Modhumoti Bank marches ahead

The Modhumoti Bank Limited (MMBL) wants to grab the top position among the new generation banks through embarking on the latest technology and offering quality services and products.
"Our vision is to lead the new generation commercial banks by excelling in customer delivery through empowering employees, smart use of latest technology and a full range of highest quality products and services," Mizanur Rahman, managing director and chief executive officer (CEO) of the fourth generation bank told the FE in an interview recently.
He also said top management of the bank is working to prioritise corporate banking along with financing in small and medium enterprises (SME) and agriculture sector to facilitate the ongoing financial inclusion programme in Bangladesh.
 The central bank of Bangladesh is now promoting targeted financial inclusion in areas of agriculture, SMEs, and exports facilitations, upholding domestic demand with 6 per cent plus stable annual average real growth over more than a decade.
 "MMBL is devoted to increase investment in exportable industries including pharmaceuticals along with human development and technological innovations for boosting and sustaining the country's overall economic growth," the senior banker explained.
 The new private commercial bank (PCB) has two authorised dealer (AD) branches with highly trained professionals delivering quality services to the business community.
  "We're optimistic about boosting foreign trade this year through financing more in export and import businesses," Mr. Rahman noted.
 He also said the bank witnessed a steady growth in the last calendar year despite the global financial meltdown and political uncertainty in Bangladesh.
 "We're now developing beneficial relationship with foreign correspondent banks worldwide to facilitate our foreign trade operations," the CEO mentioned.
 As on May 29, 2014, the number of foreign correspondents reached at 92 and number of NOSTRO accounts with foreign correspondents is now eight.
 Like other banks, MMBL has already expedited its investment in the risk-free government approved securities following lower demand for fresh credit especially from private sector.
 Traditional banking business has faced a stagnant situation for more than a year due mainly to poor demand for fresh credit caused by the political uncertainty, inadequate infrastructure facilities and availability of low cost foreign currency loan for the private sector.
 MMBL earned Tk 121 million in 2013, which was second highest among the new nine PCBs, from their treasury business, according to the bank's statistics.
 The PCB has introduced a campaign titled 'Boishakhi Joyeeta' to promote its women entrepreneurs loan 'Modhumoti Labonnyo'.
 The campaign was launched for the month of April within the bank's six branches and headquarters.
 Under the offer, 1.0 per cent interest rate will be reduced from the existing rate of interest of the loan product. This was valid for the launching month.
 Besides, service charge and loan processing fee was free.
Women entrepreneurs having experience of successfully managing businesses for at least two years can be able to apply for the loan.
Highest ceiling of the loan is Tk 5.0 million, maximum tenure 12 months for continuous loan and 60 months for term loan.
The new generation bank introduced a privilege banking campaign titled "Freedom" to facilitate Freedom Fighters. Such initiative for Freedom Fighters was taken for the first time in Bangladesh.
Currently, all Freedom Fighters are honoured by providing 0.25 per cent more interest on their deposit while 0.25 per cent interest deducts for their loan portfolios in the commercial bank.
 MMBL has obtained permission for opening five rural and five urban branches from the Bangladesh Bank in year 2014.
"We're working to set up braches at different places including Dhanmondi, Uttara, Mirpur and Moulvibazar in the capital Dhaka and at Agrabad in the port city Chittagong," a MMBL official said.