The 6th Extra-Ordinary General Meeting (EGM) of Bank Asia was held at the Institute of Diploma Engineers in the city yesterday.

A proposal to raise Tk 2.50 billion through issue of zero coupon bond to meet regulatory capital requirement was approved in the meeting, said a press release.

A Rouf Chowdhury, chairman of the bank presided over the meeting.

Vice Chairman Moh- ammed Lakiotullah, Directors Rumee A Hossain, A M Nurul Islam, Mashiur Rahman and Shah Md Nurul Alam, President and Managing Director Erfanuddin Ahmed and Deputy Managing Director Aminul Islam were present on the occasion.

A large number of shareholders attended the EGM.

Source: Daily Sun/Bangladesh/01-Jan-2011

The government has disbursed Tk 375 million in favour of Bangladesh Commerce Bank Limited (BCBL) to help raise the paid up capital of the bank to Tk 2 billion from the existing Tk 920 million.

The rest of the amount will be collected through offering rights shares aiming to strengthen the financial base of bank.

BCBL authority will issue a rights share at a ratio 1:1.25 of Tk 100 to increase the paid-up capital of the bank existing Tk 920 million to Tk 2 billion.

The banking division of the finance ministry issued a circular on Thursday regarding the issuance of rights share against the existing BCBL shares.

“We needed the fund badly to enhance its capital base,” said a senior official of the BCBL. He also said the bank will provide more facilities to its clients after enhancement of its capital.

Currently, BCBL has Tk 2.0 billion authorised capital and Tk 920 million paid-up capital.

Another official of BCBL said the government was supposed to release the said amount on December 20, but it was done on December 28 by the banking division, which was a violation of the Bank Company Act.

The government owns 32.60 per cent share of BCBL, of which 10.86 per cent is held by each of Sonali, Janata and Agrani bank Limited. The majority share of BCBL is owned by general investors.

Earlier, the Ministry of Finance decided to sell out its whole stake of BCBL, including 10.86 per cent shares of three state-owned banks held by BCBL. The decision of the ministry was recently sent to the cabinet division for approval.

The Prime Minister's Office also wants offloading the government stake, a banking division source said. A group of interested businessmen including a number of law makers have shown interest to buy the government's stake in BCBL.

BCBL has a capital shortfall of Tk 1.63 billion and provision shortfall of Tk 766 million as of June, 2010. The non-performing loan as of June this year was about 28 per cent of the outstanding loan of the bank, according latest data of bank.

BCIL started functioning as an investment company and continued its business until April 1992. Consequent upon its liquidity crisis, Bangladesh Bank suspended its operation in April 1992. As a result, the investors suffered a lot and the employees of the company rendered jobless.

Ultimately, to safeguard the interest of the depositors, employees and the general public, the government intervened and parliament passed an act in 1997 for the establishment of Bangladesh Commerce Bank Ltd.

The bank formally started operation form September 16, 1999 with the paid-up capital of Tk 920 million. Of the amount, Tk 300 million was provided by the government, Tk 100 million jointly by Sonali Bank, Janata Bank and Agrani Bank and the rest Tk 520 million by the depositors.

Presently, three directors represent depositors on the 12-member board of directors of the bank.

The BCBL has 25 branches employing 452 officers and employees.

Source: Daily Sun/ Bangladesh/ 01-Jan-2011

Bangladesh Bank governor Dr Atiur Rahman and noted engineer and former adviser to the caretaker government Prof Dr Zamilur Reza Chowdhury have been selected for Sheltech Award-2010.

The awards will formally be handed over to the winners on March 12 this year, said a press release.

Each of the winners will be awarded Tk 2 lakh and crest, the news release added.

Sheltech has been giving the award to country’s eminent personalities since 1998 for their outstanding contribution to different sectors.

Source: Daily Sun/bangladesh/01-Jan-2011

Islami Bank Bangladesh Ltd recently awarded prizes to 1362 students, who achieved Golden GPA-5 in HSC examination and secured the highest positions in MBA examinations from different universities.

A total of 1350 Golden GPA-5 holders in HSC were selected for the award while 12 students for achieving the highest positions in MBA examinations, said a press release.

Mohammad Ataur Rahman, former chairman of the bank distributed the prizes at a ceremony at Dhaka Sheraton Hotel in the city, said a press release.

The bank spent a total of Tk 89 lakh on the occasion, the news release said.

In the program, every student were given crest, cash taka, bag, book, notebook and a pen. A total of 1350 students, scoring Golden GPA-5 in the HSC examination this year, were selected for reception.

Islami Bank Bangladesh Chairman Prof Abu Nasser Muhammad Abduz Zaher presided over the function where poet Asad Chowdhury, Gias Kamal Chowdhury, Editor of Daily Khabarpatra, Alamgir Mohiuddin, Editor of Daily Nayadiganta, Naimul Islam Khan, Editor of Daily Amader Shomoy, Dr Rezwan Siddiki, Editor of Daily Dinkal, Prof Muzahidul Islam of Banking Department of Dhaka University and Benzamin D Kosta, Principal of Notrcdame College were present as special guests.

Source: Daily Sun/bangladesh/01-Jan-2011

AB Bank Limited opened its 81st branch at Chakaria in Cox's Bazar on Wednesday.

Shamim A. Chaudhury, deputy managing director of the bank formally inaugurated the branch at M Rahman Complex of Chakaria, said a press release.

Mohammed Ishaque Chowdhury, regional manager-Chittagong – 1, Ashraful Aziz, regional manager-Chittagong – 2, Head of GSSP Lt Col Mahbub-E-Sobhani Sikder, Head of CBL Shahnawaj Chowdury, other high officials of the bank and local elites also attended the ceremony.

Source: Daily Sun/ Bangladesh/ 01-Jan-2011