Union Bank Ltd opens Rajshahi Branch

In the purpose of providing shariah based modern banking Union Bank Ltd opened its Rajshahi Branch, Rajshahi on May 28, 2015. Honorable Managing Director of the Bank Md. Abdul Hamid Miah inaugurated the Branch. Among others SEVP S.A.M Salimullah, Senior Vice President Md. Mainul Islam Chowdhury , Rajshahi Branch Manager as well as renowned Businessmen, Industrialists, Local Elites, Executives and Officers of the Bank were also present on the occasion.

A Doa-Mahfil was also organized on the occasion. The Bank is committed to play the leading role in the economic development and Industrialization of the Country. (Source: press release) 

SBAC Bank chairman accorded reception

Chairman of the Board of Directors of South Bangla Agriculture & Commerce (SBAC) Bank Limited and President of Bangladesh Frozen Foods Exporters’ Association Mr. S.M. Amzad Hossain, and Chairman of the Executive Committee of the Board of Directors of SBAC Bank Ltd Mr. Maksudur Rahman, have been appointed Directors the new committee of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI). The Management of the SBAC Bank Ltd congratulated them for their appointment of the FBCCI as Directors. (Source: press release)

NRBC Bank opens 27th branch at Zirani Bazar of Savar

The 27^th Branch of NRBCBank (NRB Commercial Bank Limited) was inaugurated at Zirani Bazar, Ashulia, Savar, Dhaka.  Mr. A B M Azharul Islam Suruj, Chairman, Shimulia Union Parisad, inaugurated the Branch on Sunday 31 May, 2015. The inaugural ceremony was attended among others by the Managing Director and CEO of the Bank Mr. Dewan Mujibur Rahman, Senior Executive Vice President Mr. Arif Md. Shahedul Haque, Executive Vice President & Company Secretary Mr. Md. Rafiquzzaman, Vice President Mr. Mohammad Mostahaq, Asstt. Vice President Mr. M M Moshiur Rahman, Mr. Muklessur Rahman and Head of Branch Mr. Md Faisal Mahmud. A good number of respectable persons and local businessmen were also present on the occasion. (Source: press release)

Modhumoti Bank Limited holds executive committee meeting

The 28^th meeting of the Executive Committee of Modhumoti Bank Limited was held on Thursday. The meeting was presided by EC Chairman, Barrister Sheikh Fazle Noor Taposh MP. Among others Meghna Group Chairman Mostafa Kamal, Labib Group Chairman Salahuddin Alamgir, Sharmin Group Managing Director Md. Ismail Hossain, Bengal Group Director Humayun Kabir and Md. Mizanur Rahman, Managing Director & CEO of the Bank were  present at the meeting. (Source: press release)

Walton sets good example for modern enterprises, says German envoy in Dhaka

German ambassador to Bangladesh Dr Thomas Prinz visited the Walton Hi-Tech Industries on Thursday.

German ambassador to Bangladesh Dr Thomas Prinz said Walton is setting a good example for modern enterprises of Bangladesh in terms of ensuring workers’ safety, training, social welfare and adapting green technology at its production process.

“Walton is a modern factory. And, all the safety rules and regulations are maintained here. It is investing in workers’ training, safety and social welfares,” Prinz said.

The German envoy came up with the observations before the media after visiting different production units of the Walton Hi-Tech Industries Limited (WHIL), especially refrigerator, air conditioner, television and motorcycle units, and the display centre at Chandra in Gazipur on Thursday.

Prinz also unveiling the foundation-stone of refrigerator expansion project-4, funded by the KfW Development Bank, at the WHIL.

While expressing his reaction over the visit, Dr Prinz said, “Visiting Walton factory, I am absolutely astonished and got wonderful impression.”

The expansion project of the company for producing new models of refrigerators using green technology would be a role model not only for Bangladesh but also for Asia, he added.

KfW is impressive to support Walton’s introduction of green technology, he said adding that they were grateful to co-operate Walton in setting up such technology.

Prinz also hoped that Walton would be successful in this new project.

The German envoy was also accompanied by Lisa Steinacher, director special programmes (health and social security) of KfW, a German government-owned Development Bank, and Arif Iqbal Khan, senior investment manager of KfW, Dhaka.

Visiting the factory, Lisa Steinacher said she was deeply impressed by witnessing the professionalism of the company’s management and also the workers.

“We observed that the production processes at the Walton factory are a very complex procedure. It was really impressive to see how everything goes together,” Steinacher said.

She also thinks that the decision of KfW and DEG (The German Investment and Development Company) to provide loan to Walton was the right one.

She hoped that they would continue their co-operation.

Arif Iqbal Khan said they evaluated the production process, business and future prospect of Walton.

“Walton has been forthcoming and everything has left a good synergy,” he added.

Khan thinks that an agreement will be signed within a couple of weeks, which would be the start of a long-term relationship with Walton.

Managing Director of Walton SM Ashraful Alam said they are setting up the new refrigerator factory with German based PU technology.

From the next year, the manufactured products at the green technology based new factory unit will be exported to the developed countries like America and the European Union, he hoped.

Operative director of Walton Uday Hakim said the German envoy also visited the progress of compressor factory, which is now under construction at the WHIL.

“Walton is setting the Asia’s first ultra-modern techno processor based compressor plant in Bangladesh,” he said adding the produced compressor will be exporter after catering to the local demand.

During the event, Walton presented a video documentation highlighting the production processes of its different products.

SM Ashraful Alam welcomed the delegation at the factory premises by handing over flower bouquet while the company’s Executive Director (Finance) Abul Bashar Hawlader, Executive Director (Policy and HR) SM Zahid Hasan, Operative Director (Creative and Publication) Uday Hakim, and Lieutenant Col (Retd.) Abdul Kader, Col (Retd.) Shahadat Alam (Walton Microtech) among others, were also present. (Source: press release)

Mercantile Bank gives Abdul Jalil Education Scholarship-2013 in Chittagong

Today 30^th May 2015 Mr. Md. Shahabuddin Alam -Chairman, Risk Management Committee distributed Cheques and Certificates of “Mercantile Bank Abdul Jalil Education Scholarship-2013” as Chief Guest among the meritorious students in Chittagong. The program was presided over by Mr. Md. Mahibbul Karim, Zonal Head, Chittagong Zone of Mercantile Bank Limited. Senior executives and students with guardians were present on the program. (Source: press release)

KOHLER opens first store in Bangladesh

In keeping with its vision to offer ‘Gracious Living’ to its consumers, KOHLER Kitchen and Bath has launched in Bangladesh. The company has inaugurated its first showroom in Dhaka. Spreading over an area of 2500 sq feet, the store houses a variety of Kohler products such as baths, faucets, toilets, shower heads & panels and kitchen accessories across different price ranges. The showroom was inaugurated by Salil Sadanandan, Managing Director, KOHLER Kitchen and Bath, South Asia & Sub-Saharan Africa. Moshiur Rahman, Managing Director of Executive Lifestyle was also present at the event.

Kohler is a global leader in kitchen and bath products. As a brand, Kohler stands for Design & innovation, which lends to product experiences that are unique. With a range of Artist Editions® products which are hand crafted and inspired from rich cultures across the globe to a fully automated showering experience with DTV+ and differentiated colors like Black in the bathroom with the Veil wall hung, KOHLER brings unique experiences to consumers everyday.

The mission of our company is to enhance the level of ‘Gracious Living’ for everybody. Today, with more than 50 manufacturing locations on 6 continents, more than 30,000 Kohler associates are able to present the concept of gracious living in every corner of the world.

The Bangladesh market is growing in size and the plumbing market is approximately BDT 100 crores.  The luxury segment is growing within the bathroom/plumbing industry. Customers are seeking international designs in this category.

There is a growth in hospitality and high end premium residential apartment projects. All the major hospitality chains are coming up in Dhaka, Cox Bazar and Chittagong. This makes it the right time for Kohler to enter Bangladesh.

‘Executive Lifestyles Limited’ is Kohler’s distributor in Dhaka and establishing Kohler’s first showroom. It is located at 187-188/B, Tejgaon Industrial Area, Dhaka 1208, Bangladesh. The store is now open to consumers.

The new showroom in Dhaka has been built keeping in mind the rising demand for products with modern, aesthetic designs and multifunctional utilities. The store promises to be the go-to place for those inclined towards a luxurious and sophisticated bathing experience, well matched with durability and style. Some of the key products to be available at the store will be Antilia Wading Pool, Pallene Glass Vessel, Marrakesh, Karing Integrated Toilet, River Bath Whirlpool, Laureate Iron Works Lav and Bath Tub with Finial range of faucets in Oil Rubbed Bronze and many more.

Salil Sadanandan, Managing Director, Kohler Kitchen and Bath, South Asia & Sub-Saharan Africa said, “We are excited to be launching the Kohler brand in Bangladesh. This is a great opportunity, and we are introducing uniquely designed, first of its kind, luxury bathroom fittings. Kohler products are as inspired by art and craft as they are shaped by the leading edge of design and technology. Our products are designed to enhance individual well-being and give our users an elevated experience.”

For more information and details on products, visit: http://www.kohler.co.in/

About Kohler

Founded in 1873 and headquartered in Kohler, Wisconsin, in the United States, Kohler Co. is one of America’s oldest and largest privately held companies. Kohler is a global leader in the manufacture of kitchen and bath products, engines and power generation systems, cabinetry, tile and home interiors, and international host to award-winning hospitality and world-class golf destinations. Kohler Co. employs more than 31,000 associates on six continents, operates plants in 49 worldwide locations, and has dozens of sales offices around the globe. The company and each associate share in the mission to contribute to a higher level of gracious living for those who are touched by the company’s products and services. (Source: press release)

Islami Bank Bangladesh holds Business Development Conference

Two days long ‘Business Development Conference 2015’ of Chittagong North and South Zones of Islami Bank Bangladesh Limited was held at a local hotel in Chittagong on 29-30 May 2015. Mohammad Abdul Mannan, Managing Director of the Bank was present in the conference as chief guest. Presided over by Muhammad Abul Bashar, Deputy Managing Director, the conference was attended by Md. Mahbub-ul-Alam and Abdus Sadeque Bhuiyan, Deputy Mananging Directors, Muhammed Amirul Islam, Head of Chittagong South Zone, Md. Mostafizur Rahman Siddiquee, Head of Chittagong North Zone, Dr. Mahmud Ahmed, Head of IBTRA Chittagong Centre and Md. Siddiqur Rahman, Executive Vice Presidents along with other executives, 42 managers, manager operations and selected officials of the head office and zones of the bank. (Source: press release)

FAS Finance & Investment Limited holds 18th AGM, declares 10% cash dividend

18^th Annual General Meeting of FAS Finance & Investment Limited was held on Saturday, the 30^th May 2015 at the Hotel Abakash, Bangladesh Parjatan Corporation, Dhaka.

Mr. Mohammad A Hafiz, Chairman of the Board of Directors of the Company presided over the meeting.

A large number of shareholders of the company attended the meeting and took part in the discussions. The Chairman welcomed the shareholders and appreciated the suggestions, sought continuous support and cooperation from the shareholders of the company.

On the occasion, Members of the Board of Directors (Mr. Mohammad A. Hafiz, Mr. Md. Siddiqur Rahman, Mr. Md. Zahangir Alam, Mr. Uzzal Kumar Nandi, Mr. Anjan Kumer Roy, Mr. Arun Kumer Kundu, Mr. M A Shahjahan, Mr. Md. Mostain Billah, Mr. Pradip Kumar Nandi, Mr. Uddab Mallick, Mr. Birendra Kumar Shome, Ms. Mahfuza Rahman Baby, Ms. Kazi Mahjaben Momtaz and Ms. Anita Kar) Mr. Md. Russel Shahrior, Managing Director & CEO and Ms. Fardose Jahan ACS, Company Secretary were present.

In the meeting, shareholders approved 10.00% Cash Dividend for the year 2014. (Source: press release)

NCC Bank cardholders to get EMI facility at Transcom Electronics, Mobiles

NCC Bank has signed  corporate agreements with Transcom Electronics Ltd. and Transcom Mobile Ltd. recently. Under this agreement NCC Bank’s Credit Cardholders will get SmartPay EMI facility on Household Electronics & Appliances and Mobile Handsets. Cardholders can avail SmartPay facility from all outlets of Transcom Electronics Ltd.

The Agreement was signed in presence of Golam Hafiz Ahmed, Managing Director & CEO of NCC Bank Ltd. Khaled Afzal Rahim, Head of Cards of NCC Bank Ltd. and Shib Pada Dey, Assistant General Manager, Transcom Electronics Ltd. & Senior Manager of Transcom Mobiles Ltd. signed the agreement on behalf of their respective organizations.

Among others Deputy Managing Director of NCC Bank Akhtar Hamid Khan, Sr. Executive Vice Presidents AZM Saleh, Ishtiaque Ahmad, M. Wahedur Rahman and Manager of of Transcom Mobile Altaf Gaohor were also present at the signing ceremony.

Caption :

In presence of Golam Hafiz Ahmed, Managing Director & CEO of NCC Bank Ltd. Khaled Afzal Rahim, Head of Cards of NCC Bank Ltd. and Shib Pada Dey, Assistant General Manager, Transcom Electronics Ltd. exchanging documents of SmartPay Agreement. (Source: press release)

Toshiba Establishes Branch Office in Bangladesh

Toshiba Corporation has recently announced that its Singapore-based wholly owned subsidiary, Toshiba Asia Pacific Pte. Ltd., has established a branch office in Dhaka, in the People’s Republic of Bangladesh. The new office will allow Toshiba to establish a stronger presence in Bangladesh and to support the country’s continued economic development. The Bangladesh Liaison Office will open in June 1.

Bangladesh’s annual economic growth rate has surpassed five percent for the past ten years, and the country ranks eighth in the world in population, with approximately 1.5 billion people. The economy is expected to continue to grow and to present many business opportunities, particularly in the infrastructure required to support economic expansion, including power generation, transmission & distribution and urban transportation. 

Through the new office, Toshiba will collect market information that will support it in contributing further to Bangladesh’s infrastructure improvement. 

Toshiba’s track record in Bangladesh extends from supplying steam turbine and generators for the Ghorashal power plant in 1970 to provision of medical diagnostic today. The opening of the Bangladesh Liaison Office provides Toshiba with a regional presence extending from India through the ASEAN counties, and will support promotion of the infrastructure business. (Source: press release)

Carmudi Bangladesh gets new country manager

Carmudi.com.bd, the leading online vehicle marketplace in Bangladesh has appointed Joao Pedro Principe as its new Country Manager, as recently announced by the company.

Pedro, hailing from Portugal, has been the Global Venture Developer of Rocket Internet, posted in Carmudi Bangladesh since February 2015, previously working as a Business Development Advisor, consulting for several renowned Portuguese Start-Ups like B-Parts and Zercatto. With his great abilities and experiences of securing venture capital investment funds, planning international expansion strategies and immense networking skills, Pedro is believed by the company to be ideal for this challenging role of expanding the online buying and selling endeavor here, where Bangladesh is still in the initial stages in regards to accepting the concept of digital marketplaces.

“I am extremely invigorated and excited with my recent commitment with Carmudi. We have arguably the best Car Classifieds platform worldwide and are inarguably the only reliable on-line vehicle marketplace in Bangladesh, making it a unique opportunity and learning journey to secure this position and project Carmudi’s growth in Bangladesh even further to exclusively secure the market.”, said Pedro on receiving this valuable position.

Pedro has already made his mark proving his artistry in networking, which is a great asset in leading a startup company, while settling down in Bangladesh. He is seen modeling for various local brands and working with the multiplex movie theatre industry here, attending several exclusive events and being part of the launch and premiere of many Hollywood movies in Bangladesh. Since his arrival, Carmudi has also closed important partnerships and earnestly improved its business model for the upcoming year, with promised exciting novelties to soon be delivered by the company.

In relation to Bangladesh markets, he exclaimed “I am finding the automobile industry in Bangladesh to be amply dynamic and motivating to work with, so I will be looking forward to further extend our Partnerships in the industry and make Carmudi the number one top-of-mind reference for buying and selling cars. Rocket Internet has a track record of setting up amazing ventures with overwhelming success. It’s great to be a part of this team, learn with our past and recurring experiences, and leverage this perfect environment for success. I see one clear path for Carmudi in Bangladesh: “Shoja, shoja, shaamne!” - Just like I keep telling the Rickshaw Wallas.”.

Carmudi was founded in 2013 and is currently available in Bangladesh, along with operations in Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates and Vietnam. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online. (Source: press release)

Bank Asia hands over higher studies scholarship

As a part of its corporate social responsibility, Bank Asia has provided higher studies scholarship to 10 meritorious students of Tarail in Kishoregonj district on Saturday (30 May 2015). Mr. M Irfan Syed, Director of the Bank handed over the scholarship money to the students at a function held at Tarail Upazila auditorium. Additional Managing Director of the Bank Mr. Amirul Islam and First Vice President and Head of Branch Mr. Aminul Haque Khan were, among others, present. A large number of people including students, teachers, journalists, businessmen and local elite attended the function.

It may be mentioned that Bank Asia gives scholarships for higher study to the meritorious students in the rural areas, where the Bank has branches. A total of 222 students have been selected for Bank Asia Higher Studies Scholarship for the current year. (Source: press release)

Caption: Mr. M Irfan Syed, Director of Bank Asia is seen handing over scholarship money to one of recipients with the recipients of Bank Asia Higher Studies Scholarship-2014 under Tarail Upazila of Kishoreganj district on Saturday (30 May, 2015). Additional Managing Director of the Bank Mr Aminul Islam and First Vice President and Head of Branch Mr. Amirul Haque Khan are, among others, seen in the picture. (Source: press release)

Meghna Cement declares 15pc cash dividends

The board of directors of Meghna Cement Mills Limited (MCML), the manufacturer of King Brand Cement and a sister concern of Bashundhara Group, on Saturday declared 15 percent cash dividends for its shareholders.

The forward-looking management of the MCML announced the dividends for the year ended on December 31, 2014 at its 23nd Annual General Meeting (AGM) held on the factory premises in Mongla Port Industrial Area of Bagerhat.

In a festive manner of the AGM, the Directors’ Report as well as the audited accounts of the company for the year were received and adopted in the AGM.

According to the Directors’ Report, the enlisted company with the capital market, Meghna Cement could secure a net profit of Tk 10.07 crore (after tax). Besides, the company’s Earning Per Share (EPS) is Tk 4.48.

According to the annual report, the company paid Tk 88.73 crore to government exchequer as tax, duty and VAT in 2014 which was Tk 117.93 crore in 2013.

Meghna Cement’s sponsor director Mahaboob Morshed Hasan chaired and also addressed the function as chief guest while independent director Khawaja Ahmedur Rahman and Moynal Hossain Chowdhury, advisor (Treasurer) of Bashundhara Group (BG), AR Rashidi, senior advisor of BG, Engineer AKM Mahbub-Uz-Zaman, deputy managing director of Bashundhara Group (Cement Sector), Mohammad Tawhidul Islam, deputy managing director East West Property Development (EWPD), Major General (Retd.) Mahbub Haider Khan, advisor of BG, Mohammad Abu Tayeb, adviser (press and media) of BG and company secretary Naseemul Hye FCS were also present.

In his welcome speech, Mahaboob Morshed Hasan said “We have been running the company for two decades and we have established it as an established company among the other cement factories in the country.”

Describing company’s journey, he said “The year of 2014 was eventful due of political turmoil which disrupted the country’s economic growth. Despite the political unrest as well as multifarious drawbacks in cement business the company has declared 15 percent cash dividends for its shareholders.”

The number of consumers of cement is not very big in the country, he said adding that the demand of cement would increase if public welfare related infrastructural works start.

He also said, “Our Company would bag more profit and prosperity in future if the shareholders as well as its officials concerned continue their sincere all-out support.”

A large number of shareholders also attended the AGM. Besides, some shareholders also spoke at programme to present their suggestions and impression about the business of the company.

Mohammad Mojammel Haque, one of the shareholders, said, “We are very much impressed that Meghna Cement has declared dividends for us despite political unrest in 2014… we hope that the company will make a handsome profit in the future.”

Another shareholder Towhidur Rahman said “As the brand name is ‘King’ we want our company should stay in the market like king. So my expectation is that the board of directors will work for that.”

The MCML, the first manufacturing enterprise of Bashundhara Group, is one of the largest cement-manufacturing industries in the country.

This enterprise was established in 1992 on the bank of the Pashur river and in the industrial zone of Mongla Port which is connected with all parts of the country through rivers and roads.

The MCML started its commercial operations on January 15, 1996. Following a successful public offerings (IPO), the company was listed in Dhaka and Chittagong stock exchanges in 1995 and 1996 respectively. (Source: press release)