BDBL swings into action Jan 3

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FE Report
The newly created Bangladesh Development Bank Ltd (BDBL) will launch commercial operation from January 3 to inject new momentum to industrial growth amid the global economic recession, officials said Tuesday.
The decision came in the first board meeting the bank, formed by merging two small state-owned specialised financial institutions, Bangladesh Shilpa Bank (BSB) and Bangladesh Shilpa Rin Sangstha (BSRS).
"The goal behind creation of the BDBL is to expedite industrialisation in the country," said bank chairman Nazem Ahmed Chowdhury, who presided over the meeting.
Chowdhury said the bank was pledge-bound to boost industrial growth as the economy has been facing difficult time lately due to the fallout of the global economic downturn.
Board members Shanti Narayan Ghosh, Dewan Nurul Islam, Niaz Rahim, Amolendu Mukharjee, Mohammad Humayun Kabir, Mohammad Khalilur Rahman Siddiq, M Ishak Bhuiyan and Selima Ahmed and managing director Mohammad Mizanur Rahman attended the meeting.
The directors discussed the proposed organogram and delegation of power of the company, according to the Abdul Khalek, spokesman of the bank.
The BDBL will ink vendor agreement with the government on December 31 to launch its formal services, he said.
BDBL managing director Mizanur Rahman said the bank with paid-up capital of Tk4.00 billion and Tk10.00 billion authorised capital can match the financial muscle of the private banks and the existing top state-owned banks such as Sonali, Janata, Agrani and Rupali.
"The bank will compete with other commercial banks in terms of services, including industrial financing, commercial banking and merchant banking," he said, adding the prime focus of BDBL would be to spur growth of industrial credit.
The bank is being launched amid major fall in growth of private sector credit, underling the malaise the economy has been witnessing in recent months.