Southeast Bank inaugurates 10 agent banking outlets

During the month of Ramadan, Islami Bank Bangladesh Limited has launched an Iftar distribution program in front of its head office in Dilkusha, Dhaka. According to a news release, Mohammed Monirul Moula, the bank's managing director and CEO, inaugurated the event as the program's chief guest on Tuesday, March 28, 2023. Under this program, the bank will distribute Iftar items among more than one lac pedestrian fasting Muslims at 12 traffic points in Dhaka, Chittagong and Khulna City during the month of Ramadan.

According to the amended bill to alter the Bank Companies Act, corporate bonds and debentures would not be included in the capital market exposure of banking firms. Nevertheless, the draft bill adopted by the cabinet on Tuesday included a separate language allowing the Bangladesh Bank to determine how much a bank can invest in corporate bonds, debentures, and Shariah-based instruments such as Sukuk.

DBH Finance PLC (DBH), the only AAA-rated financial firm for the past seventeen years, offered 17% dividends for 2022. According to a press statement, the company's board of directors recommended 15% cash and 2% equity dividends for its shareholders for the fiscal year ended 31 December 2022, subject to shareholder approval at the Annual General Meeting (AGM) on 18 May. The NBFI paid its shareholders 15% cash and 10% stock for the fiscal year 2021.

Non-bank financial institutions (NBFIs) in Bangladesh lost 48,637 deposit accounts in the three months to December as a result of the deposit rate cap and the erosion of confidence following charges of irregularities at some banks. According to the Bangladesh Bank's quarterly NBFI figures issued last week, the NBFIs had 521,559 deposit accounts in the final month of 2022, down from 570,196 three months earlier.

Bangladesh Bank (BB) will release new currency notes in the market ahead of Eid-ul-Fitr. From April 9, the new notes will be distributed at all Bangladesh Bank branches across the country. The notes will also be distributed by the NCC Bank's Jatrabari Branch, Mutual Trust Bank Limited's Babu Bazar Branch Dhaka, Pubali Bank Limited's Sadarghat Branch Dhaka, Janata Bank Limited, Abdul Goni Road Corporate Branch, Agrani Bank Limited, Jatiya Press Club Corporate Branch, Rupali Bank Limited, local office Dhaka, Exim Bank Limited, Matijheel Branch, Sonali Bank Limited, Ramna Corporate Branch.

Eastern Bank Ltd (EBL) and Abu Dhabi Commercial Bank (ADCB) have signed a Master Forfaiting Agreement with ADCB and successfully completed a pilot forfaiting transaction, under "the Uniform Rules for Forfaiting (ICC Publication no. 800)", recently. In the pilot transaction, ADCB purchased an export LC risk under the forfaiting agreement with Eastern Bank and provided immediate cash on a without recourse basis while Eastern Bank handled all the documents under the LC for the exporter.