Bank Asia unveils massive business expansion plan
Sunday, 19 April 2009
FE Report
Bank Asia Ltd, a leading third generation private commercial bank has unveiled a massive business expansion plan.
"We are planning to increase our branch network to 75, SME centers to 80, Brokerage Branches to 10, own automated teller machines (ATMs) to 300 in the next five years. We also intend to open branches in commercially important places, all District Head Quarters and adjoining rural areas," President & Managing Director (CC) of the bank Erfanuddin Ahmed told the FE in a recent interview.
He said the bank also plans to have presence in the overseas market within the next few years subject to the prior approval of Bangladesh Bank.
Currently Bank Asia consists of 35 branches, 1 kiosk, 19 ATMs under own network, 26 ATMs under shared network.
"Towards supporting major expansion in the next five years as well as improving our services we are planning to make substantial investments in IT infrastructure and human resource development," Mr Erfanuddin said.
The bank has association with a number of NGOs towards extending the services in the rural areas.
"We are using around 570 branches of NGOs to reach rural customers," Mr Erfanuddin said.
Evaluating the overall contribution of the bank in promoting country's businesses, the Bank Asia chief executive said the bank continued its march through financing manufacturing concerns, trading concerns, construction sector, energy sector, infrastructure projects, service industries, IT industries, etc.
"Our SME Banking is encouraging new entrepreneurs in undertaking productive ventures. The Retail Banking is helping in mobilization of deposit as well supporting the needs of the consumers," he said.
He further added that the bank's investments have created job opportunities for growing labor force.
"All the successes of the bank has been possible due to our strong IT infrastructure and skilled manpower," the Bank Asia chief executive asserted.
Bank Asia's deposit base grew to Tk. 42,417.9 million at the end of 2008 compared to Tk. 30,004.09 million in 2007 achieving a growth rate of 41.37 per cent.
The loans and advances amounted to Tk. 39,789.10 million in 2008 compared to Tk. 28,456.94 million in previous year showing a growth rate of 39.82 per cent.
"We have done remittance business of Tk.11, 648.3 million in 2008. Our investment increased to around Tk. 6,133.81 million in 2008 compared to Tk. 4,203.14 million in 2007 showing a growth of 45.93 per cent," Mr Erfanuddin mentioned.
Mentioning Bank Asia's strong involvement with the Corporate Social Responsibility (CSR) areas, the managing director said the bank's financial support for performing opthtamological operation of all born blind children of Bangladesh in collaboration with Bangladesh Eye Hospital is now well established.
Donating victims of natural disasters, introduction of products designed to alleviate poverty, providing scholarship to poor meritorious students, providing financial support to NGOs engaged in poverty alleviation, establishing a number of Computer Learning Centers (CLC) targeting the poor rural students are the other examples of the bank's CSR activities.
"Bank Asia has been one of the pioneers in supporting environment friendly CNG projects in the private sector by financing CNG conversion and CNG filling stations," he said.
Bank Asia Ltd, a leading third generation private commercial bank has unveiled a massive business expansion plan.
"We are planning to increase our branch network to 75, SME centers to 80, Brokerage Branches to 10, own automated teller machines (ATMs) to 300 in the next five years. We also intend to open branches in commercially important places, all District Head Quarters and adjoining rural areas," President & Managing Director (CC) of the bank Erfanuddin Ahmed told the FE in a recent interview.
He said the bank also plans to have presence in the overseas market within the next few years subject to the prior approval of Bangladesh Bank.
Currently Bank Asia consists of 35 branches, 1 kiosk, 19 ATMs under own network, 26 ATMs under shared network.
"Towards supporting major expansion in the next five years as well as improving our services we are planning to make substantial investments in IT infrastructure and human resource development," Mr Erfanuddin said.
The bank has association with a number of NGOs towards extending the services in the rural areas.
"We are using around 570 branches of NGOs to reach rural customers," Mr Erfanuddin said.
Evaluating the overall contribution of the bank in promoting country's businesses, the Bank Asia chief executive said the bank continued its march through financing manufacturing concerns, trading concerns, construction sector, energy sector, infrastructure projects, service industries, IT industries, etc.
"Our SME Banking is encouraging new entrepreneurs in undertaking productive ventures. The Retail Banking is helping in mobilization of deposit as well supporting the needs of the consumers," he said.
He further added that the bank's investments have created job opportunities for growing labor force.
"All the successes of the bank has been possible due to our strong IT infrastructure and skilled manpower," the Bank Asia chief executive asserted.
Bank Asia's deposit base grew to Tk. 42,417.9 million at the end of 2008 compared to Tk. 30,004.09 million in 2007 achieving a growth rate of 41.37 per cent.
The loans and advances amounted to Tk. 39,789.10 million in 2008 compared to Tk. 28,456.94 million in previous year showing a growth rate of 39.82 per cent.
"We have done remittance business of Tk.11, 648.3 million in 2008. Our investment increased to around Tk. 6,133.81 million in 2008 compared to Tk. 4,203.14 million in 2007 showing a growth of 45.93 per cent," Mr Erfanuddin mentioned.
Mentioning Bank Asia's strong involvement with the Corporate Social Responsibility (CSR) areas, the managing director said the bank's financial support for performing opthtamological operation of all born blind children of Bangladesh in collaboration with Bangladesh Eye Hospital is now well established.
Donating victims of natural disasters, introduction of products designed to alleviate poverty, providing scholarship to poor meritorious students, providing financial support to NGOs engaged in poverty alleviation, establishing a number of Computer Learning Centers (CLC) targeting the poor rural students are the other examples of the bank's CSR activities.
"Bank Asia has been one of the pioneers in supporting environment friendly CNG projects in the private sector by financing CNG conversion and CNG filling stations," he said.