Business
StanChart Bangladesh appoints Anil Kejriwal as CCFO
Standard Chartered Bangladesh has appointed Anil Kejriwal as Chief Financial Officer (CCFO).
Anil will also join Standard Chartered Bangladesh’s Country Management Team. He will continue on in his role as Global Head of New Financial Reporting for the Bank.
Anil joined Standard Chartered India in 2006, as Head of Finance, Wholesale Banking for South Asia. In 2012, he moved to Standard Chartered Singapore, where he held several roles over the course of the last 12 years – including Global Chief Financial Officer for the Client Coverage, Corporate Finance Product, and Principal Finance.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said that Anil’s deep knowledge about diverse products, strong business acumen, and leadership skills will play a pivotal role in supporting the Bank to sharpen focus; deliver enhanced performance; and create greater value for customers and colleagues.
Brac Bank, DIU join hands to advance women entrepreneurship
Brac Bank and Daffodil International University (DIU) have joined hands to run a comprehensive Entrepreneur Accelerator Programme aimed at helping grassroots women entrepreneurs become successful in business.
The two organisations have partnered for the intensive training programme styled ‘Uddokta 101’, an initiative of the bank’s women banking segment ‘TARA’.
‘Uddokta 101’ is a targeted certification course for aspiring women entrepreneurs with at least one year of business experience.
Read: Govt to set up research & innovation centers in 10 public universities
The programme will facilitate promising women business owners in honing their managerial and entrepreneurial skills, helping them sustain and expand their businesses.
Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, Brac Bank; and Professor Dr. M. Lutfar Rahman, Vice Chancellor, DIU; signed a partnership agreement at the university campus on January 24, 2024.
From Brac Bank, Ekram Kabir, Head of Communications; Jakirul Islam, Head of Strategic Partnership and Digital Financial services; Khadija Mariam, Head of Women Entrepreneur Cell; Md Kayser Hasan, Senior Manager, Business Transformation & Product, were present.
From Daffodil International University, Professor Dr. S.M. Mahbub Ul Haque Majumder, Pro-Vice Chancellor; Professor Dr. Mostafa Kamal, Dean, Academic Affairs; Professor Dr. Mohammed Masum Iqbal, Dean, Faculty of Business & Entrepreneurship; and Dr. Mohammed Nadir Bin Ali, Registrar, were present.
‘Uddokta 101’ will ensure female entrepreneurs' financial and digital inclusion by giving them access to resources and financial education. Leveraging on their business knowledge and skills, women business owners can revitalize their enterprises, create more jobs and contribute more to the economy.
In the three-month-long training session, the aspiring entrepreneurs will deep dive into a business plans, record keeping, accounting, taxation, compliance, HR management, operations and supply chain management, e-business, export-import management and important aspects of business management.
Read: U.S. Embassy hosts first ever TechCamp in Bangladesh to empower young journalists
Syed Abdul Momen, Deputy Managing Director & Head of SME, Brac Bank, said, "The Bank has always been proactive in nurturing SMEs in Bangladesh”.Professor Dr. M. Lutfar Rahman, Vice Chancellor of Daffodil International University, said, “Think this collaboration will benefit the up-and-coming entrepreneurs to shine in business”.
Grameenphone reports 5.5% growth in 2023
In the face of a challenging macroeconomic environment, Grameenphone Ltd has demonstrated resilience, achieving sustained growth momentum through strategic execution and substantial network investments, according to a press release.
For the year 2023, Grameenphone reported total revenue of Tk 158.7 billion, marking a 5.5% increase compared to the corresponding period last year.
Grameenphone introduces simplified plans to cater to customers’ evolving needs and convenience
Despite economic headwinds, the company's subscriber base remained steady at 82 million in the fourth quarter, with 56.9 percent of them, totaling 46.6 million, actively using internet services, said the release.
“The fourth quarter of 2023 registered continued growth momentum in both revenue and EBITDA whilst navigating external challenges and strengthening core services. Keeping customer centricity and personalization at the core, we have strategically deployed spectrum and constantly enhanced our network capabilities. We have prioritized the needs of our customers to provide a seamless user experience to continue to be the most reliable connectivity partner in the country with increased focus on digital capabilities; we have observed increased interaction of our customer at our digital touchpoints”, said Yasir Azman, Chief Executive Officer (CEO) of Grameenphone Ltd.
Grameenphone's Farha Naz recognised as Asia’s Top Outstanding Woman Marketeer of the Year
“At Grameenphone, we believe that our responsibility extends beyond just our business operations. We are deeply committed to building a sustainable future and making a positive difference in the communities we serve, at the same time in this quarter we have brought in new IoT products to contribute to our customers’ easier, safer, healthier, and happier life.” he added.
“In Q4, Grameenphone maintained its strong financial performance and commitment to invest in improved network and customer centric solutions; I am particularly pleased that we managed to grow topline and EBITDA for the eleventh straight quarter despite rising inflation and macroeconomic challenges while also expanding our network leadership.
Grameenphone, Telenor, UNICEF partner to strengthen digital literacy, online safety for 10 million children
“In Q4, we realized a solid year-on-year 6.9% growth in subscription and traffic revenue compared to 6.0% in the previous quarter. Grameenphone delivered double-digit growth in Data Revenue for five consecutive quarters,” he added.
Supported by the strong top line development and sound financial discipline, profit for the quarter stood at 5.9 billion, a year-on-year 58.2% growth.” said Otto Risbakk, Chief Financial Officer (CFO) of Grameenphone Ltd.
“In Q4, Grameenphone invested 3.2 billion CAPEX (excluding license, lease and ARO) focusing mainly towards 4G network & fiber connectivity expansion, along with 2600 MHz spectrum deployment to ensure enhanced network experience for our customers.
“Grameenphone rolled out more than 1,600 new 4G sites which included 1,400 new coverage sites in the last 12 months. At the end of Q4’23, Grameenphone’s 4G sites reached more than 21,200 with 97.9% 4G population coverage. In the year 2023, Grameenphone contributed BDT 122 billion to the National Exchequer, equaling 77% of Grameenphone’s total revenue in the form of taxes, VAT, duties, licenses, and spectrum assignment fees.”
NOVOAIR offers 15% discount on all ticket prices at Dhaka Travel Mart 2024
Private airline NOVOAIR has announced a 15 percent discount on ticket prices for all routes.
It also announced holiday packages for Cox's Bazar and Kolkata routes, according to a press release on Tuesday.
NOVOAIR celebrates its 11th Anniversary
Travellers can avail of these offers from the NOVOAIR pavilion at Dhaka Travel Mart-2024, scheduled to take place from February 8 to 10 at the Pan Pacific Sonargaon Hotel in the capital, it said.
NOVOAIR currently operates daily flights from Dhaka to Cox's Bazar, Chattogram, Jashore, Saidpur, Sylhet, Rajshahi, and international destinations in India’s Kolkata.
NOVOAIR wins best airline award for on-time flight operation
Holiday packages to Cox's Bazar and Kolkata at an affordable fare include a two-night, three-day hotel stay, round-trip NOVOAIR tickets, and other benefits. Travel enthusiasts can enjoy this package in easy six-month installments without interest using cards from the top private banks in the country, said the release.
NOVOAIR partner hotels in Cox's Bazar include Sea Pearl Beach Resort & Spa, Ocean Paradise Hotel & Spa, Long Beach Hotel, Hotel The Cox Today, Dera Resort & Spa, Hotel Ramada, Seagull Hotel, Neeshorgo Hotel & Resort, Best Western Heritage, Prasad Paradise Hotel & Resorts, Windy Terrace Hotel, Hotel Sea Palace, Grace Cox Smart Hotel, Hotel Kallol, and Allegro Suites.
NOVOAIR offers 15% discount on tickets, 2 nights free hotel in Cox-Bazar
Besides, the hotels in Kolkata include Hotel Hindustan International, The Peerless Inn, and Hotel Campton.
Walton awards 381 officials, sales executives for boosting sales
Walton Hi-Tech Industries PLC has honoured a total of 381 officials and sales executives with “Best Employee Award” for their outstanding performance to boost up the company’s sales during the months of December-2023 and January-2024.
The awardees included sales executives from Walton distributor network, Marcel distributor network, and corporate sales and development network as well as the officials from different departments of the company, according to a press release.
Walton NEXG N25 Review: A Budget-friendly Smartphone with Standard Features
Walton Hi-Tech Industries PLC’s Managing Director SM Mahbubul Alam and Director Nishat Tasnim Shuchi handed over the awards and crests to the awardees at a programme held at the Walton corporate office in the capital on Sunday, it said.
The function was attended, among others, by Walton Plaza’s Managing Director Mohammad Rayhan, Walton Hi-Tech Industries' Additional Managing Directors (AMD) Major General (Retd) Ibne Fazal Shayekhuzzaman, Nazrul Islam Sarker and Ziaul Alam FCA, Deputy Managing Director Humayun Kabir, Senior Executive Directors SM Zahid Hasan, Ariful Ambia, Mofizur Rahman Jakir, Tanvir Rahman, Firoj Alam and Didarul Alam Khan (chief marketing officer).
Walton records profit growths in July-December of FY 2023-24
Through virtual platform, Walton Hi-Tech’s AMD Eva Rezwana Nilu and DMD Yusuf Ali also joined the function.
Addressing the function, Walton’s CMO Didarul Alam Khan said, “Most of domestic buyers of electronics products have kept their trusts on Walton products because of its latest technology, and innovative features like IoT (Internet of Things) based huge energy saving inverter technology products. Providing swift and best after sales services through the nationwide service centers under the country’s largest ISO certified service network is also resulted in attaining customers’ faith.”
PM visits Walton Mega Stall at Dhaka Int’l Trade Fair
Walton Hi-Tech is manufacturing various types of electrical, electronics, home and kitchen appliance at its own state-of-the-art production plants at Chandra of Gazipur, the outskirt of the capital Dhaka. Walton made products include- IoT based huge energy saving inverter technology’s smart fridge, air conditioner, compressor, television, lift, washing machine, among others, said the release.
Islami Bank-Western Union remittance clients to win rewards every day
Islami Bank Bangladesh PLC clients will get Tk1 lakh cash by digital draw every banking day for sending remittances through Western Union, and one mega winner will get Tk3 lakh, which includes round-trip air tickets.
Each winner will receive the money through a co-branded card. This offer will continue from February 6 to March 6, 2024, according to a press release.
Mohammed Monirul Moula, Managing Director and CEO of the Bank inaugurated the Islami Bank-Western Union special remittance marketing campaign as chief guest on Monday through a ceremony at Islami Bank Tower in Dhaka's Motijheel.
Prem Sugunesh, Senior Manager, Development, at South Asia-Western Union, addressed the programme as a guest of honour. Muhammad Qaisar Ali and JQM Habibullah, FCS, Additional Managing Directors, addressed the programme as special guests.
Islami Bank has been playing an important role in collecting remittances since its inception, said its MD and CEO.
The bank has set a new milestone by collecting foreign remittances worth $700 million in January 2024, enjoying around 35 percent market share, he said.
Bangladesh ranks seventh in the global remittance market. Around 13 million people in the country are contributing to these remittances by working in different countries around the world, said the release.
The MD said Islami Bank has agreements with 155 remittance service providers in different countries. Expatriates can remit their hard-earned money fast and safely through these remittance houses at a low cost.
A dedicated team of skilled and trained manpower from the bank is working tirelessly round the clock to provide service to expatriates and their relatives in the country, the IBBL MD said.
Bangladesh's foreign exchange reserves fall below 20 bln USD
Bangladesh's foreign exchange reserves fell below 20 billion U.S. dollars by the end of January, the latest central bank data showed.
Bangladesh Bank (BB) data showed the country's foreign exchange reserves stood at 19.94 billion dollars on Jan. 31, according to the International Monetary Fund calculation method, compared with 17.20 billion dollars on Dec. 31.
Read: Bangladesh Bank sets an 11-point roadmap to realise default loans
BB said the gross reserve was 25.09 billion dollars by the end of January.
The reserve calculated under the IMF's balance of payments and investment position manual method is immediately usable, while the gross reserve is also usable subject to the realization of investment.
For a growing economy like Bangladesh, forex reserves equivalent to six months' import bills are considered adequate.
With the existing reserves, however, central bank officials said Bangladesh is in a position to pay about four months' import bills.
Bangladesh's gross foreign exchange reserves hit an all-time high of 48 billion dollars in August 2021.
Read: NBR’s pre-budget discussion to formulate budget for FY2024-25 begins Feb 4
In a bid to boost shrinking forex reserves, the central bank has taken various measures, including relaxed rules, to woo more remittances from millions of Bangladeshi people living and working abroad in recent years.
Bangladesh Bank sets an 11-point roadmap to realise default loans
Bangladesh Bank (BB) has set a harsh 11-point roadmap to realise default loans and ensure good governance in bank operations.
The central bank board meeting on Sunday approved this roadmap for establishing good corporate governance in banks along with a guideline for reducing huge amounts of default loans, Deputy Governor of BB Abu Farah Md Nasser told UNB. The BB governor Abdur Rouf Talukder presided over the meeting.Nasser said that the defaulters would be deprived of various benefits such disqualification in buying new land, house, car, or even open a new business.
“The board of directors has taken such harsh decision to reduce overall defaulted loans to 8 percent, state-owned bank defaulted loans ratio to reduce by 10 percent and 5 percent respectively, and reducing fraud, disguise and limit cross loan disbursement to zero level,” said Nasser.
The BB introduced a new rule to keep 100 percent provision before the write-off loan defaulted for 2 years from the 3 years. As a result, the Tk43300 crore bad loans will be reduced.
A bank has to form a unit in coordination of the bank’s managing director to realize the write-off loans, he said.
The stressed asset (defaulted loans) is to be shown in a separate balance sheet until realization of the loan.
RMG export up by 3.45% in July-January of FY 2023-24
As per the latest statistics of the Export Promotion Bureau (EPB), readymade garment export reached US$ 28.36 billion during July-January of FY 2023-24, 3.45% up compared to the same period of the previous fiscal year.
“Our RMG export grew by 3.45% year-over-year basis to US$ 28.36 billion from US$ 27.41 billion during the same period of the fiscal year 2022-23,” said a press release sent by Mohiuddin Rubel, director at BGMEA.
The export of knitwear was US$ 16.17 billion, growth increased by 8.15% and woven garments were US$ 12.18 billion, growth declined by 2.20%, the release added.
The single-month apparel export earnings that indicate export in January 2024 was US$ 4.97 billion with increased by 12.45% growth compared to January 2023.
The overall growth in RMG export is not up to the mark and not bad also, it said.
However, the recent trend in trade reflects depressing scenario of the retail business and economy, which might be continued throughout this year.
'Forum' panel formed to contest BGMEA elections
Candidates of 'Forum' have submitted their nomination forms on Saturday for the upcoming elections of BGMEA.
During the submission of nomination forms, Forum panel’s leader and former Senior vice president of BGMEA, Faisal Samad; former BGMEA Presidents- Anisur Rahman Sinha and Anwar Ul Alam Chowdhury Parvez; former BGMEA Vice Presidents- Alamgir Z Rahman and Benajir Ahmed, former BGMEA Director Engr Nurul Huq; the former first Vice President of BGMEA & Forum’s President Md. Abdus Salam; Forum’s General Secretary, former DCCI President, Chattogram Stock Exchange Chairman, and Board Director of BGMEA Asif Ibrahim; Forum's Senior Vice President, Senior Director of BGMEA Mr. Inamul Huq Khan; Former President of DCCI, Osama Taseer; alongside 29 candidates from Dhaka region and 12 candidates from Chittagong region- were present on behalf of Forum.