Briefing 25-10-2020

MTB rides on digital innovations

Mutual Trust Bank Limited (MTB) has planned to double its financing in retail and small and medium enterprises (SME) for minimising risk with diversifying portfolios by 2022, the bank's top executive has said. Under the MTB's new plans, the investment in retail and SMEs will be reached to 50 per cent of its total loans and advances within the next two years from the existing level of 25 per cent. "We want to reach teeming millions through boosting our investment in retail and SME sectors as part of our business plan within the next two years," Syed Mahbubur Rahman, Managing Director (MD) and Chief Executive Officer (CEO) of MTB, disclosed while sharing his future business plans in an exclusive interview with the Financial Express (FE) ahead of the bank's 21st anniversary. Page 9

Pakistan on terror financing 'grey list'

A global dirty money watchdog decided on Friday to keep Pakistan on its "grey list", despite progress by Islamabad on meeting international anti-terrorism financing norms. Page 11

MFS providers to ease transactions

The mobile financial service or MFS providers of Bangladesh are introducing interoperable transactions as part of efforts to encourage cash-free dealings. Money can be transferred between bKash, Nagad, Rocket and other firms once the interoperable services are fully launched. The customers will also be able to make transactions between banks and the MFS service providers through the National Payment Switch. Page 16

UK banks raise rates

Banks are turning away mortgage business by increasing interest rates on many new home loans, as they struggle to cope with surging demand for borrowing in a buoyant post-lockdown housing market. In a reversal of the cut-throat competition of recent years, lenders are putting up rates to deter potential borrowers, as coronavirus restrictions have left many staff working from home, limiting their capacity to process applications. A temporary stamp duty holiday that offers purchasers a tax saving of up to £15,000 has fuelled a V-shaped recovery in the housing market since May. Page 16