Shirin Sharmin Chaudhury, state minister for women and children affairs, attends a thought sharing session arranged by the Financial Institutions Group of Citi, in the capital recently. Rashed Maqsood, Citi country officer for Bangladesh, was also present.

Citi's Financial Institutions Group organised a thought-sharing session for more than 200 professional women from both public and private financial institutions from Bangladesh as part of Citi's recent celebration of International Women's Day.

The main focus of the event was to highlight the importance and necessity of women taking up leadership roles in the banking industry, according to a statement of the bank.

Rashed Maqsood, managing director and Citi country officer for Bangladesh; and Nuzhat Anwar, head of Financial Institutions, hosted the event.

Shirin Sharmin Chaudhury, state minister for women and children affair, and Nazneen Sultana, deputy governor of Bangladesh Bank, were also present.

The Daily Star/Bangladesh/ 13th March 2012

Khondker Fazle Rashid has recently been re-appointed as the managing director of Dhaka Bank, according to a statement of the Bank yesterday.

An MBA from IBA under Dhaka University, Rashid started his banking career with Sonali Bank in 1978.

He held many senior positions in five banks of the country at home and abroad during his 34 years of banking career.

The Daily Star/Bangladesh/ 13th March 2012

Two major financial institutions of the country - Investment Corporation of Bangladesh (ICB) and Bangladesh House Building Finance Corporation (BHBFC) - have been doing their banking and financial activities without any licence of the central bank, said a report of Bangladesh Bank (BB).

The BB has urged the government to bring the activities of the two state-owned financial organisations under the purview of the central bank to establish financial discipline.

"These two financial institutions (ICB and BHBFC) have virtually no regulator," said BB in a confidential report to the Ministry of Finance (MoF).

The financial institutions operating in the country are very much under the close monitoring of BB, which is not applicable to these two state-owned financial institutions, the report added.

The BB said both the institutions, though involved in the financing business for long in the country, are not licensed institutions.

Sources in the financial institutions said the ICB has been involved both in banking and leasing business without having licences from BB for even a single purpose.

The ICB was established in 1976 under the ICB Ordinance, 1976. As per clause 3(3) of ICB Ordinance, the organisation is a banking company. However, ICB has been doing banking business without any banking licence, the sources alleged.

"The Corporation shall be deemed to be a banking company within the meaning of the Bank Companies Act, 1991 (Act XIV of 1991)," reads clause 3(3) of ICB Ordinance, 1976.

"Although the ICB Ordinance stipulates that the Corporation is a banking company, in reality ICB is not a banking company or a scheduled bank," BB said in its report.

Currently, the ICB takes term deposit from clients. Besides doing banking business, the Corporation is involved in lease financing, consumer credit, lien, equity support and share related business.

The BHBFC, established under BHBFC Order, 1973 has long been involved in financing activities permitted under Financial Institution Act, 1973.

"The BHBFC did not take any licence from BB under Financial Institution Act, 1973," BB said in its report.

"Steps are urgent to bring both ICB and BHBFC under the Financial Institution Act, 1973," it added.

Presently, BHBFC provides house building loan at administered rates of interest to meet the demand of housing problem in the country.

Neither BHBFC nor ICB sends any financial reports to BB for monitoring and supervision.

Asked, top bosses of ICB and BHBFC, who declined to be named, said they send financial reports and audit reports to the MoF.

However, the MoF never sends its teams to evaluate or supervise the activities of the two state-owned financial institutions paving way for irregularities, the sources alleged.

The Credit Information Bureau (CIB) of BB seldom scrutinises the loan proposals of BHBFC as the Corporation is not a licensed financial institution, a top BB official said.

"Sometimes, BHBFC sends its loan proposals to us, which we care little as the institution is not a legal entity to operate financing business," the official added.

A general manager of ICB, when asked, said they have no problem if they are brought under the jurisdiction of BB.

Financial Express/Bangladesh/ 12th March 2012

Nobel Peace Laureate Professor Muhammad Yunus addressed a roundtable meeting of European Investment Bank (EIB) to brief the top executives of the EIB on social business, in Luxembourg recently, according to a press release. The President of the European Investment Bank, Werner Hoyer had organised the meeting at his office on March 5, 2012.

Professor Muhammad Yunus explained the concept of social business to the group and proposed various actions by the bank to facilitate social businesses in that region.

President Hoyer showed his deep interest in playing a pioneering role as facilitator of Social Business in Europe.

He also expressed his interest in creating a fund to support social businesses.

Other than the president, several senior officials of EIB group took part in the discussion, including Vice President Plutarchos Sakellaris, CEO of the European Investment Fund, Richard Pelly, Director General Operations outside European Union, Tamsyn Barton, Rémy Jacob, Dean of EIB Institute.

The European Investment Bank (EIB) is the European Union's financing institution. Its shareholders are the 27 Member States of the Union, which have jointly subscribed its capital.

The EIB's Board of Governors is composed of the Finance Ministers of these States.

The EIB's role is to provide long-term finance in support of investment projects. The EIB works closely with the other EU institutions, especially the European Parliament, the European Council and the European ommission. The European Investment Fund is a subsidiary of the EIB.

The Independent/Bangladesh/ 12th March 2012

AKM Shamsuddin, Deputy Managing Director of Premier Bank, seen at the inauguration of a workshop in the city yesterday. Premier Bank Training Institute (PBTI) organised a day-long workshop on “Islamic banking, operational procedures” in the city yesterday.

AKM Shamsuddin, Deputy Managing Director of Premier Bank inaugurated the workshop as chief guest, said a press release.

Emphasising on the importance of Islamic banking, he hoped that Premier Bank will play an important role to provide Islamic banking service to the customers. He urged the officials to discharge their duties with utmost sincerity.

The Daily Sun/Bangladesh/ 12th March 2012