Premier Bank to open separate cells for micro, large industries
Wednesday, 19 March 2008
FHM Humayan Kabir
Premier Bank Ltd plans to open two separate service cells for micro and large enterprises by June this year aiming to extend support to the country's industrial development, chief executive of the bank said.
"We'll set up an SME Cell so that the micro and medium size entrepreneurs can avail of all types of support for obtaining credit easily from the bank. Besides, we'll also open a Syndication Loan Cell for helping the large businesses," Managing Director of the bank Khondker Fazle Rashid said in an interview with the FE.
"Staffs, experienced in SME, will be there to help the entrepreneurs in preparing their project proposals and other documents so that they can easily get credit from the bank," he said adding, "as most of the people with small and medium businesses do not have adequate knowledge about how to prepare the proposals and get licenece for their ventures can get help from this cell."
He said the bank will also set up a "Women Enterprise Cell" to widen its banking services to the women entrepreneurs.
Premier Bank Ltd, which has passed eight successful years of operation, has currently 27 branches with over 700 employees across the country.
The bank MD said apart from existing services, the bank is also going to offer two new products -- "Premier 50 Plus Account" for elderly people and "Premier Genius Account" for young students -- from March 26.
Under the two programmes, the people above 50 years of age and young students will get one per cent extra interest over the normal rate of the bank for their deposits.
Besides, the bank will give them some other services at free of cost or at a discount rate, Fazle Rashid said.
About the expansion plan of the bank, Rashid said the bank will set up eight more branches and 10 more ATM booths to add to existing four within this year.
"We have a plan to enlarge our total branches to 50 by the year 2010," he said adding the bank will introduce new software this year to improve its services to the customers.
The Premier Bank, established in 1999, has successfully completed eight years of its operation and made satisfactory progress in all areas in business operation, the managing director said.
He said the bank made about Tk1.0 billion in operating profit in calendar 2007, which is Tk 57.93 million up from that of 2006. "We have set a target of Tk 1.50 billion worth of operating profit for 2008," Rashid, who started his banking career in 1978, said.
About the corporate social responsibility, Rashid said the bank has donated Tk 5.0 million for the cyclone Sidr-hit people and extended financial support to some poor and meritorious students to help them pursue their studies.
The total paid-up capital of the bank stood at Tk1.69 billion and the authorised capital at Tk 2.0 billion until December 31 last year.
According to the latest financial statement of the bank, in 2006, it recorded an operating profit of Tk 942.07 million compared to Tk 899.03 million in the previous year, registering a 4.79 per cent growth.
"We've put our sincere efforts to diversify business activities and develop our relationship with small and medium scale businesses to achieve a sustained growth," Rashid, who is also the vice chairman of the Association of Bankers Bangladesh (ABB), a platform of the bankers, said.
The Premier Bank statement said until December, 2006 total deposits of the bank stood at Tk 24.199 billion, which was 19.26 per cent up from Tk 20.29 billion of the previous year.
Total loan and advances of the bank stood at Tk 20.68 billion at the end of 2006 against Tk 18.03 billion of previous year recording a 14.66 per cent growth.
The percentage of classified loans and advances of total loans and advances is only 4.91 till December 2006.
Rashid, with 29 years of banking experience, previously served in several banks, including Sonali Bank, AB Bank, Southeast Bank and Dhaka Bank.
Premier Bank Ltd plans to open two separate service cells for micro and large enterprises by June this year aiming to extend support to the country's industrial development, chief executive of the bank said.
"We'll set up an SME Cell so that the micro and medium size entrepreneurs can avail of all types of support for obtaining credit easily from the bank. Besides, we'll also open a Syndication Loan Cell for helping the large businesses," Managing Director of the bank Khondker Fazle Rashid said in an interview with the FE.
"Staffs, experienced in SME, will be there to help the entrepreneurs in preparing their project proposals and other documents so that they can easily get credit from the bank," he said adding, "as most of the people with small and medium businesses do not have adequate knowledge about how to prepare the proposals and get licenece for their ventures can get help from this cell."
He said the bank will also set up a "Women Enterprise Cell" to widen its banking services to the women entrepreneurs.
Premier Bank Ltd, which has passed eight successful years of operation, has currently 27 branches with over 700 employees across the country.
The bank MD said apart from existing services, the bank is also going to offer two new products -- "Premier 50 Plus Account" for elderly people and "Premier Genius Account" for young students -- from March 26.
Under the two programmes, the people above 50 years of age and young students will get one per cent extra interest over the normal rate of the bank for their deposits.
Besides, the bank will give them some other services at free of cost or at a discount rate, Fazle Rashid said.
About the expansion plan of the bank, Rashid said the bank will set up eight more branches and 10 more ATM booths to add to existing four within this year.
"We have a plan to enlarge our total branches to 50 by the year 2010," he said adding the bank will introduce new software this year to improve its services to the customers.
The Premier Bank, established in 1999, has successfully completed eight years of its operation and made satisfactory progress in all areas in business operation, the managing director said.
He said the bank made about Tk1.0 billion in operating profit in calendar 2007, which is Tk 57.93 million up from that of 2006. "We have set a target of Tk 1.50 billion worth of operating profit for 2008," Rashid, who started his banking career in 1978, said.
About the corporate social responsibility, Rashid said the bank has donated Tk 5.0 million for the cyclone Sidr-hit people and extended financial support to some poor and meritorious students to help them pursue their studies.
The total paid-up capital of the bank stood at Tk1.69 billion and the authorised capital at Tk 2.0 billion until December 31 last year.
According to the latest financial statement of the bank, in 2006, it recorded an operating profit of Tk 942.07 million compared to Tk 899.03 million in the previous year, registering a 4.79 per cent growth.
"We've put our sincere efforts to diversify business activities and develop our relationship with small and medium scale businesses to achieve a sustained growth," Rashid, who is also the vice chairman of the Association of Bankers Bangladesh (ABB), a platform of the bankers, said.
The Premier Bank statement said until December, 2006 total deposits of the bank stood at Tk 24.199 billion, which was 19.26 per cent up from Tk 20.29 billion of the previous year.
Total loan and advances of the bank stood at Tk 20.68 billion at the end of 2006 against Tk 18.03 billion of previous year recording a 14.66 per cent growth.
The percentage of classified loans and advances of total loans and advances is only 4.91 till December 2006.
Rashid, with 29 years of banking experience, previously served in several banks, including Sonali Bank, AB Bank, Southeast Bank and Dhaka Bank.