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.
HDFCBank 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.
ICICIBank 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. SBIhas 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.
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.
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.
Dutch-Bangla Bank Limited (DBBL) : is Bangladesh's most innovative and technologically advanced bank. DBBL stands to give the most innovative and affordable banking products to Bangladesh. Amongst banks, DBBL is the largest donor in to social causes in Bangladesh. It stands as one of the largest private donors involved in improving the country. DBBL is proud to be associated with helping Bangladesh as well as being a leader in the country's banking sector
Mission
Dutch-Bangla Bank engineers enterprise and creativity in business and industry with a commitment to social responsibility. "Profits alone" do not hold a central focus in the Bank's operation; because "man does not live by bread and butter alone".
Vision
Dutch-Bangla Bank dreams of better Bangladesh, where arts and letters, sports and athletics, music and entertainment, science and education, health and hygiene, clean and pollution free environment and above all a society based on morality and ethics make all our lives worth living. DBBL's essence and ethos rest on a cosmos of creativity and the marvel-magic of a charmed life that abounds with spirit of life and adventures that contributes towards human development.
Core Objectives
Dutch-Bangla Bank believes in its uncompromising commitment to fulfill its customer needs and satisfaction and to become their first choice in banking. Taking cue from its pool esteemed clientele, Dutch-Bangla Bank intends to pave the way for a new era in banking that upholds and epitomizes its vaunted marques -Your Trusted Partner.
Bank of America is one of the world's largest financial institutions, serving entity consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Total assets: US$ 2.326 trillion (as of September 30, 2011). Net income: US$ 2.238 billion (2010), US$ 6.2 billion (3Q-2011).
Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
Islami Bank launches iTransfer, iRecharge services
Dhaka, December 2011- Islami Bank Bangladesh Limited has launched iTransfer and iRecharge services. It will introduce new horizon in the banking sector of Bangladesh, the officials said on Sunday. Through iTransfer one can transfer upto Tk 5 lakh from his account to other’s and through iRecharge one can upload money in his mobile by debiting his bank account, said a release of the bank.
On the occasion, the bank organized a workshop for 61 IT officers of different branches of Dhaka at Mohammad Younis auditorium, IslamiBankTower in the city on Sunday.
Mohammad Abdul Mannan, managing director of Islami Bank Bangladesh Limited, was present as the chief guest. The programme was also attended by high officials of the bank.
Bank Islam eyes expansion in Indonesia, Bangladesh
KUALA LUMPUR, December 07, 2011 - Bank Islam Malaysia Bhd is eyeing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure in place to facilitate Shariah-based financing and banking operations. Managing director Datuk Seri Zukri Samat said as mergers and acquisitions are on Bank Islam’s agenda for inorganic growth and corporate expansion, the bank is on the lookout for suitable candidates but has not initiated any discussions on mergers or acquisitions.
While the two countries have been identified as “very interesting countries” that fit into the bank’s expansion plan, however, said such plans would have to take into consideration the current global economic situation and its effect in this region.
Some economists believe that there could be a double dip with Europe going into recession and growth in the Asian region decelerating.
“We are monitoring this situation and because of that, we are adopting a cautious approach towards our agenda, so we are very cautious and we don’t want to be overly aggressive. Nonetheless, there is always an opportunity in a crisis acquisition may occur when a shareholder wants to exit and as long as there are synergies and the pricing is right, the opportunity arises,” he said.
Zukri said both countries have sound economies which offer opportunities for Islamic banking and the presence of many Indonesian and Bangladesh migrant workers here also allows the bank to tap the lucrative remittance business. Asked to comment on the Indonesian market, Zukri said the Central Bank of Indonesia has yet to make an announcement on foreign ownership in the country’s financial institutions. Currently, the regulation allows foreigners to own more than 90 per cent, however this may change.
Bank Islam’s overseas expansion model would involve acquiring Islamic banks rather than conventional banks. This is to avoid operational issues involving non-Shariah income from the businesses of the conventional banks during the transition period.
Zukri said Bank Islam prefers to work with a local party, who would be familiar with the local market and the regulatory environment, adding a controlling stake is not a requirement but preferred, provided it is not costly to the bank.
On the bank’s acquisition of a 20 per cent stake in Sri Lanka-based Amana Bank Ltd, he said: “It’s a good decision to go to Sri Lanka. We are upbeat about the potential and we expect this investment to break even after two years.”
