Govt moves to form commission for financial sector : Muhith

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FE Report
Finance Minister AMA Muhith said Monday the government is initiating formation of a commission to strengthen the financial sector.
"Investments are increasing and the financial sector is expanding in the country," he said laying emphasis on good corporate governance for a disciplined financial sector.
He was speaking as chief guest at the 12th ICAB national award giving ceremony at a city hotel. The function was also addressed, among others, by Commerce Minister GM Quader and ICAB president Md Syful Islam.
The Institute of Chartered Accountants of Bangladesh (ICAB) awarded a total of 31 listed companies in 11 categories at the function based on their prepared and presented annual reports for 2011.
Prime Bank Limited was adjudged the best among the private sector banks for the year.
The bank was awarded in this category for the eighth time.
The country's regulatory body in accountancy profession recognised and awarded the companies including those in the financial and non-financial sectors. They also included some non-government organisations (NGOs).
Finance Minister AMA Muhith handed over the awards to the winners.
Eastern Bank Limited grabbed the second position in the private sector bank category (including co-operative banks) while Islami Bank Bangladesh Limited (IBBL) secured the third position.
IBBL also won the top SAARC Anniversary Award for Corporate Governance while Prime Finance and Investment Ltd won the second and IDLC Finance Ltd the third.
In the public sector banking institution category, Rupali Bank Ltd was the only and first winner while the country's largest telecom operator Grameenphone (GP) was adjudged the best in the category of communication and information technology.
In the financial services sector, Prime Finance and Investment Ltd was adjudged the best, IDLC Finance Ltd the second best and LankaBangla Finance Ltd the third.
GlaxoSmithKline Bangladesh Ltd was the best in the manufacturing sector with RAK Ceramics (Bangladesh) Ltd emerging second and Singer Bangladesh Ltd third.
In the service sector (excluding financial services and communication & IT sector), only DESCO grabbed the first award.
Sajida Foundation emerged the best in the category of non-government organisations while BRAC was the second winner and Uddipan third.
In the insurance sector, two companies-Reliance Insurance Ltd and Green Delta Insurance Company Ltd-emerged first and second respectively.
No company was selected for the awards in two categories-public sector entities (excluding entities covered under other sectors/categories) and agricultural sector (it will cover plantations, farming, animal husbandry etc excluding food processing etc which will be covered in other sectors like manufacturing).
Nine private commercial banks won the 'certificate of merit' awards in the private sector bank category. These are: Bank Asia, Dhaka Bank, Mercantile Bank, United Commercial Bank, Jamuna Bank, Mutual Trust Bank, Trust Bank, IFIC Bank and National Bank.
Union Capital Ltd and Uttara Finance Ltd received the 'certificate of merit' awards in the financial services sector category while Linde Bangladesh Ltd also won the certificate of merit award in the manufacturing sector category.
Abbas Uddin Khan, chairman of the Review Committee for the ICAB Best Published Accounts and Reports, presided over the function.
The ICAB has been giving such awards since 2001.
The initiative has been aimed at raising awareness about corporate management accountability in a bid to ensure the best practices in terms of knowledge, technical skills, professional competence and ethical issues.