Sonali Bank yesterday signed a corporate agreement with Banglalion Communications.

As per the agreement, Sonali Bank will use Banglalion Wimax connection to conduct service for their customers across the country, said a press release. Anam Mashrul Huda Shiraji, general manager (GM), Shahid Hossain, deputy general manager (DGM), Md Billal Hossain, System Analyst of Sonali Bank, and Parvez Sajjad Mahtab (GM for Sales), SMI Md Reazul Kabir (Manager) and Tanvir Alam (Executive) of Banglalion Comm-unications were present on the occasion.

News: Daily Sun/Bangladesh/14 Jan 2011

On Wednesday Dhaka stocks rose sharply for the two consecutive sessions after buying spree in financial issues pushed the turnover up amid instability. Market operators said strong buying in banking, non-banking and insurance issues by retail and institutional investors helped maintain the bullish trend on the Dhaka Stock Exchange (DSE) with turnover rising significantly. The market opened with a flying start, rising 302 points in just ten minutes, and then followed volatile trading as it shed 124 points before its closure. The benchmark DSE General Index (DGEN) surged by 2.38 per cent or 178.60 points to close at 7690.69, after a record gain of 1012 points or 15 per cent Tuesday.

The broader All Shares Price Index (DSI) moved up by 2.10 per cent or 131.43 points to 6380.79. The DSE-20 Index comprising blue chips was up by 1.15 per cent or 54.86 points to 4828.52. The regulator's market friendly steps helped regain investors' confidence and the buying binge closed the market up, dealers said. "Confidence is being restored among investors. I think the market is going to be stable in the coming days," said Ahmad Rashid Lali, managing director of the Rashid Investment Services. The central bank is set to unveil its half-yearly monetary policy this month, he said, hoping that the policy would give some specific directions with regard to the capital market as it faces liquidity crisis.

Analysts, however, voiced doubt over the sustainability of the Tuesday's "unusual" gains stemming from the regulator's series of interventions. Many of them called it a government intervention and it looked like an artificial spike as it rose more than 15 per cent or 1012 points - the highest one-day spiral. Banking issues, the market's bellwether, continued to flex their muscle and gained 2.38 per cent. Among the notable gainers, non-banking financial institutions 4.21 per cent, general insurance 6.28 per cent and life insurance 6.26 per cent, which helped the market maintain its upward trend.

The other major sectors--fuel and power and pharmaceuticals--lost 0.70 per cent and 0.41 per cent respectively. Turnover sharply rose to Tk 16.50 billion, up by 69.0 per cent over the previous session. The gainers took the strong lead over the losers as out of 246 issues traded, 147 advanced, 94 declined and five remained unchanged. On Tuesday, the DSE general index gained 1,012.65 points or 15.58 per cent to close at 7512.09, just a day after the Securities and Exchange Commission suspended trading of shares after free fall of 660 points within 50 minutes traded Monday.

United Commercial Bank topped Wednesday the turnover list with shares worth Tk 777.96 million changing hands. The other turnover leaders were National Bank, United Airways, Southeast Bank, Bextex, Bay Leasing, AB Bank, Titas Gas, Peoples Leasing and Grameenphone. Saiham Textile was the highest gainer posting a rise of 19.98 per cent followed by Prime Life Insurance, Square Textile, Uttara Finance, Standard Insurance, Karnaphuli Insurance, Federal Insurance, UCBL, Meghna Cement and Asia Pacific Insurance. The day's prominent losers included AIBL First Mutual Fund, Standard Ceramics, Savar Refactories, Meghna Pet, Dulamia Cotton, Chittagong Vegetable, BSC, Hakkani Pulp and Papers, Rupali Bank and Reckitt Benckiser Bangladesh Ltd. Meanwhile, the man blamed for the last year's major stock falloff stepped down from his post at the Securities and Exchange Commission (SEC) in a development that could assuage investors' worry, officials said.

SEC chairman Ziaul Haque Khondker told reporters Wednesday that Mr. Alam resigned Tuesday from his post on "personal grounds" and the Finance Ministry accepted his resignation letter. He also said that the authority sent his resignation letter to the Ministry of Establishment Wednesday. His resignation came weeks after controversial personal directive cause a major fall in the share market on December 08 last year. Dhaka Stock Exchange's benchmark DGEN index sank more 6.37 per cent of 547 points in the first 80 minutes of trading on December 8, in a day of extreme volatility that saw market regain most of the losses in late hours to close at minus 1.56 per cent.

The steepest fall sparked wildcat street protests in Dhaka and half a dozen district towns by thousands of retail investors who sniffed conspiracy by a "vested group" in the sudden stocks fall. Investors blamed two SEC orders that barred execution of share buying before cashing of cheques and misuse of netting facilities for the plunge.

News: Financial Express/Bangladesh/13 Jan 2011

Kaiser A Chowdhury has been re-appointed as president and managing director of AB Bank. He has been serving the bank holding the same post from 2005.

Chowdhury started his banking career with Grindlays Bank in 1975 and serve the organisation in different capacities at home and abroad, said a statement.

He also worked with ONE Bank as deputy managing director from 1999 to 2004.

He is the winner of Century ERA award at Geneva 2008 and International Quality Summit award at New York 2010 by Business Initiative Directions.

Source: The Daily Star/ Bangladesh/Jan-13-11

Bangladesh Bank, Bangladesh Institute of Bank Management (BIBM) and Institute of Bankers today jointly hosted a reception in honour of former central bank governor AKN Ahmed.

“He (Ahmed) is a living legend in international banking arena who played a crucial role for the development of the financial sector since 1950s and particularly in rebuilding the post independence financial sector in the war torn country,” Bangladesh Bank Governor Dr Atiur Rahman told the reception.

Rahman said Ahmed steered several commercial and the central bank with his wise leadership during his six decades of banking career.

A Dhaka University post-graduate in economics, Ahmed made his debut in career joining the World Bank and subsequently worked for the International Monetary Fund (IMF) and later also served as Bangladesh ambassador to Japan and South Korea.

Deputy Governor of Bangladesh Bank Murshid Kuli Khan chaired the function at the Bangladesh Bank Training Institute at Mirpur, where Ahmed unveiled the plaque of an auditorium named after him.

Several bankers including Ibrahim Khaled spoke at the function.

Source: Daily Sun/ Bangladesh/ Jan-13-11

The Bangladesh Cricket Board (BCB) signed a contract of Tk 100 million with Islami Bank Bangladesh Limited yesterday. The amount will be spent on beautification of Dhaka ahead of the ICC World Cup 2011.

The deal withIslami Bank broke all the previous records involving BCB.

“I am thankful to BCB president AHM Mostafa Kamal for giving us the opportunity to be part of a great event like World Cup. This is a matter of national pride and we are really happy to be involved. We hope it will enable us to make the visitors realise how good Bangladesh is at taking care of their guests,” said Islami Bank chairman, ANM Abduz Zaher. The record amount will be used for renovation of roads, well as building new sections and for the eviction of the illegal establishments around the venues with the help of Bangladesh Army.

Installations and gates will be erected on the airport road and at different points in the city marking the World Cup.

“I am thankful to Islami Bank for being with us and helping us to make this great event a success. Islami Bank has been sponsoring different sports for long time, this is the first instance that they reached out for cricket and I am really grateful and hope they will be with BCB in future as well,” said the BCB president. Islami Bank has been partial sponsors of SA Games in Dhaka where they offered Tk 10 million.

Source: Daily Sun/ Bangladesh/ Jan-13-11