Citibank NA has recently won the “Best Corporate/Institutional Internet Bank in Bangladesh” for the fifth consecutive year at the Global Finance magazine's annual World's Best Internet Banks competition.

"Internet banking has transformed the way most businesses operate, and five consecutive Best Internet Bank awards signifies Citi's stronghold in this crucial segment," said Rashed Maqsood, managing director and Citi country officer for Bangladesh.

The consistent performance indicates Citi's contribution to the IT sector of Bangladesh, especially in promoting electronic fund transfers, the bank said in a statement yesterday.

Citi Asia Pacific won a total 26 awards at this year's edition in corporate/ institutional and consumer banks categories.

In the category of best corporate/institutional internet bank, Citi won in 15 out of 16 Asian markets.

News: Daily Star/Bangladesh/26-Aug-12

Bharti Airtel has shortlisted banks including Standard Chartered and JPMorgan to manage a share flotation for its telecoms masts unit to raise more than $750 million, two sources with direct knowledge of the matter said.

The biggest Indian mobile phone carrier has also shortlisted Bank of America Merrill Lynch, HSBC, UBS and Kotak Mahindra for the initial public share offer (IPO), the sources said on Friday.

Bharti may file a prospectus for the IPO with the market regulator next month, said the sources, declining to be named as they are not authorised to speak to the media.

The unit, Bharti Infratel, is eyeing a listing in the first half of 2013, the sources said. Bharti declined to comment.

Bharti Infratel, which has more than 33,000 mobile phone masts, also holds a 42 percent stake in joint venture Indus Towers, which is the world's biggest telecoms mast company, with about 110,000 masts.

Mast companies get their revenue from leasing infrastructure to network operators but they are going through a tough time in India currently as a Supreme Court order to revoke the regional operating licences of eight mobile phone companies in the 15-player market has weighed on demand for masts.

Bharti Airtel owns 86 percent of the Infratel unit, with the remainder held by investors including Tema-sek Holdings, Kohlberg Kravis Roberts & Co, Goldman Sachs, Macquarie Group, Citigroup, Investment Corporation of Dubai and AIF Capital.

News: Daily Star/Bangladesh/26-Aug-12

Bangladesh Bank Governor Atiur Rahman, ICT Secretary NI Khan, BTRC Chairman Zia Ahmed and Airtel Bangladesh CEO Chris Tobit attend the launch of mobile banking service of Airtel in partnership with Dutch-Bangla Bank, at Uttarkhan in Dhaka yesterday.

Airtel Bangladesh yesterday launched mobile banking services for its subscribers.

The mobile operator is going to offer multiple services such as cash deposit and withdrawal, sending money, mobile top-up, remittance collection and salary disbursement, said a statement.

The new service was launched in partnership with Dutch-Bangla Bank Ltd and was inaugurated by Bangladesh Bank Governor Atiur Rahman on the premises of Union Information Service Centre (UISC) at Uttarkhan in Dhaka.

UISC is an ICT-enabled one-stop service outlet located at all Union Parishads across the country, where young entrepreneurs are supported by the government to offer various public and private services.

According to the statement, 9002 young entrepreneurs are working at 4,501 UISCs across the country. Airtel and DBBL will work together to make mobile banking available on most of the UISC premises.

Rahman said the service would go a long way in making financial transactions accessible even for the unbanked population across the remotest corners of Bangladesh.

ICT Secretary NI Khan and Chairman of Bangladesh Telecommunication Regulatory Commission Zia Ahmed were also present.

Chris Tobit, chief executive officer of Airtel, said the operator foresees a range of additional services in conjunction to mobile banking in near future.

Sayem Ahmed, chairman of the executive committee of DBBL, K Shamshi Tabrez, managing director of the bank, and AKM Shirin, its deputy managing director, were also present.

Mobile banking is a one-stop solution, which transforms the mobile phone into a secure and convenient wallet.

It enables subscribers to obtain services such as cash deposit, cash withdrawal, foreign remittance collection, salary disbursement, scholarship and government's allowance disbursement, person-to-person transfer and so on.

In addition, Airtel also offers mobile top-up facility through mobile banking account. With the commercial launch, the service will now be available in all major districts for all Airtel subscribers.

News: Daily Star/Bangladesh/26-Aug-12

A large water and sanitation project supported by the World Bank (WB) in Chittagong is now getting momentum despite some delay at the initial stage.

Chittagong Water Supply and Sewerage Authority (CWASA) have recently accelerated its efforts to initiate the Chittagong Water Supply Improvement and Sanitation Project (CWSISP) soon.

The $185.4 million project aims to increase the supply of potable water by constructing selected water production, transmission, distribution and storage facilities in the port city.

Of the total project cost, WB is providing around $170 million, while the rest will be borne by the public exchequer.

The project is also supporting the expansion of piped water supply services to under-served areas through the rehabilitation, replacement and extension of distribution pipes.

Having 3.5 million households, Chittagong suffers from inadequate water production capacity and sewerage systems.

The city’s water production capacity is only able to cater to 40 percent of the total estimated demand. Additionally, there are no water borne sewerage systems and storm water drainage services in Chittagong.

After initial delays, the project management is now in full operation, says a WB release.

CWASA is actively engaged in procuring the preparatory works for hydraulic modeling and detailed engineering design of the transmission and distribution systems, as well as the detailed engineering design for the Modunaghat Water Treatment Plant (WTP).

This will allow the project’s large infrastructure investments to be initiated and finalised, the release said.

Once completed, these are expected to increase water production as well as address the widening gaps between water demand and production in the port city.

News: Daily Sun/Bangladesh/25-Aug-12

The government recently allowed six new banks in the private sector. The government’s move drew criticism since there were 47 banks in place, which were said to be sufficient for providing banking services in urban areas after meeting the needs of the urban population.

Allegations were also raised by various groups, saying all the new banks are linked with either lawmakers of ruling Awami League or influential persons.

Bangladesh Bank, however, denied the allegations and said the new banks were approved after “proper evaluation” and without any political consideration.

It said the mentors of the new banks are citizens of Bangladesh and their political identities had nothing to do with the approval.

HN Ashikur Rahman, a ruling party lawmaker from Rangpur-5 constituency and also the treasurer of Awami League, got the go-ahead from for Meghna Bank.

Of 22 sponsor shareholders, Ashikur Rahman is the chairman of the proposed Meghna Bank.

During an interview with online news portal banglanews24.com, he expressed his views on different issues relating to the approval of new commercial banks and his preparation and plans in the banking sector.

Question (Q): You have received the letter of intent for Meghna Bank in April. To get the final go-ahead, you will have to submit the overall business plan for your proposed bank by the next October. What progress you have made in this regard so far?

Ashikur Rahman: We are almost done with the business plan and hope that will be able to submit the business plan in time. We are now selecting the persons to be included in the bank’s governing body. Appointments to the top positions have already been done.

Q: Whom do you expect to be in the governing body of Meghna Bank?

Ashikur Rahman: Though the members of the governing body have not been finalised yet, we want to have some experts and honest people on board. We also want to make sure that the investment of the governing body’s members would be white money.

Q: Questions have already been raised over granting approval for new banks in political consideration. What you would like to say over this issue?

Ashikur Rahman: The decision to allow new banks was a political one. Political decision is a must for any large scale initiative. But, those who got approval for new banks, they got it after proper evaluation by the central bank.

No irregularity took place during the process. So, it can not be said that the banks are being setting up only through political backings. We will gain people’s confidence through our service.

Q: what would be the key policies of your bank?

Ashikur Rahman: We want to bring the country’s deprived people under the banking service. That’s why we will set up our corporate office in Rangpur. We want to assimilate the people of North Bengal to the mainstream economy. On the other hand, we shall pay highest importance to information technology.

Q: Why do you want to set up your bank’s corporate office in Rangpur?

Ashikur Rahman: We shall maintain two key policies. One is—our corporate office which will pay more importance to small and medium entrepreneurs. However, the headquarters of the bank will be in Dhaka.

Q: What do you think about Bangladesh Bank’s monitoring system in the banking sector?

Ashikur Rahman: The commercial banks are stepping aside from mainstream banking activities. So, the central bank should strengthen its monitoring policy.

Q: Bangladesh Bank recently decided that the banks must have equal number of branches in urban and rural areas and no wealth can be bought in name of the bank— what you think about these decisions from the central bank?

Ashikur Rahman: I welcome the directives. Our bank would also pay importance to rural banking. Also, I do agree with the restriction over purchasing properties on the name of the bank. Recently, some banks have been buying wealth illegally. The initiative will prevent that illegal practice.

Q: Although government is not a primary dealer, the banks have to provide loans to it. What is your opinion on this?

Ashikur Rahman: In case of the new banks, this policy should be relaxed. Since we will have to draw deposits from clients in the first place, imposing such policy at the very beginning of our operation will be disastrous.

News: Daily Sun/Bangladesh/25-Aug-12