Banks to remain open in the industrial zones on Jun 23, 24

Posted by BankInfo on Wed, Jun 21 2017 10:27 am

Banks have been asked to keep their branches open in the industrial zones of Dhaka and Chittagong on Jun 23 and 24, the last weekend before Eid holidays, to facilitate salary payment of garment workers.
"Banks in Dhaka and Chittagong will remain open on Jun 23 and 24," said a Bangladesh Bank statement on Tuesday.
The decision has been taken to clear wages, arrears and Eid bonus of garment workers, said the central bank.
According to the BB, AD (Authorised Dealer) branches of banks located in Dhaka metropolitan, Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj and Chittagong will remain open on the two days.

news:new nation/21-jun-2017

New VAT law business-friendly

Posted by BankInfo on Wed, Jun 21 2017 10:18 am

WB in its first reaction to budget says

Economic Reporter :
Terming the new VAT law as business and investment friendly, the World Bank (WB) said this online based system will reduce harassment and help the country to achieve its revenue target projected in the proposed budget for fiscal year 2017-18 (FY18).
"The new VAT law is more business-investment friendly than the old one. Implementation of this online system will help reduce harassment and it will not push up inflation," said WB's lead economist Zahid Hossain during the bank's review for the proposed budget on Tuesday, said a press release.
WB's country director Qimiao Fan also spoke at the press conference.
Zahid Hossain said the government needs to highlight a comparative picture between the new and old VAT laws. Enforcement of this new VAT law will not increase prices of goods and services but negative publicity about price hike could push up inflation in the domestic, he said, adding that the authorities concerned needs to remain alert about it.
Replying to a question, the WB economist said implementation of the new VAT law will not affect purchasing capacity of the low-income people because most of the goods they use are exempt from VAT.
Moreover, the establishments from where the low-income people buy products are also exempt from VAT because of low annual sale-turnover, he added.
Hossain said the government took five years to enforce the VAT and Supplementary Duty Act, 2012 and it would not be right to delay more in implementation of this law.
news: new nation/21-jun-2017

StandChart arranges Tk 1.60b preference share for Raj Lanka Power Company

Posted by BankInfo on Wed, Jun 21 2017 10:09 am


Standard Chartered Bank arranged BDT 1.60 Billion Non-Convertible Redeemable Cumulative Preference Share For Raj Lanka Power Company Limited, a subsidiary of LTL Holdings Ltd of Sri Lanka.  The company owns and operates a 53 MW Heavy Fuel Oil (HFO) fired IPP power plant in Natore.
This is the first Preference Share transaction arranged by Standard Chartered Bank, Bangladesh. The facility is aimed to re-finance the company's existing Preference Shares to reduce overall cost.
There was a diverse mix of investments in the transaction from Banks, Non Banking Financial Institutions and Corporate, which testifies to Standard Chartered Bank's strong relationship with investors from all segments and Issuer's strong business fundamentals and reputation.
The closing ceremony took place at the Westin Hotel recently, which was attended by U D Jayawardanat, CEO of LTL Holdings Limited,  M J M N Marikkar, Managing Director of Raj Lanka Power Company Ltd, and  Abrar A. Anwar, Chief Executive Officer of Standard Chartered Bank, Bangladesh, Enamul Haque, Head of Commercial Banking, Alamgir Morshed, Head of Financial Markets and Md Maroof ur Rahman Mazumder, Head of Capital Markets, Standard Chartered Bank, Bangladesh. The ceremony also was attended by the Investors, Lawyers, Rating Agency and Senior Officials from Standard Chartered Bank and Raj Lanka Power Company Ltd.

news:new nation/21-jun-2017

Shah Syed Abdul Bari, DMD, Head of HRD of National Bank Limited, presiding over a workshop on "Prevention of Money Laundering and Combating the Financing of Terrorism" at the bank training institute in the city recently. A total number of 60 officers of d

Posted by BankInfo on Wed, Jun 21 2017 09:58 am

Shah Syed Abdul Bari, DMD, Head of HRD of National Bank Limited, presiding over a workshop on \"Prevention of Money Laundering and Combating the Financing of Terrorism\" at the bank training institute in the city recently. A total number of 60 officers of

news:new nation/21-jun-2017

Md. Abdus Sabur Khan, Head of Cards of Southeast Bank Limited and (Dr.) Khan Md. Asadulla Hel Galib, Brig. Gen. (Retd.), Medical Director of LABAID Group, sign an agreement in the city recently. Under this deal, the bank's card holders can avail up to 15p

Posted by BankInfo on Wed, Jun 21 2017 09:47 am

Md. Abdus Sabur Khan, Head of Cards of Southeast Bank Limited and (Dr.) Khan Md. Asadulla Hel Galib, Brig. Gen. (Retd.), Medical Director of LABAID Group, sign an agreement in the city recently. Under this deal, the bank\'s card holders can avail up to 15

news:new nation/21-jun-2017
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