Sonali Bank Limited, the largest commercial bank of the country, has relocated its Dhanmondi branch to its new building at Green Road in the city.

Kazi Baharul Islam, Chairman of Sonali Bank Limited formally inaugurated the Dhanmondi branch at Green Road at a function recently, said a press release.

Deputy General Manager, Ramna Principal Office presided over the meeting.

Kazi Baharul Islam instructed the officials of the Bank for ensuring better services to the customers and urged upon all to work unitedly for development of the Bank.

The Daily Sun/Bangladesh/ 23th Feb 2012

Venkat Anantharaman, managing director and co-head of wholesale banking for South Asia of Standard Chartered Bank, is now in Dhaka for a two-day official visit.

He is expected to meet regulators, clients and senior officials of the Bank, Standard Chartered Bank said in a statement yesterday.

He has over 20 years of banking experience across investment banking, relationship management, credit, project and structured finance, according to the statement.

The Daily Star/Bangladesh/ 23th Feb 2012

AB Bank: The board of directors of AB Bank Limited has recommended 5.0 per cent cash and 20 per cent stock dividends for the year that ended on December 31, '11. The annual general meeting (AGM) of the Bank will be held at Bangabandhu International Conference Centre, Agargaon, Sher-E-Bangla Nagar, Dhaka at 11am on May 6, '12. The record date is March 1, '12.

The authorities of the company have reported Consolidated EPS of Tk 3.78, Consolidated NAV per share of Tk 40.74 and Consolidated NOCFPS of Tk 36.10 for the year that ended on December 31, '11. The authorities have also reported EPS of Tk 3.60, NAV per share of Tk 40.29 and NOCFPS of Tk 34.15 for the year that ended on December 31, '11.

Mercantile Bank: The board of directors of Mercantile Bank Limited has recommended 23 per cent stock dividend for the year that ended on December 31, '11. The AGM of the Bank will be held at 'Winter Garden' of Ruposhi Bangla Hotel, Dhaka at 11am on March 28, '12. The record date is March 6, '12. The authorities of the Bank have reported Consolidated EPS of Tk 3.53, Consolidated NAV per share of Tk 19.59 and Consolidated NOCFPS of Tk 3.26.

Cos' board meet

IDLC: As per Regulation 30 of DSE Listing Regulations, a meeting of the board of directors of IDLC Finance Limited will be held tomorrow (Wednesday) at 4pm to consider, among others, audited financial statements of the company for the year that ended on December 31, '11.

Pubali Bank: As per Regulation 30 of DSE Listing Regulations, a meeting of the board of directors of Pubali Bank Ltd. will be held Thursday (February 23) 3:30pm to consider, among others, audited financial statements of the Bank for the year that ended on December 31, '11.

Union Capital: As per Regulation 30 of DSE Listing Regulations, a meeting of the board of directors of Union Capital will be held Thursday (February 23) at 4pm to consider, among others, audited financial statements of the company for the year that ended on December 31, '11.

Jamuna Bank: As per Regulation 30 of DSE Listing Regulations, a meeting of the board of directors of Jamuna Bank Limited will be held on February 27, '12 at 3pm to consider, among others, audited financial statements of the Bank for the year that ended on December 31, '11.

Resumption of trading

Normal trading of the shares of Dutch-Bangla Bank Limited (DBBL) will resume tomorrow (Wednesday) after record date.

Sponsors/directors confirm shares buy/transfer

Jamuna Bank: Mr Golam Dastagir Gazi, one of the sponsors/directors of Jamuna Bank Limited, has stated that he has completed his buy of 1,10,000 shares of the bank at prevailing market price through stock exchange as announced earlier.

Prime Ins: Mr Shah M Hasan, one of the sponsors/directors of Prime Insurance, has stated that he has completed his buy of 10,000 shares of the company at prevailing market price through stock exchange as announced earlier.

Global Ins: Mr SM Sarowar Alam, one of the sponsors/directors of Global Insurance, has stated that he has completed his buy of 70,000 shares of the company at prevailing market price through stock exchange as announced earlier.

Gemini Sea Food: Mr Kazi Shahid Ahmed and Ameenah Ahmed, both sponsors/directors of Gemini Sea Food Limited, have stated that they have completed their transfer of 14,310 and 14,300 shares respectively to their son Kazi Nabil Ahmed, another director of the company, by way of gift outside the trading system of the stock exchange as announced earlier.

Financial Express/Bangladesh/ 22th Feb 2012

Regional CEO for India & South Asia of Standard Chartered Bank (SCB) Sunil Kaushal and CEO of SCB Bangladesh Jim McCabe jointly inaugurating the refurbished Head Office Branch of the Bank at Gulshan in the city recently.

The renovated Gulshan Head Office Branch of Standard Chartered Bank (SCB) has been inaugurated. Regional CEO for India & South Asia of SCB Sunil Kaushal and CEO of SCB Bangladesh Jim McCabe jointly inaugurated the refurbished Head Office Branch of the Bank at Gulshan in the city recently.

The Bank's Head Office Branch was revamped under its Branch Retrofit project. Several other branches of the SCB will also be transformed into world-class banking premises under the project in the year 2012. The newly renovated branch possesses separate lobbies for account holders and their representatives to ensure superior service to customers.

Speaking on the occasion, CEO of SCB Bangladesh Jim McCabe said, "A key pillar of the bank's strategy is customer service and our customers are at the heart of everything the Bank does. This is yet another step in providing our customers with a superior banking experience at Standard Chartered".

Financial Express/Bangladesh/ 22th Feb 2012

Failure to boost power generation can hold back industrial expansion, and political instability can affect economic development in Bangladesh this year, said the Asian Development Bank (ADB), in its latest Asian Development Outlook (ADO) report.

The government should maintain close coordination between monetary and fiscal policies to ensure macroeconomic stability to facilitate rapid growth in 2012, controlling expansion of credit to contain inflation and balance-of-payment pressures, while ensuring a steady flow of credit to the private sector.

The government would also need to closely watch budgetary finance from the banking system, the report stated. The fiscal policy will stay expansionary with total expenditure likely to grow by 25.8 per cent. Supported by a strong revenue effort, the budget deficit is projected at 5 per cent of the GDP, a little higher than the 4.4 per cent in 2011.

The deficit is being planned to be financed by domestic borrowing (3 per cent of the GDP) and external sources (2 per cent of the GDP). The 2012 budget assumes 24.4 per cent growth in revenue (a 0.9 percentage rise in the revenue-to-GDP ratio). Higher tax effort, an outcome of the tax authority’s systematic effort to expand coverage and strengthen tax administration, including further automation of tax collection, is a crucial element in achieving the GDP growth target, the ADB report noted.

This update maintains the ADO 2011 average inflation projection of 8.5 per cent for 2012, which is lower than 8.8 per cent inflation in 2011, but higher than the Monetary Policy Statement projection of 7.5 per cent. To keep inflation within the rate projected in this update, the central bank will have to bring down the annual money and credit growth to at least 18.5 per cent and 20 per cent, respectively, as specified in the statement.

The projected likely decline in global food and commodity prices in the baseline assumptions is expected to dampen the price pressures.

The expected adjustments in domestic power and energy prices would, however, exert upward pressure. The import bill is expected to rise by 20 per cent in 2012, reflecting the effects of the tighter monetary policy and the expected stability in prices of raw materials, including those related to export industries.

The growth of export receipts is projected at 15 per cent, close to the historical average.
A rise in remittance is expected, with more people leaving for work abroad. Several million Bangladeshis, working outside the country, are a reliable source of remittance.

The government’s engagement with recruiting countries appears to be yielding results. Remittance is expected to grow by 12 per cent in 2012. But like recent years, they will be unable to offset the expected deficits in trade, services, and income accounts.

The current account is expected to move to a modest deficit of 0.3 per cent of the GDP in 2012, from a 0.9 per cent surplus the previous year.

The monetary policy stance may be compromised to meet the high growth target, or the attempted tightening may not control inflation or contain import demand.

The expected revenue and external financing may not be mobilised as planned, the ADB report noted.

The Independent/Bangladesh/ 22th Feb 2012