Lankan Alliance Finance Asked to Resubmit IPO Application

Islami Bank Bangladesh was honored with the 'Excellence in Mastercard Prepaid Business (Domestic) Award 2022-2023' at the Mastercard Excellence Award 2023. The deputy managing director of the bank received the award during a ceremony at Radisson Blu Dhaka Water Garden Hotel.

HSBC Bangladesh has formed a transformative partnership with BRAC, a leader in the microfinance sector. The collaboration aims to digitize BRAC's collection and disbursement processes, enhancing efficiency in Bangladesh's microfinance landscape.

FAS Finance & Investment faces a grim fate, with continuous losses over nearly five years, leaving the first-generation financial institution on the brink of collapse. The latest financial results for the nine months through September reveal a loss of Tk 2.03 billion, accumulating to nearly Tk 16 billion in losses until September 2023.

In response to inflation concerns, the central bank of Bangladesh has raised the lending rate for non-bank financial institutions (NBFIs) by 25 basis points to 13.18%. The interest rates on deposit collection for NBFIs have also increased by 25 basis points to 10.18%, effective from November 30.

Loan disbursement through agent banking in Bangladesh has surged by 59.81% year-on-year, reaching Tk14,192 crore by the end of September 2023, according to a Bangladesh Bank report. This growth is attributed to the expansion of agent banking services, enhancing financial inclusion in rural communities.

Bangladesh Bank (BB) has removed the 4 percent interest rate spread limit, introducing a new lending rate formula in July. The move is part of the gradual liberalization of the interest rate regime, incorporating the six-month moving average rate of treasury bills (SMART). Under SMART, banks can impose a 3.75 percent margin.