City Bank launches a trio of SME loan products
FE Report | Friday, 18 July 2008
City Bank launched a package of three SME loan products -'CityBizness'-Thursday to promote the growth of small and medium enterprises in the country.
"The three new cluster-loan products; namely City Shulov, City Muldhan and City Sheba are specifically designed to serve the financing needs of three different types of small and medium enterprises," Managing Director and CEO of City Bank K. Mahmood Sattar said at a press conference organized on the eve of launching the product.
"'City Shulobv' is targeted towards small and medium scale manufacturers and 'City Muldhan' is designed keeping in mind the needs of traders while 'City Sheba' is exclusive for those willing to pursue business in the service sector," he explained.
"The interest rate for 'City Shulov' has been fixed at 16.5 percent which is lower than the other two due to our commitment to encourage the manufacturing sector," Sattar informed. "However, interest rates for both City Muldhan and City Sheba are 17 percent," he added.
"An enterprise with a maximum annual sales volume of Tk. 250 million can take loans amounting from Tk. 500,000 to Tk. 4,000,000 under the scheme," Sattar informed.
"CityBizness with its innovative and appropriate services and deposit cum loan products will help flourish the SMEs of the country," K Mahmood Sattar said.
"In addition, City Bank will also open 5 SME-NRB centers in places where the bank has no branch network as per the guidelines of the central bank to serve both the SME clients as well as the remittance beneficiaries of the Nonresident Bangladeshis (NRBs)," he added.
Since its inception in 1983, City Bank, the first generation private commercial bank has extended its network with 83 branches all over the country.
Sohail R K Hussain, DMD (Business) and B. Choudhury, Head of SME Banking of the bank spoke on various issues of this new line of business of the bank and on the new products launched on the day.
Other high officials including Raihan Ul Ameen, DMD (Operation) of the bank were also present on the occasion.
"The three new cluster-loan products; namely City Shulov, City Muldhan and City Sheba are specifically designed to serve the financing needs of three different types of small and medium enterprises," Managing Director and CEO of City Bank K. Mahmood Sattar said at a press conference organized on the eve of launching the product.
"'City Shulobv' is targeted towards small and medium scale manufacturers and 'City Muldhan' is designed keeping in mind the needs of traders while 'City Sheba' is exclusive for those willing to pursue business in the service sector," he explained.
"The interest rate for 'City Shulov' has been fixed at 16.5 percent which is lower than the other two due to our commitment to encourage the manufacturing sector," Sattar informed. "However, interest rates for both City Muldhan and City Sheba are 17 percent," he added.
"An enterprise with a maximum annual sales volume of Tk. 250 million can take loans amounting from Tk. 500,000 to Tk. 4,000,000 under the scheme," Sattar informed.
"CityBizness with its innovative and appropriate services and deposit cum loan products will help flourish the SMEs of the country," K Mahmood Sattar said.
"In addition, City Bank will also open 5 SME-NRB centers in places where the bank has no branch network as per the guidelines of the central bank to serve both the SME clients as well as the remittance beneficiaries of the Nonresident Bangladeshis (NRBs)," he added.
Since its inception in 1983, City Bank, the first generation private commercial bank has extended its network with 83 branches all over the country.
Sohail R K Hussain, DMD (Business) and B. Choudhury, Head of SME Banking of the bank spoke on various issues of this new line of business of the bank and on the new products launched on the day.
Other high officials including Raihan Ul Ameen, DMD (Operation) of the bank were also present on the occasion.