Southeast Bank Limited converted its denomination of Tk 100 per share into Tk 10 according to the order of Securities and Exchange Commission (SEC) on 15 September, 2011. Chairman of the Bank Alamgir Kabir FCA disclosed it to the stakeholders at the 6th Extra-ordinary General Meeting in the city on Sunday, says a press release.

Trading of all shares of different companies with changed denomination of Tk.10 per share will start from 4th of next month as per the order.

Vice Chairman Ragib Ali, directors M.A. Kashem, Azim Uddin Ahmed, Duluma Ahmed, Syed Shahid Ali, Rehana Rahman, Md. Akikur Rahman, Sirat Monira, Abdul Hye, A.H.M. Moazzem Hossain, bank’s Adviser Zakir Ahmed Khan and Managing Director Mahbubul Alam, among others, attended the meeting Bank’s Sponsors and a large number of Shareholders of the Bank attended the meeting.

Managing Director highlighted the successes the Bank achieved so far and portrayed its outlook for the future.

He thanked the shareholders for their continued support and co-operation to the growth and improvement of the Bank over the years.

Source: The Daily Sun/ Bangladesh/ 21th Nov 2011

Jamuna Bank Limited has approved 22 per cent stock dividend in its 10th annual general meeting held on Bangabandhu Intemational Conference Centre, in the city recently. Md Belal Hossain, chairman of the bank presided over the meeting, says a press release.

Besides, Nur Mohammed, chairman of Jamuna Bank Foundation, M. A. Khayer, chairman of Executive Committee of JBL, other directors of the bank and numerous shareholders were present at the meeting.

Source: The Independent/Bangladesh/May-25-2011

The 25th annual general meeting (AGM) of Rupali Bank Limited was held at the Institution of Engineers in Dhaka recently.

Dr. Ahmed Al-Kabir, chairman, board of directors of the bank presided over the meeting, says a press release. Apart from that M. Farid Uddin, managing director, and all members of the board of directors and other executives including a large number of shareholders were also present at the meeting.

The board of directors of the bank after a long interval of twenty two years has approved 10 per cent stock dividend for the year 2010.

Al-Kabir said that the bank continued to grow progressively in all major areas of banking business. Total deposit of the bank increased to Tk. 9112.38 crore in 2010 from Tk. 7380.34 crore in 2009 while the total advances increased to Tk. 6604.90 crore in 2010 from Tk. 5234.42 crore in 2009.

Source: The Independent/Bangladesh/May-25-2011

‘NBL Securities Limited’, a stock brokerage business venture of National Bank Limited (NBL), has started its journey in the city recently.

Neaz Ahmed , managing director of the bank, formally inaugurated the company at a function, said a press release.

The Dhaka Stock Exchange (DSE) member number of the new company is 203.

Md Badiul Alam, additional managing director , Debobrota Kumar Sarker, chief executive officer (merchant banking operation), Mahmud Al Hasan, chief executive officer (securities) and all other high officials of the bank were also present at the inaugural ceremony.

Source: daily-sun, Bangladesh/ March 11, 2011

Dhaka, Mar 10: The United Commercial Bank (UCB), a leading private commercial bank in Bangladesh, has firmed up plans to float a Tk. 10-billion infrastructure fund. The bank will send the proposal to the regulator, Securities and Exchange Commission (SEC), for approval within a month, said an official.

UCBL Infrastructure Fund, where UCB will invest Tk. 1 billion as sponsor, will be the third in the race after Prime Bank and IFIC bank’s infrastructure funds.

Fifty per cent of the fund will be invested in the secondary market and the rest will find its way into power projects, initial public offerings and bonds, the official said.

Alif Asset Management Company is the fund manager. Such funds are managed by specialist fund managers who make the investment decisions on behalf of the fund. They can diversify into infrastructure assets and ensure an income stream from essential services.

Meanwhile, proposals for a Tk. 10-billion IFIC Infrastructure Fund and a Tk. 5-billion Prime Bank Infrastructure Fund are still awaiting the SEC approval.

“Infrastructure fund has already emerged as an effective stock market tool for financing large projects in the emerging markets worldwide, including India.

So, in case of Bangladesh, this is obviously a welcome move,” said Salahuddin Ahmed Khan, professor of finance at Dhaka University. The government, too, floated the Bangladesh Infrastructure Finance Fund (BIFF) in 2010. The BIFF is in the process of issuing bonds and debt instruments to local and foreign investors in a bid to raise funds for financing projects, including those of power and infrastructure.

There are 33 closed-end mutual funds in the country making up only 3.51 per cent of the total market capitalization.

Source: The Independent-Bangladesh/March 11, 2011