M Shahidul Islam has taken the charge as Managing Director of United Commercial Bank Limited (Current Charge).

Prior to his new position, he was serving the Bank as Additional Managing Director. Islam, a prominent banker started his career in 1984 as Management Trainee in National Bank. He held different management positions in the arena of corporate credit, foreign exchange, consumer banking, financial administration and served as branch manager.

The Daily Sun/Bangladesh/ 11th July 2012

Md. Nurun Newaz Salim, Chairman of NCC Bank, inaugurates an ATM booth at Nazimuddin Road in Dhaka Tuesday. Mohammed Nurul Amin, Managing Director of the Bank is also seen.

NCC Bank Limited opened a new ATM booth at Nazimuddin Road in Dhaka Tuesday.

Md. Nurun Newaz Salim, Chairman of the Bank formally inaugurated the booth as chief guest, said a press release.

Mohammed Nurul Amin, Managing Director of the Bank was present as special guest.

Mohabbat Khan, Deputy Managing Director and Md. Omar Faruque Bhuiyan, Executive Vice President attended at the function.

From now on, the customers of NCC Bank will enjoy 24-hour cash withdrawal, balance inquiry, utility bill payment, mini statement and pin change facilities through the ATM booth without any cost.

The Daily Sun/Bangladesh/ 11th July 2012

Syed Abdul Hamid was recently re-appointed Managing Director and CEO of Agrani Bank Limited for another one year term.

Earlier, he was Managing Director and CEO of the Bank for two years term, said a press release Monday.

Hamid started his banking career with Janata Bank as Senior Principal Officer in 1985. He joined in Agrani Bank as General Manager in 2005 where he was promoted as Deputy Managing Director in 2007.

He obtained Masters Degree in Marketing from the University of Dhaka in 1977 and also completed Chartered Accountant course successfully from ICAB in 1984.

The Daily Sun/Bangladesh/ 11th July 2012

Reshadur Rahman, Chairman of DBL, presides over the Half Yearly Business Review Meeting - 2012 of the Bank at a hotel in Dhaka recently.

Dhaka Bank Limited (DBL) recently organised Half Yearly Business Review Meeting - 2012 for its branch managers at a hotel in Dhaka.

Reshadur Rahman, Chairman of the Bank presided over the conference as the chief guest, said a press release.

Khondker Fazle Rashid, Managing Director of the Bank attended the meeting and advised the managers to meet the target for the year 2012.

Abdul Hai Sarker, Founder Chairman and Director, ATM Hayatu-zzaman Khan, former chairman and Sponsor Shareholder, Abdullah Al Ahsan, Director, Syed Abu Naser Bukhtear Ahmed, Independent Director, Niaz Habib, Additional Mana-ging Director, Neaz Mohammad Khan, Sajjad Hussain and Emranul Huq, Deputy Managing Directors and Arham Masudul Huq, Company Secretary and Head of the divisions were present at the meeting.

The Daily Sun/Bangladesh/ 11th July 2012

Multi-Level Marketing (MLM) companies are beyond jurisdiction of Bangladesh Bank, hence it cannot control entities like Destiny 2000 Ltd, said the officials of the central bank.

A senior official said BRPD division of Bangladesh Bank, last week, informed the banking division secretary Shafiqur Rahman Patwari about the central bank’s position regarding MLM businesses.

He further said the division would await amendment to the existing Bank Company Act for taking stern actions against MLM companies.

In a letter, the Banking Regulations and Policy Department (BRPD) said the Directorate of Cooperatives can take legal actions against MLM companies who are registered with the directorate.

BRPD letter singed by its General Manager KM Abdul Wadud also read the central bank would take legal actions against MLM companies like Destiny if the authority concerned directed the government-formed committee to amend the Cooperative Societies Act 2001 and the Bank Company Act 1991.

Currently, the amendment processes to these Acts are going on.

In March this year, the government formed a seven–member committee for preparing amendment recommendations to the Bank Company Act 1991 to establish good governance in the sector.

The committee will submit its recommendations to the banking division in two months.

Meanwhile, a Bangladesh Bank report revealed that Destiny Group directors transferred almost all of the money soon after the clients deposited them to the directors’ personal bank accounts.

The report said that such withdrawals were indicative of money laundering, an offence which may lead to seven years imprisonment.

The Financial Intelligence Unit of the central bank sent an interim report on bank transactions of Destiny Group to the finance ministry last month, the central bank and finance ministry sources said.

The group comprises three major concerns- Destiny 2000 Ltd, Destiny Multipurpose Cooperative Society Ltd and Destiny Tree Plantation.

The Daily Sun/Bangladesh/ 11th July 2012