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HSBC Bangladesh Hosts “Japan – Bangladesh Business Corridor” Event to Strengthen Ties

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HSBC Bangladesh recently hosted a corridor event titled “Japan – Bangladesh Business Corridor: Legacy and the Future” to celebrate and strengthen the longstanding relationship between the two countries. The event brought together Japanese businesses operating in Bangladesh and various stakeholders.

Since Bangladesh’s independence, Japan has played a significant role as a bilateral development partner, contributing to trade, investment, infrastructure development, industrialization support, and social development improvements in the country. HSBC recognizes the importance of Japan’s contributions and untapped potential.

Gerard Haughey, Country Head of Wholesale Banking at HSBC Bangladesh, highlighted the evolving relationship between Japan and Bangladesh, particularly in terms of ongoing trade and investment engagements. He emphasized the opportunities for Japanese investors in Bangladesh’s rapid growth and stated that HSBC is ready to facilitate connections to a world of opportunities.

Hirotaka Shibata, Director of Commercial Banking at HSBC Japan, emphasized HSBC’s presence in Japan and its ability to provide “local” connections and knowledge to Japanese investors on both ends of the investment journey. He noted that HSBC Japan considers Bangladesh a priority corridor and is closely collaborating with HSBC Bangladesh to offer the best available services to clients.

HSBC, as a leading international bank, offers expertise in trade, payment, cash management, and project financing support services in Bangladesh. Its extensive presence in 62 countries makes it the preferred choice for foreign businesses, including Japanese stakeholders operating in Bangladesh. With its digital banking capabilities, HSBC has become the go-to bank for inbound Japanese companies, serving infrastructure and private sector investment clients and stakeholders.

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Top Bank Executives Ordered to Address Currency Exchange Scandal

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The Bangladesh Bank has issued orders to the top executives of nine commercial banks, instructing them to transfer officials allegedly involved in foreign currency exchange irregularities at Hazrat Shahjalal International Airport. In a Thursday meeting, Deputy Governor Kazi Sayedur Rahman cautioned CEOs against the recurrence of such incidents, urging heightened oversight and security measures at airport booths.

Bangladeshi expatriate workers and travelers typically convert foreign currencies to Taka at bank booths and money exchangers upon returning to Bangladesh. However, some officials were found to be involved in exchanging foreign currencies directly without issuing proper vouchers or with fake vouchers, a practice considered money laundering.

The implicated banks include state-run Sonali, Janata, Agrani, and Probashi Kallyan, along with five private banks: Pubali, Jamuna, City, Mutual Trust, and Standard. The Anti-Corruption Commission (ACC) verified the allegations following a formal complaint, conducting a raid and investigation at Shahjalal Airport on Monday.

ACC officials discovered that foreign currency arriving at Shahjalal Airport, meant to be deposited through the banking channel, was being manipulated by unscrupulous officials. Some were purchasing dollars and selling them in the open market without proper documentation, and in certain cases, currencies were being smuggled abroad.

In-bound passengers frequently exchange US dollars, euros, riyals, ringgits, pounds, and dinars at the airport, according to ACC officials. The central bank’s directive aims to curb malpractices and ensure the proper handling of foreign currency transactions at the airport.

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Cenbank Grants Approval to 8 Additional CA Firms for Auditing

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Following a thorough assessment of appeals from various audit firms in alignment with the enlistment policy, Bangladesh Bank (BB) has opted to augment the existing roster by incorporating eight additional chartered accountant (CA) firms.

With this recent inclusion, a total of 39 audit firms now meet the criteria for auditing banks and finance companies, according to a circular issued by BB today.

This circular has been disseminated by Bangladesh Bank, exercising its authority as stipulated under section-39(1) of the Bank Company Act, 1991 (Amended up to 2023) and section-37(1) of the Finance Company Act, 2023.

As per the circular, a single firm is permitted to audit a maximum of six banks and finance companies within a financial year.

The enlisted audit firms (Chartered Accountants) are: Qasem & Co; Wahab & Co; ACNABIN; Ahmed Zaker & Co; Ahsan Manzur & Co; Anil Salam Idris & Co; Arun & Company; Aziz Halim Khair Choudhury; Basu Banerjee Nath & Co; Chowdhury Bhattacharjee & Co; Das Chowdhury Dutta & Co; Dewan Nazrul Islam & Co; G Kibria & Co; Hoda Vasi Chowdhury & Co; Hoque Bhattacharjee Das & Co; Howladar Yunus & Co; Hussain Farhad & Co; Islam Aftab Kamrul & Co; Islam Jahid & Co; K M Alam & Co; Kazi Zahir Khan & Co; Khan Wahab Shafique Rahman & Co; M J Abedin & Co; M M Rahman & Co; M Z Islam & Co; MABS & J Partners; Mahamud Sabuj & Co; Mahfel Huq & Co; Malek Siddiqui Wali; Masih Muhith Haque & Co; MRH Dey & Co; Nurul Faruk Hasan & Co; Pinaki & Company; Rahman Rahman Huq (KPMG); S. K. Barua & Co; Shafiq Basak & Co; Snehasish Mahmud & Co; Syful Shamsul Alam & Co; Zoha Zaman Kabir Rashid & Co.

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Cenbank Unveils Roadmap to Slash Default Loans Below 8% by 2026

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The Bangladesh Bank has unveiled a roadmap aiming to reduce default loans to below 8% by June 2026. As of September last year, default loans in the banking sector amounted to Tk1.55 lakh crore, approximately 10% of the total outstanding, according to Bangladesh Bank data.

he new roadmap is in line with the International Monetary Fund (IMF) conditions as part of a $4.7 billion loan package. It emphasizes the pivotal role of shareholder directors and managing directors in the recovery process. Furthermore, the central bank has modified the loan write-off policy, allowing banks to write off loans in two years instead of the previous three, potentially reducing default loans by 2.76%, equivalent to Tk43,300 crore.

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