeconomic pressure.

Then, the government immediately received first tranche amounting to $141 million in April this year. The rest of the money will be given in six equal installments upon showing solid progress in fulfilling the prescribed reform measures.

News: The Daily Sun/Bangladesh/09-Sep-12

The state-run Bangladesh Krishi Bank has suspended its Kushtia branch manager after recent investigations found irregularities over Tk 174-crore worth of letters of credit (LC) opened for five companies.

Gulzar Hossain, the branch manager, did not bother to take mandatory approval from the board of directors for the LCs involving such a big amount, said a probe report of Bangladesh Bank.

The BKB Kushtia branch opened the LCs in 2009-11 on behalf of Sureka Enterprise, Alam Enterprise, Brothers Associates, Shahnaj Trading and MR Corporation.

Brothers Associates and Shahnaj Trading are Dhaka-based and the rest are Kushtia focused.

In an immediate response, the BKB has filed a criminal case against Gulzar and an FIR (first information report) against three of the five enterprises with a Kushtia police station. The Daily Star is yet to know the identity of the three companies.

“The irregularity was detected also in our investigation,” Khandoker Ibrahim Khaled, chairman of BKB, told The Daily Star yesterday. “We've already taken action against the manager.”

Import bill advance is a kind of short-term finance offered by a bank to the importer according to his/her demand upon receiving the bills under the LC and import collection items.

The bank is supposed to monitor whether the party is importing the goods, he mentioned.

In this case, the branch paid the money without doing any checks.

The BB inspection found the branch had paid the money to the exporters' bank, but there was no evidence of a delivery of goods. And, the importers were yet to pay the banks, said the report.

Ibrahim Khaled said, “We are trying to recover the money.”

The BKB boss added the exporters' bank in India still had pending bills with the BKB Kushtia branch. “But we've got a court's stay order on payment of the bills.”

Contacted, Ajay Sureka, owner of Sureka Enterprise, said his firm imported goods by opening the LC during February-September 2010 and paid the bank fully.

“I don't know why my firm's name is in the report. I did not get any letter from the bank about its claim in the last two years.”

An accounts official of Alam Enterprise, preferring not to be named, said the company had no dues to be paid to the BKB.

The other three firms could not be reached yesterday.

News: The Daily Star/Bangladesh/09-Sep-12