Pubali Bank launches new scheme, diversifies business

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FE Report
Pubali Bank Ltd has launched a new scheme offering financial support to Bangladeshis seeking jobs abroad.
"Our new venture -- Non-Resident Credit Scheme -- begins March 1 next and it will be very helpful for millions of the country's jobseekers, who normally take risks to get the financial support," managing director and chief executive officer of Pubali Bank Ltd, Helal Ahmed Chowdhury told the FE in an interview Monday.
He said all the 361 branches of the bank will offer the service to any persons having proper documents in favour of his/her employment in the foreign countries.
The bank is offering the collateral-free loan, which recipients have to repay in 22 months.
"Apart from contributing to export of human resource from Bangladesh, our new venture will help end the growing incidence of cheating while mobilising necessary fund," the Pubali Bank chief said.
Established by Bengali entrepreneurs in 1959, the bank management is now proud of its present strength.
"I feel proud that it is the first commercial bank of our country and the bank is going to complete 50 years of operation next year (2009)," Chowdhury said with a note of gratitude to the board, its all employees and the previous managing directors for their immense contributions.
"We have a strong capital base, good investment portfolio and diversity in revenue earnings, so naturally our investors expect better returns from us and we are confident to present better results before our shareholders in the coming annual general meeting (AGM) of the bank," he said.
The date of the bank's 25th AGM, however, is yet to be fixed. The 24th AGM of the bank was held on March 31, 2007.
He further disclosed that all the indicators of the bank showed upward growth in the calendar 2007 compared to those of 2006.
"Our final auditing is going on…that's why I cannot disclose the figures," Chowdhury said.
With a paid-up capital of Tk 1.20 billion, the bank earned Tk 845.53 million as net profit in calendar 2006.
Asked about the diversification of Pubali Bank's activities, Chowdhury said the bank has already diversified its operations in the areas of shipping, health, IT, education and SMEs.
"Taking the opportunities of re-location of ship building industry in Bangladesh, buyers from Denmark, Sweden and Germany are evincing keen interest in the emerging shipping industry of the country," the Pubali Bank chief pointed out.
He said the shipbuilding industry has made a sound beginning and is poised to see massive growth in the next few years and Pubali Bank wants to just avail of the opportunity.
Commenting on the bank's growing commitment for Corporate Social Responsibility (CSR), Chowdhury said : "We spend a good amount of our pre-tax profit for CSR every year."
He said Pubali Bank has already contributed to the Chief Adviser's Relief Fund, Ahsania Mission Cancer Hospital, Bangladesh Council of Scientific and Industrial Research, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Economic Association and Dr Ibrahim Smriti Parishad as part of its CSR.
Helal Ahmed Chowdhury, who served the bank for 31 years, is the only banker in the country to have been promoted to the highest position of a commercial bank after joining as a probationary officer.
He began his career in Pubali Bank in March of 1977 after qualifying the superior service examination and got promotion as the managing director of the same bank on October 1,2006.
Pubali Bank got listed on the Dhaka Stock Exchange in 1984 and per share of the A-category bank closed at Tk 951.75 Tuesday. Its face value is Tk 100.