M Reazul Karim, Additional Managing Director and Md. Iftekhar Hossain, Head of HR of Prime Bank, are seen with the participants of a training course in Dhaka.

The 57th foundation training course for trainee assistants (Cash) of Prime Bank Limited concluded at the HR Training and Development Centre of the Bank.

M Reazul Karim, Additional Managing Director of the Bank was present at the session as chief guest, said a press release on Monday.

Md Iftekhar Hossain, Head of HR, was present as special guest. Senior Vice President Md. Fakhrul Islam was the coordinator of the training programme.

The Daily Sun/Bangladesh/ 8th May 2012

Recipients of a competition of HSBC Young Entrepreneur Challenge, pose for photograph at a function in Dhaka.

The Hong Kong and Shanghai Banking Corporation (HSBC) Limited, Bangladesh awarded three wining teams at the Bangladesh Finale of the 'HSBC Young Entrepreneur Challenge (YEC)', says a press release.

According to the release, having contested through multiple rounds of workshops and assessments, six finalist teams presented their business ideas in front of an expert jury panel at the YEC Bangladesh finale.

Of the six competing teams, three best teams were awarded with cash prizes and trophies.

The winners of this year's Bangladesh Finale are: (1) Gold winner: Team Fireflies, IBA, University of Dhaka, (2) Silver winner: Team Concept Crew, IBA, University of Dhaka and (3) Bronze winner: Team Foresight from IBA, University of Dhaka.

The Daily Sun/Bangladesh/ 8th May 2012

SA Chawdhury, CEO and Managing Director of BCBL, presides over a business development meeting of the Bank in Dhaka.

Bangladesh Commerce Bank Limited (BCBL) held its Business Develop-ment Meeting-2012 of Dhaka Divisional Managers at the head office on Thursday.

Managers from 17 branches of Dhaka division & high official executives of the head office were present.

Chief executive officer and managing director of BCBL S.A. Chawdhury presided over the meeting.

The Daily Sun/Bangladesh/ 8th May 2012

The government is going to make local Taka currency convertible in capital account, a move which, central bank sources say, will allow overseas investment by Bangladeshi entrepreneurs.

This initiative is part of a proposal to amend the Foreign Exchange Regulation Act (FERA) to upgrade it in line with what is called international standard, sources in the finance ministry told daily sun.

Bangladesh is set to see convertibility of Taka in capital account two decades after the country had made the provision to make Taka convertible in current account in 1993.

The government has sought assistance from the International Finance Corporation (IFC), a member of the World Bank Group, to amend the forex act (FERA).

“We have sought technical assistance from the IFC to bring certain changes in the law to make it time-befitting,” Banking Division Secretary Shafiqur Rahman Patwari said on Monday.

Bangladesh Bank (BB) has earlier proposed some amendments to the FERA and requested the finance ministry to seek assistance from the IFC since, the sources said, the act contains some complex issues.

The matter of convertibility of current account is a key issue in the proposal alongside amendment to the provisions on foreign trade and current account as well.

“All types of foreign exchange transactions will be brought under the jurisdiction of the law when it would be amended,” reads the draft proposal.

It said definition of resident and non-resident foreign currency account holders need to be included in the amended act to guide the banks in opening accounts.

The draft amendment proposal said the central bank should be given authority to impose financial penalty on banks or their employees for violation of any provision of the proposed act.

Bangladesh has pursued an apparently conservative policy in allowing a completely floating exchange rate fearing fluctuation in exchange rate. Also restriction on outflow of investment is there to avoid exchange rate volatility and keep foreign exchange reserve stable. Mohammad Rizwanul Huda, deputy secretary of the finance ministry, recently wrote a letter in this regard to the programe manager of IFC’s advisory services, South Asia.

The government may sign a “cooperation agreement” with the World Bank to receive the technical assistance from the IFC, sources in the banking division said.

In the letter, the government requested the IFC to engage some consultants to propose amendments to the existing FERA.

The government wants to work with IFC to ensure rising flow of foreign direct investment in Bangladesh.

The Daily Sun/Bangladesh/ 8th May 2012

Representatives of the participating banks for a syndicated loan of Tk 92 crore for ACME Specialised Pharmaceuticals, arranged by Standard Chartered Bank, pose for photographs at a ceremony in Dhaka recently. The other participants are AB Bank, Bank Alfalah, Commercial Bank of Ceylon, Dhaka Bank, Eastern Bank, Saudi-Bangladesh Industrial and Agricultural Investment Company, Southeast Bank and Standard Bank.

Standard Chartered Bank has arranged a syndicated term loan of Tk 92 crore for ACME Specialised Pharmaceuticals.

The loan will help finance the expansion of ACME's production to introduce new products in response to growing demand in the market.

The agreement was signed by the pharmaceutical and Standard Chartered (the lead arranger) and other financial institutions.

Participants include AB Bank, Bank Alfalah, Commercial Bank of Ceylon, Dhaka Bank, Eastern Bank, Saudi-Bangladesh Industrial and Agricultural Investment Company, Southeast Bank, and Standard Bank.

Mizanur Rahman Sinha, managing director of the pharmaceuticals company, thanked the financial institutions for coming forward and financing the expansion of the business.

“ACME Specialised Pharmaceuticals serves the group strategically as a world-class manufacturing facility, to meet growing demand for pharmaceutical products,” he said.

ACME is one of top five pharmaceutical companies in Bangladesh since 2000.

“Standard Chartered is delighted to be the mandated lead arranger and agent for ACME in this transaction,” said Abrar A Anwar, managing director and head of origination and client coverage of Standard Chartered.

Over the last 10 years, the syndicated loan market has grown significantly, in line with the industrial growth of the country.

The Daily Star/Bangladesh/ 8th May 2012