Bank News

Bank News 

Following the country’s largest lender State Bank of India (SBI), Banks have begun to cut interest rates on deposits.  On Thursday, two large private lenders - ICICI and HDFC Bank - did so by 15-25 basis points (bps) in different maturity buckets.

 HDFC Bank reduced the rate on term deposits above Rs 1 crore by 25 bps across categories. The decision reflects a rise in deposits, banking sources said.

 ICICI Bank reduced the rate on term deposits by 15 bps for the maturity bucket of 390 days to two years. The new rate is 7.1%.  

At IDBI Bank, the panel which decides on interest rates is meeting on Friday. The money flowing into accounts (savings and current) after the decision to scrap Rs 500, Rs 1,000 notes as legal tender has been huge. What do we do with the surplus liquidity?” asked a bank senior.  

Bankers said rates are expected to reduce by up to 50 bps over the next few months. SBI had decided to cut by 15 bps on term deposits between one year and three years.

Public sector bank executives said more rate cuts – on deposits and subsequently on loans – are in the offing.  SBI has an excess statutory liquidity ratio of 5.5 percentage points over the minimum required. According to Reserve Bank of India (RBI) data, Banks parked Rs 2.48 lakh crore with the central bank at the reverse repo window on Wednesday, and Rs 1.80 lakh crore a day before. 

Deposits have grown by 9.8% in the 12 months till October-end, at Rs 99,839 crore. The growth in the earlier 12 months was 10.5%, said RBI.

Apart from the post-demonetization inflow, credit growth is not picking up.  Excess money is being parked in the bond markets but yields have fallen there.

China Development Bank News

China Development Bank

China Development Bank Corp. has approved a 15-year project loan for Co.’s 8 megawatts of solar power plants in California, according to a statement from LDK today. • CDB also approved a fifteen-year buyer’s credit to LDK unit KDC Solar LLC for its two New Jersey solar power plants, totalling 14.7 megawatts of capacity • CDB also approved two-year construction financing loan to EPC contractor, Solar Power Inc., which is majority owned by LDK, to construct the New Jersey plants • The loan amounts weren’t disclosed

Combodiz Bank News

Indian Bank opens first branch in the Kingdom

THE Mumbai-based Bank of India launched its first branch in Phnom Penh on Wednesday, becoming the first bank from the subcontinent to set up shop in Cambodia.

RC Baliarsingh, chief executive of the Bank of India Cambodia brand, said he was optimistic about the future of the Cambodian market and confident the bank could translate its long experience into success in the Kingdom.

"The government of India sees a great future for this country because it is now growing up, so we want to be part of this growth and share our success," he told the Post Wednesday, adding that the competitiveness of the local banking sector made it a dynamic place to do business. "Competition happens everywhere; and when there is more competition, it will benefit customers more."

The state-owned Bank of India, founded in 1906, has more than 3,000 branches across India, 28 branches overseas and offices in five continents.

Baliarsingh added that the bank had no set plans for further expansion in Cambodia, but expressed hopes its entry into the market would encourage other Indian firms. He also said the bank was in a good position to weather the international financial crisis, unlike many major banks in the United States.

[W]e have a strong base and have gone through many crises and both world wars," he said. "There is no problem for us.

Saurav Ray, first secretary of the Indian embassy in Phnom Penh, said the bank could boost the Cambodian economy by giving added confidence to Indian investors and making it easier for them to transfer investment capital. "The opening of [an] Indian bank in Cambodia is a significant sign [of] increasing bilateral trade volume between the two countries," he said. "It is a good sign for Indian investors to come to Cambodia because they can have more confidence," he said.

He said that currently around 30 Indian companies were present in Cambodia along with about 2,000 business people.

Banking News

Wheat yesterday traded with the positive node and settled 0.73% up at 1243 due to increased demand amid limited arrivals. Wheat sowing has been completed in most of the areas and conducive weather condition could help in harvesting record output for the second straight year. Wheat acreage was 27.6 million hectares until Dec. 30, since the sowing season began on Oct. 1, as against 27.7 million hectares in the previous year, data showed on Friday. India expects a record wheat harvest of 86 million tonnes in 2012, the farm secretary said in October, raising hopes of exports for a second straight year from the world's second-biggest producer and consumer of the grain after China.

Agrani Bank Limited (ABL)

Agrani Bank Limited

Agrani Bank Limited, a leading commercial bank with 876 outlets strategically located in almost all the commercial areas throughout Bangladesh, overseas Exchange Houses and hundreds of overseas Correspondents, came into being as a Public Limited Company on May 17, 2007 with a view to take over the business, assets, liabilities, rights and obligations of the Agrani Bank which emerged as a nationalized commercial bank in 1972 immediately after the emergence of Bangladesh as an independent state. Agrani Bank Limited started functioning as a going concern basis through a Vendors Agreement signed between the ministry of finance, Government of the People's Republic of Bangladesh on behalf of the former Agrani Bank and the Board of Directors of Agrani Bank Limited on November 15, 2007 with retrospective effect from 01 July, 2007.

Agrani Bank Limited is governed by a Board of Directors consisting of 13 (thirteen) members headed by a Chairman. The Bank is headed by the Managing Director & Chief Executive Officer; Managing Director is assisted by Deputy Managing Directors and General Managers. The bank has 11 Circle offices, 25 Divisions in head office, 54 zonal offices and 876 branches including 27 corporate and 40 AD (authorized dealer) branches.

AB Bank Limited (ABBL)

                             Arab Bangladesh Bank Limited

AB Bank Limited, the first private sector bank was incorporated in Bangladesh on 31st December 1981 as Arab Bangladesh Bank Limited and started its operation with effect from April 12, 1982.

During the last 29 years, AB Bank Limited has opened 85 Branches in different Business Centers of the country, one foreign Branch in Mumbai, India and also established a wholly owned Subsidiary Finance Company in Hong Kong in the name of AB International Finance Limited. To facilitate cross border trade and payment related services, the Bank has correspondent relationship with over 220 international banks of repute across 58 countries of the World.

AB Bank is known as one of leading bank of the country since its commencement 29 years ago. It continues to remain updated with the latest products and services, considering consumer and client perspectives. AB Bank has thus been able to keep their consumer’s and client’s trust while upholding their reliability, across time.

The Bank maintained its sound credit rating in 2008 to that of the previous year. The Credit Rating Agency of Bangladesh Limited (CRAB) awarded the Bank an A1 rating in the long term and ST-2 rating in the short Term.

In spite of adverse market conditions, AB Bank Limited which turned 28 this year, concluded the 2008 financial year with good results. The Bank’s consolidated profit after taxes amounted to Taka 230 cr which is 21% higher than that of 2007. The asset base of AB grew by 32% from 2007 to stand at over Tk 8,400 cr as at the end of 2008.

The Bank showed strong growth in loans and deposits. Deposit of the Bank rose by Tk. 1518 cr ie., 28.45% while the diversified Loan Portfolio grew by over 30% during the year and recorded a Tk 1579 cr increase. Foreign Trade Business handled was Tk 9,898 cr indicating a growth of over 40% in 2008.

AB Bank believes in modernization. The bank took a conscious decision to rejuvenate its past identity – an identity that the bank carried as Arab Bangladesh Bank Limited for twenty five long years. As a result of this decision, the bank chose to rename itself as AB Bank Limited and the Bangladesh Bank put its affirmative stamp on November 14, 2007.

The Bank decided to change its traditional color and logo to bring about a fresh approach in the financial world; an approach, which like its new logo is based on bonding, and trust. The bank has developed its logo considering the contemporary time.

AB Bank commits to nation to take a lead in the Banking sector through not only its strong financial position, but also through innovation of products and services. It also ensures creating higher value for its respected customers and shareholders. The bank has focused to bring services at the doorstep of its customers, and to bring millions into banking channels those who are outside the mainstream banking arena. Innovative products and services were introduced in the field of Small and Medium Enterprise (SME) credit, Women’s Entrepreneur, Consumer Loans, Debit and Credit Cards (Local & International), ATMs, Internet and SMS Banking, Remittance Services, Treasury Products and Services, Structured Finance for Corporate, strengthening and expanding its Islamic Banking activities, Investment Banking, specialized products and services for NRBs, Priority Banking, and Customer Care. The Bank has successfully completed its automation project in mid 2008. It envisages enabling customers to get banking services within the comfort of their homes and offices.