Vice Chancellor of Bangladesh Agricultural University (BAU) Professor Dr. M. A. Sattar Mandal is seen inaugurating Mymensingh Branch of Mutual Trust Bank Ltd. (MTB) on Thursday at a ceremony held at the branch premises.

Mutual Trust Bank Ltd (MTB) opened its 64th branch in Mymensingh recently.

Vice Chancellor of Bangladesh Agricultural University (BAU) Professor Dr. M. A. Sattar Mandal formally inaugurated the branch at Ananda Mohan Avenue of Bara Bazar in the district on Thursday, said a press release.

Prof. Dr. Md. Monjurul Alam of Bangladesh Agricultural University (BAU), MTB Managing Director and CEO Anis A. Khan, Mymensingh Municipality Mayor Ikramul Haque, Head of MTB banking operations Meer Sajed-UI-Bashar, MTB group chief financial officer and other senior officials of the bank were present at the event.

A large number of leading business persons, customers, local elite, journalists and dignitaries also attended the function.

Vice Chancellor of Bangladesh Agricultural University (BAU) Professor Dr. M. A. Sattar Mandal in his speech said that rural entrepreneurship in transport, tourism, hotel and restaurant, manufacturing have been growing fast and banks can find them as their lucrative business aven- ues.

He also said that the helping attitude of the people of Mymensingh will assist MTB to perform well.

MTB is keenly interested to bring state-of-the-art technology driven banking services and products, catering to the changing needs of market, to the doorsteps of common people of the country and opening of a branch in Mymensingh is a manifestation of this endeavor, said MTB Managing Director and CEO Anis A. Khan.

Source: Daily Sun

Dhaka, Dec 24: The 2nd Extra Ordinary General Meeting (EGM) of Rupali Insurance Company Limited (RICL) was held on December 22, at Spectra Convention Centre in Gulshan, Dhaka. The meeting was presided over by the Chairman of the Company Mostafa Golam Quddus and attended by Financial Consultant  M Azizul Huq, Managing Director P K Roy  FCA, including a good number of shareholders, says a press release. The shareholders present in the meeting approved the changing of denomination of share from Tk 100 (one hundred) to Tk 10 (ten) with a market lot of 100 shares in place of 20 shares and increase of authorised capital of the company from Tk 20 (twenty) crores to Tk 100 (One hundred) crores, raising the paid up capital by issuing right shares at the rate of 1 (one) [R]:l (one) (one right share for every one share) at Tk 20 (Twenty) each including premium of Tk 10 on paidup capital of Tk 16,45,401100 and amendment of clause 111 of articles of association of the company subject to approval of Regulatory Authorities.
The shareholders thanked the management of the company for the success and growth of business during the last few years and urged upon them to maintain this upward trend.

Source: The Independent

Bangladesh Krishi Bank (BKB) on Thursday disbursed credit among Monipuri women entrepreneurs in Moulavibazar.

Bangladesh Bank govornor Dr Atiur Rahman disbursed credits among the Monipuri community as the chief guest, said a press release.

Krishi Bank managing director Mohammad Mukter Hussain delivered inaugural speech at the function.

Among others, BB Executive Director Md Jahangir Alam, general manager of bank’s Sylhet division Nitai Chand Das and local elites were present.

Source: Daily Sun

President of the Federation of Bangladesh Chembers of Commerce and Industry (FBCCI) AK Azad said that the economy of a country is much stronger whose banking industry has been strengthened enough.

Businessman and people of all walks of a country are directly linked with the banks, he said adding the bankers and employees of a bank can help turn any weak economy as a stronger one.

Azad, also a director of Shahjalal Islami Bank said this while inaugurating the 60th branch of the bank in Faridpur on Thursday, according to a press release.

Managing director of the bank Abdul Rahman Sarker presided over the inaugural ceremony.

Chairman of the bank Al-haj Mohammad Solaiman , deputy commissioner of Faridpur Helaluddin Ahmad and police super Md Aulad Ali Fakir were present at the function.

“Shahjalal Islami Bank would help boost the businesses in Faridpur district,” Azad expected adding: “The people of the region would be benefited a lot through the services of the branch of the bank.”

The chairman of the bank said that the ordinary people do not have access to banking system, but the of Shahjalal Bank would ensure better banking scopes for the people in the region through its modern banking system.

Md Abdul Rahman Sarker highlighted about banks deposit and investment schemes. Through this branch, the people of Faridpur will get the facility of daily banking investment in the promising sectors, he added.

Source: Daily Sun

The country’s foreign exchange reserves stood at US$ 10.949 billion on December 22 this year compared with $10.32 billion a year ago, showing a 6.09 percent rise.

But the reserves were lower by $211 million or 1.89 percent compared with $11.16 billion recorded in October, 2010.

The gross foreign exchange reserves in October this year, without ACU (Asian Clearing Union) liability is equivalent to import payments of 5.22 months. The imports were worth $ 2.14 billion per month based on the previous 12 months average.

The gross foreign exchange balances held abroad by commercial banks stood at $ 583.21 million by end October, 2010 against $ 508.90 million in September, 2010. The figure was $460.06 million in October, 2009.

Meanwhile, the remittances receipts during July-November of fiscal 2010-11 totaled $4.529 billion, lower from $ 4.659 billion during the same period of last fiscal, showing a decline by $130 million or 2.79 percent.

The inflow of remittances during July-October, 2010 fell by $32.63 million or 0.90 percent to $3.576 billion against $3.609 billion during July-October, 2009.

The remittances sent by the non-resident Bangladeshis during November this year was $ 945.99 million against $1.051 billion in the same month last year.

The remittances during fiscal 2009-10) was recorded at $10.973 billion, the central bank’s statistics showed.

The exports receipts of the country during July-October, 2010 increased by $1.828 billion or 37.35 percent to $ 6.721 billion compared with $ 4.894 billion during July-October, last fiscal.

The import payments of the country during July-October period of fiscal 2010-11 amounted to $9.547 billion against $7.159 billion during the same period of last fiscal year, indicating a rise by $ 2.388 billion or 33.36 percent.

In October this year, the country had to make import payments worth $ 2.526 billion against $2.032 billion in the same month of last fiscal, up by $494 million or 24.31 percent.

During July-September, 2010, the import payments of the country increased by US$1.897 billion or 37.02 percent to $7.022 billion compared with $ 5.125 billion during the corresponding period of last fiscal.

Meanwhile, the settlement of import LCs (Letter of Credits) during July-September, 2010 increased by $2.068 billion or 42.66 percent to $6.915 billion against $4.847 billion during the same period of last fiscal year.

Fresh opening of import LCs during July-September, 2010 increased by $ 2.527 billion or 39.25 percent to $ 8.965 billion against $6.438 billion during July - September, 2009.

Source: Daily Sun