Moody’s Downgrades Credit Ratings of Six Banks

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.

A major export fraud involving Loopdot Fashion Limited in Mymensingh, Bangladesh, has been exposed, with 225 consignments of garments falsely exported, totaling $6.8 million or 75 million taka. The fraud was revealed during the seizure of two consignments

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.