Alliance Finance and Concord Real Estate Sign MoU

The Bangladesh Bank has instructed commercial banks not to purchase remittance dollars at rates higher than Tk118, issuing warnings of penalties for non-compliance. In a recent meeting with managing directors of 15 banks, the central bank emphasized the need for adherence to this rate limit.

The IMF has recommended checking at least five high-risk banks in Bangladesh for money laundering and terror financing by next June. This is part of the structural benchmarks for the next 12 months following the IMF's second review of its $4.7 billion lending package, which approved the release of $1.148 billion in the third tranche.

UCB Investment Limited (UCBIL), a subsidiary of United Commercial Bank PLC, has been awarded the FinanceAsia Awards 2024 for Best Investment Bank in Bangladesh, marking its second consecutive win. The FinanceAsia Awards recognize excellence in the financial services sector across Asia. This accolade underscores UCBIL's leadership in Bangladesh's investment banking industry and its commitment to delivering quality and innovative financial solutions. The firm expressed gratitude for the recognition, emphasizing its dedication to client trust and ongoing contributions to Bangladesh's financial sector growth since commencing operations in 2021.

Bangladesh National Insurance Company Ltd approved a 20% cash dividend for its shareholders for the year 2023 during its 28th Annual General Meeting held via digital platform in Dhaka. The meeting, chaired by Chairman Mostafa Kamal, also endorsed the company's audited financial statements for the year ended December 31, 2023. Members of the Board of Directors and company secretary Md Masud Rana were present, alongside a significant number of shareholders.

Romo Rouf Chowdhury has been re-elected as chairman of Bank Asia, a position he holds as one of the sponsor shareholders and directors. With over 30 years of experience as an industrialist, he is also the chairman of Rancon Group, which oversees more than 30 subsidiaries including Rancon Motorbikes Ltd, Rancon Motors Ltd, and Rangs Properties Ltd. Chowdhury graduated in engineering from Durham University in the United Kingdom.

First Finance Limited reported a worsening financial performance in Q1 2024, with an EPS of negative Tk 1.94, slightly deeper than last year's negative Tk 1.91. The company's NOCFPS remained unchanged at negative Tk 0.24, indicating persistent challenges in cash flow management. Meanwhile, its NAV per share deteriorated to negative Tk 33.64 from Tk 30.75 a year ago, underscoring ongoing financial decline. First Finance, a "Z" category company since 2016, faces scrutiny over its ability to reverse losses and regain profitability amidst shareholder equity erosion.