Bangladesh Bank (BB) has asked the scheduled banks to prepare risk management reports on a regular basis and present those at the monthly risk management meeting of the banks.

A circular issued by the Department of Offsite Supervision (DOS) of the central bank on Wednesday, also directed the banks to send the reports to the DOS in every three months.

The circular mentioned that the banks have to face newer challenges as competition had been increasing in the ever-widening banking sector coupled with bit instability due to the external reasons.

Considering the circumstances, the banks must strengthen their risk management efforts and should prepare risk management reports regularly, the circular said.

“And the reports would be the associated with the main risk report of the banks, not the substitute” it added.

The Daily Sun/Bangladesh/ 17th Feb 2012

Robelliert Zock

World Bank president Robert Zoellick announced Wednesday that he would step down at the end of June, setting up a possible new fight over US dominance at the global development lender.

Zoellick, 58, said he would complete his five-year term, during which he shepherded the Bank and its members through the financial crisis that had a heavy impact on many of the world's poorest countries.

"I'm very pleased that when the world needed the Bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open," Zoellick said in a statement.

"The Bank is now strong, healthy and well positioned for new challenges, and so it is a natural time for me to move on and support new leadership."

His departure sets up the second battle in less than a year over US and European dominance of the Bank and the International Monetary Fund, the world's two leading multilateral financial institutions.

Thanks to an unwritten pact between European powers and the United States dating to 1945, all 11 Bank presidents have been Americans and all IMF managing directors have come from Europe.

Speculation on Zoellick's successor has focused on three Americans -- Secretary of State Hillary Clinton, Treasury Secretary Timothy Geithner and former Treasury chief Larry Summers.

But a fight could be looming. After IMF chief Dominique Strauss-Kahn's sudden resignation last May, strong pressure arose from emerging economies to name a non-European to lead the Fund.

But backed by the leading economic powers, in the end French finance minister Christine Lagarde was chosen over several non-Europeans.

On Wednesday, some five dozen international development organisations and activists said developing countries should have a greater say in choosing Zoellick's successor.

"It is time for the US to publicly announce that it will no longer seek to monopolize the presidential position," they said in an open letter.

Brazil's Finance Minister Guido Mantega said emerging country candidates should have "the same chance" to lead the Bank.

"I believe that the United States will continue to insist that it will be one of its representatives," he said. "We are working so that that does not happen."

The Daily Star/Bangladesh/ 17th Feb 2012

M Teresa Kho

The Asian Development Bank (ADB) has appointed a US citizen, M Teresa Kho, as the new country director for its Bangladesh resident mission.

Kho succeeds Thevakumar Kandiah who retired from the ADB on January 12. The new country boss is expected to assume her new position on February 22.

Kho has been with the ADB since 1997, according to a statement . She is experienced in development issues in the region with focus on infrastructure, urban development, private sector development, co-financing management, and processing, implementation and monitoring of projects.

Prior to this assignment, she was a director of ADB's South Asia Urban Development and Water Division and managed urban water and sanitation, urban transport lending and technical assistance operations in Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka.

Kho's extensive experience also includes finance, administration, treasury and audit management. She has an MBA from Stanford University, and a BA in economics from the University of Notre Dame, Indiana, USA.

The ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region.

The Daily Star/Bangladesh/ 17th Feb 2012

Md Mozammel Hussain has recently joined Jamuna Bank as deputy managing director, the Bank said in a statement.

Prior to this, he was the senior executive vice president and head of corporate banking division of Prime Bank.

Hussain is a graduate in finance from Dhaka University and an MBA from Institute of Business Administration under the university. He also worked with AB Bank.

The Daily Star/Bangladesh/ 17th Feb 2012

Broad Band Telecom Services Limited (BBTS) -- a joint venture of the country’s industrial conglomerate Ispahani Group-- will set up optical fibre network to connect Trust Bank Limited head office with its all branches across the country.

To this effect, Mirza Ali Behrouze Ispahani, chairman of BBTS, and Shah A Sarwar, managing director of Trust Bank, singed the agreement on behalf of their respective organisations recently in a city hotel.

Under the agreement, BBTS will build a nationwide Wide Area Network (WAN) infrastructure through optical fibre/radio link to connect Trust Bank head office with its all branches and ATM Booths.

The connectivity will help the Bank’s custonmers save time and cost, which is one step forward to get closure to its valued clients countrywide. Abu Zafar Hedaytul Islam, senior executive vice president and S M Akram Syeed, head of IT from Trust Bank and Syed Samiul Huq, director of BBTS, were also present at the signing ceremony.

The Independent/Bangladesh/ 16th Feb 2012