Global banking giant HSBC said Thursday that it has so far slashed $2.0 billion of costs in the first year of its ambitious plans to axe a total of $3.5 billion.

HSBC, holding an investor day presentation in London, also revealed that it expected to reach the top end of its $2.5-3.5 billion cost savings target by the end of 2013.

"What investors have been sceptical about is whether we can get our hands round HSBC. I think we have shown this," said chief executive Stuart Gulliver at the investor day.

Gulliver also warned that the ongoing eurozone sovereign debt crisis and other regulatory changes might force the bank to increase the intensity of its restructuring.

And he added: "We are making material progress towards getting HSBC into shape for the future -- a simpler, more coherent organisation that is easier to manage and control.

News: The Daily Star/ Bangladesh/ 18-May-2012

BRAC Bank has recently signed an agreement with Hajj Agencies Association of Bangladesh (HAAB) for collecting fees for Hajj pilgrims, says a press release.

Under the agreement, BRAC Bank will collect Hajj fees in all branches across the country.

Syed Mahbubur Rahman, managing director and chief executive officer of BRAC Bank Limited, and Alhaj Jamal Uddin Ahmed, president of HAAB, signed the agreement.

News: The Independent/ Bangladesh/ 18-May-2012

National Board of Revenue (NBR) teamed up with Sonali Bank Ltd and IT Consultants Ltd to facilitate its new initiative on e-payment of taxes and duties, which is scheduled to begin on May 26. In this regard, a tripartite agreement has been signed between NBR, Sonali Bank and IT Consultants at Ruposhi Bangla Hotel in the city on Wednesday.

Dr Nasiruddin Ahmed, chairman of NBR, Md Humayun Kabir, managing director (MD) and chief executive officer (CEO) of Sonali Bank Ltd, and Dr Kazi Saifuddin Munir, MD and CEO of IT Consultants, inked the deal on behalf of their respective organisations.NBR initiated the new initiative of online payment of NBR taxes and duties, which would be a milestone to achieve the goals of Digital Bangladesh, the chief tax administrator said.

The main objective is to ensure that the tax payers get improved services from NBR, Nasiruddin said.This initiative will ensure transparency, reduce the cost and time of tax payers and increase the revenue collection as the tax payers can pay their taxes and duties hassle-free, he added.The registered users of NBR can make payment through different accounts or cards (credit, debit and prepaid cards) of Q-cash member Banks at the online payment gateway from anywhere in the country that shall be settled by Sonali and connected to the host of Q-cash.Sonali Bank will act as settlement Bank for NBR transactions and also provide inter-Bank settlement services.

Non Q-cash member banks may also take the online payment facility by connecting to Q-cash online payment gateway and settle through Sonali Bank.NBR will be allowed to access the online payment gateway facility of Q-cash 24/7 for its clients.The NBR front end portal will have access to authentic TIN/BIN and related tax payer’s information which will have access to forward information for proper online payment and settlement.

The Independent/ Bangladesh/ 17th May 2012

National Credit and Commerce Bank will introduce banking products for schoolchildren to encourage them to build a habit of saving.

“We believe the school is not only a place for academic lessons, but also a place where a student must learn how an individual can be a meaningfully contributing member of the society,” Mohammed Nurul Amin, managing director of the Bank, told reporters at his office yesterday.

Speaking at a press conference on the occasion of marking the Bank's 19th anniversary, Md Nurun Newaz Salim, the chairman of NCC Bank, and Amin presented the Bank's achievements and future plans.

The Bank will start the school savings programme in rural areas and later spread the service across the country.
The products under school banking are Youngster Account, Youngster Moneyplant Account and Younger Maximus Account.

NCC Bank's school banking programme will give the account holders an easy and interactive way to learn money management skills they will be able to use through their lives, Amin said.

Nowadays, young people have access to more money than ever before as they get allowances and gifts and, for many, income from showcasing their talents in different competitions, he said.

It makes the young generation more responsible for managing decisions -- for everything from small savings to their higher education. Youngster Moneyplant Account is designed for them.

Youngster Maximus Account gives a higher rate of return than a regular transactional account or traditional fixed deposit account.

The young students get cash gifts on different religious celebrations, New Year or Pahela Boishakh, birthdays and special family occasions. They can save unspent money in Maximus Account.

Salim said NCC Bank started its journey with 16 branches 19 years ago. Now it has 87 branches.

“Our corporate vision is to become the Bank of choice in serving the nation as a progressive and socially responsible financial institution by bringing credit and commerce together for profit and sustainable growth,” he said.

Remittance has been playing a vital role in the development of the country's economy and NCC Bank signed deals with 34 countries to bring in remittances from abroad.

The Bank plans to set up NCCB Exchange (UK) Ltd in London.

The Daily Star/ Bangladesh/ 17th May 2012

A Rouf Chowdhury, chairman of Bank Asia, poses with the participants of the Bank's 26th foundation training course after handing certificates to them at the Bank's training institute on Panthapath in Dhaka yesterday. Aminul Islam, managing director (current charge); Syed Nazimuddin, senior executive vice president; Asif Ainul Hoque, senior vice president, and Md Inamul Islam, assistant vice president, were also present. 

The Daily Star/ Bangladesh/ 17th May 2012