Business
Confidence Group signs MoU with UCB Investment and others for strategic alliance
Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signed a Memorandum of Understanding (MoU) to revolutionize corporate advisory and equity raising in Bangladesh.
The ceremony, held at The Westin Dhaka on March 18, was attended by industry leaders, including Rezaul Karim and Imran Karim, Chairman and Vice Chairman of Confidence Group respectively, Arif Quadri, Managing Director and CEO of United Commercial Bank, Tanzim Alamgir, Managing Director of UCB Investment Limited, and Syed M Omar Tayub, Managing Director of Prime Bank Investment Limited.
This alliance marks the dawn of a new era, characterized by strategic partnership and mutual growth, said a press release.
At its core lies a shared commitment to harnessing the collective strengths and expertise of the three entities to drive innovation, foster sustainable development, and unlock unprecedented opportunities within Bangladesh's dynamic business landscape.
The strategic alignment between Confidence Group, UCB Investment Limited, and Prime Bank Investment Limited signifies a bold step towards synergizing resources, knowledge, and capabilities to address emerging market demands and propel the nation towards greater economic prosperity.
As stakeholders gear up to embark on this transformative journey, the alliance is poised to redefine industry standards, catalyze growth, and set new benchmarks for excellence in corporate collaboration.
BRAC Bank signs credit guarantee agreement with BB to support women, agri entrepreneurs
BRAC Bank has signed a participation agreement with Bangladesh Bank to avail Credit Guarantee facility to support women and agro-based product processing entrepreneurs.
This facility will support women entrepreneurs in small enterprises, and the agro-processing industry under Bangladesh's refinance scheme.
Selim R.F. Hussain, Managing Director & CEO, BRAC Bank, and Nahid Rahman, Director, Credit Guarantee Department of Bangladesh Bank, signed the agreement at Bangladesh Bank Head Office in Dhaka on March 11.
Nurun Nahar, Deputy Governor; and Mohammad Jamal Uddin, Executive Director, Bangladesh Bank, and Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, BRAC Bank, attended the programme.
The credit guarantee will cover a Tk 3,000 crore refinance scheme for women entrepreneurs and a Tk 1,400 crore refinance scheme for the agro-product processing sector.
This scheme will help women and agro-processing entrepreneurs obtain loans without collateral, said the BRAC Bank.
No Padma Bank employee will lose job: Exim Bank Chairman says after signing merger
Padma Bank has merged with the Sharia-based Exim Bank Plc.
The merger happened on Monday through a formal deal signing at Bangladesh Bank.
The central bank’s Governor Abdur Rauf Talukder and senior officials, officials of the two banks were present at the deal signing ceremony.
This is the first merger of two banks in the country after Bangladesh Bank’s recent initiative to merge weaker banks with sound or strong ones.
Exim Bank Chairman Nazrul Islam Majumdar told UNB that Padma Bank will no longer exist from tomorrow. Due to the merger, the new operations will be carried out under the name of Exim Bank.
“No employees will lose their jobs despite the merger. However, the directors of Padma Bank cannot be on the Board of Directors of Exim Bank. No decision has been made yet regarding the managing directors of the two banks,” he said.
Majumder said, "There was no pressure from the government to merge with Padma Bank, but there was a suggestion from the government. We have done it in the interest of the country, in the interest of the economy.”
Following the merger, depositors and shareholders will not face any issue, he said.
He said, “There are two methods of integration of banks — acquisitions and mergers. We didn't do acquisition, we did a merger.”
Padma Bank, which has about 1200 employees, will work for Exim Bank, sources said.
Padma Bank has defaulted loans of around Tk 4000 crore and the liability of government banks is about Tk 3000 crore with Padma.
In this regard, Exim Bank Chairman said, "Padma has been merged, as a result, all liabilities of Padma Bank have now been taken over by Exim Bank.”
About Shariah-based banks, Nazrul Islam said, “Exim Bank is Shariah-based. Even though Padma Bank is general, since we (Exim) have merged them, they will also be Shariah-based. Every index of Exim Bank is in a good position, hope it will do better.”
Standard Chartered, Apollo Hospitals, Kolkata sign MoU
Standard Chartered Bangladesh signed a Memorandum of Understanding (MoU) with Apollo Multispecialty Hospitals, Kolkata to provide healthcare privileges to clients.
As a part of the agreement, Apollo Hospitals will offer special discounts on health check-up packages, outdoor investigations, and room rent for all Standard Chartered credit and debit cardholders.
Walton brings country’s first 6-star energy rating AC
The MoU was signed recently at Standard Charter Bank’s head office.
Tawfique Imam, head CCPL, Shahreen Alam, head of rewards and Alliances Standard Chartered Bangladesh; Rana Dasgupta, Chief Executive Officer, Eastern Region, Apollo Hospitals Group; M M Masumuzzaman, Managing Director, SEOK, healthcare (Representative of Apollo Multispecialty Hospitals in Dhaka); and other senior officials from both organisations were present at the event.
DSE's tribute to Bangabandhu on his birth anniversary
A delegate of Dhaka Stock Exchange led by Chairman Professor Dr. Hafiz Muhammad Hasan Babu paid tribute by placing wreaths at the portrait of Bangabandhu at Dhanmondi 32.
The board of directors, management authority, and employees of DSE paid tribute on the occasion of the 104th birth anniversary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, according to a press release.
Brigadier Imran Hamid made independent director of DSE
Bangladesh Securities and Exchange Commission (BSEC) has again appointed Brigadier General M Imran Hamid as an independent director of Dhaka Stock Exchange (DSE), the country's main stock market.
The BSEC in an office order said his appointment for the next 3 years will be effective from March 15.
Brigadier Hamid has just completed his three-year tenure in the post.
BRAC Bank wins Top Ten Remittance Award
Brac Bank has won the Top Ten Remittance Award at the World Conference Series 2024.
This recognition demonstrates BRAC Bank's unwavering commitment to bolstering the economy by simplifying remittance processes for wage earners worldwide, said a press release.
A leader in facilitating inward remittances to Bangladesh, BRAC Bank set a new benchmark by facilitating wage remittances totalling USD 817 million in 2023.
Islami Bank pays tribute to Bangabandhu’s memorial
According to BRAC Bank, this milestone underscores its significant impact on the country's economic stability.
The award was presented at the World Conference Series 2024 grand inauguration ceremony organised by the Centre for Non-Resident Bangladeshi.
The Centre for Non-Resident Bangladeshi handed the award to BRAC Bank, acknowledging its pivotal role in driving economic growth, alleviating poverty, and fostering social development across Bangladesh.
The ceremony was attended by AK Abdul Momen, former Foreign Minister; Mashiur Rahman, Economic Affairs Adviser to the Prime Minister; Shofiqur Rahman Choudhury MP, State Minister for Expatriates' Welfare and Overseas Employment, alongside managing directors and senior executives from various banks held at Pan Pacific Sonargaon, Dhaka on March 10, 2024.
Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking at BRAC Bank, and Shahrear Zamil, Head of Remittance and Probashi Banking, received the award on behalf of the bank.
Trade between Bangladesh-India through Hili land port suspended today
This year's World Conference Series, themed 'Branding Bangladesh,' aims to elevate the nation's profile on the global stage, encouraging the Bangladeshi diaspora to increase their investment in the homeland and to utilize formal channels for remittances.
Islami Bank pays tribute to Bangabandhu’s memorial
Islami Bank Bangladesh PLC paid tribute to the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, at his memorial in Dhanmondi 32, marking his birth anniversary and National Children’s Day on Sunday.
Trade between Bangladesh-India through Hili land port suspended today
FCMA Directors, Freedom Fighter Md Joynal Abedin and Mohammed Nasir Uddin and Md Altaf Hossain, Additional Managing Director of the bank placed a floral wreath on behalf of the Bank, according to a press release issued today.
Top executives, officials, and employees of the bank were present on the occasion.
Trade between Bangladesh-India through Hili land port suspended today
Export-import between Bangladesh and India through Dinajpur’s Hili land port remained suspended on Sunday marking the birth anniversary of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman and National Children’s Day.
However, movement of travellers through the land port remains normal.
Harun-Ur-Rashid, president of Hili Land Port Importer-Exporter Group, said trade through the border remained suspended due to the public holiday on the occasion of the birth anniversary of the Father of the Nation.
Trade through the land port will resume from Monday, he said, adding that they informed their Indian partners about the closure through a letter earlier.
SM Haider, assistant manager of the land port’s private operator ‘Panama Hili Port’, said goods from Indian trucks at the port will be unloaded on Monday.
Sheikh Ashraful, Officer-in-Charge (OC) of Hili Immigration Check Post, said although trade between the countries was suspended, traveller movement will remain as usual from 9 am to 6 pm.
Walton brings country’s first 6-star energy rating AC
Bangladeshi electronics giant ‘Walton’ has released BSTI’s 6-star energy rating certified split type air conditioner in the domestic market. In Bangladesh, only Walton brand ACs have achieved the BSTI’s 6-Star and 5.5 Star energy rating certificates.
It is the most energy-efficient AC in South Asian countries, according to a media statement.
Only Walton AC has a 5-inch TFT color display that shows various important information including running data, performance, timing, and indoor and outdoor temperature of AC.
Walton AC can be controlled from anywhere through IoT smart control system using smart apps solution function and electricity bills are also calculated easily using the apps. Beside any defects of AC can be diagnosed through smart diagnosis system, reads the release.
Sylhet’s Laki Begum becomes millionaire buying Walton fridge
In this summer, customers are offered ‘nonstop millionaire’ on the purchase of Walton AC from any Walton Plaza, distributor outlet or online sales platform ‘E- plaza’ across the country under the Walton’s digital campaign Season-20.
Besides, crores of taka sure cashback are also available. Customers will enjoy the benefits of season-20 from March 1 to till further announcement.
Under the Walton’s AC exchange offer, customers can purchase Walton’s brand new model of split ACs with maximum Tk 23,000 discounts in exchange of their old or used ACs of any brands.
Walton AC’s Chief Business Officer (CBO) Tanvir Rahman said, “Walton is manufacturing and marketing high standard ACs with world’s largest numbers of features. In continuation of this service, Walton has released the country’s first BSTI 6-star energy rating and South Asia’s most energy efficient AC for customers in the market. The price of this new model of AC is set at Tk 65,000.”
Demand for Walton TVs constantly going up in European market
He added that customers can check the energy efficiency of Walton AC by contacting Walton’s nearest sales point, service center or call center at 16267.
Walton AC’s customers are getting one year replacement facility, 10-year guaranty on compressor, 3-year warranty on spare parts and 1-year free after sales service.
Walton provides swift and fast after-sales service to AC customers through 82 service points across the country under the ISO Certified Service Management System along with 300 service partners.
The skilled and experienced engineers and technicians of Walton are providing free service to AC buyers in every 100 days, added the release.
Read more: Air Conditioner Brands, Buyer Guide, Models, with Price in Bangladesh