Bank-Insurance
Message to Governor to take action against IBBL
A message has been delivered to the Governor of Bangladesh Bank (BB) regarding the withdrawal of Tk 2,460 crore from Islami Bank through bogus(scam) and fake firms. The message has appealed action against those involved in large withdrawals.
The message was sent by the lawyer advocate Mohammad Shishir Manir and 4 other Islami Bank recipients on Sunday (November 27). The other 4 persons are Advocate Mohammad Abdul Wadud, Advocate Abdullah Sadiq, Shaikhul Islam Imran and Jayed bin Amjad.
The message says, that we are all regular recipients of Islami Bank Bangladesh Limited. We have bank accounts in many branches. We deal with Islamic banks as much as possible.
A national daily newspaper’s investigative report revealed on November 24, that Tk 2,460 crore was withdrawn by unscrupulous gangs from Islami Bank from November 1 to 17. This report gives a detailed description of the concerned institutions. Yet we are worried as bank depositors. Presently, Bangladesh is facing an economic crisis.
In this condition, we are offended by such suspicious financial transactions. We humbly request that you look into the matter seriously and we are requesting that you take effective legal warning action against the suspects and institutions subject to investigation.
When asked about the letter, Advocate Shishir Monir told Orthosongbad, ‘There has been an investigative report in the media about taking a loan from Islami Bank. Regarding that, we have penned to Bangladesh Bank. We are expecting that they will look into whether the loan process was correct or not. If Bangladesh Bank does not take action, then we will go to the HC, High Court.’
In a joint decision, the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB) have announced a reduction of Tk 0.50 in both buying and selling rates for the dollar.
The new rates, effective from Thursday, November 23, set the purchasing price for dollars related to export proceeds and remittances at Tk 110, down from Tk 110.50. Simultaneously, the selling rate for dollars concerning import settlements has been adjusted to Tk 110.50, a decrease from the previous Tk 111. This decision, reached during a meeting in the city, comes as a revision to the rates set on October 31, when both organizations had increased the official rates for remittance and export proceeds.
Bank-Insurance
HSBC Bangladesh Hosts “Japan – Bangladesh Business Corridor” Event to Strengthen Ties
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.
The Asian Development Bank (ADB) is set to provide Bangladesh with $338 million in support of domestic vaccine production, aiming to safeguard against a range of diseases. This announcement was made during a meeting between ADB Country Director Edimon Ginting and Planning Minister MA Mannan in Dhaka.
The initiative is part of the Bangladeshi government’s effort to develop a draft project to manufacture vaccines locally, thereby enhancing protection against diseases like COVID-19 and dengue, as well as preparing for potential future health challenges. The ADB’s funding offer consists of a $338 million loan, with half of it carrying a low-interest rate and the remaining portion subject to regular interest.
The ADB is urging the government to expedite the approval of this important project. The Planning Minister assured that diligent efforts would be made to secure swift approval. The ADB Country Director shared that the past fiscal year saw substantial progress in terms of the working environment, disbursement, project implementation, and loan approval in Bangladesh.
The project’s total cost is approximately $351 million. It aims to reduce Bangladesh’s dependence on vaccine imports and bolster domestic production capabilities. The ADB Country Director highlighted that beyond the period of Least Developed Country (LDC) status, Bangladesh may face challenges in procuring vaccines at lower rates and instead may need to purchase them at market prices. To enhance the country’s capacity for vaccine production, this project has been initiated with the aim of swift approval.
Moreover, the ADB has committed $3.5 billion in financing to Bangladesh for the current fiscal year, with approximately $2 billion being concessional and the remaining $1.5 billion being regular funding.
