Prime Bank to open rep office in Bahrain
Saturday, 22 May 2010
FE Report
Prime Bank Limited is planning to open its own representative office in Bahrain- the Bank officials revealed Thursday, as the leading commercial bank is eyeing the Middle East region for its next wave of overseas expansion.
"We would soon open a representative office in Bahrain", Prime Bank Managing Director M Ehsanul Haque said in the city, adding "the ultimate objective would be to set up a full-fledged branch and exchange house in the Gulf state".
"At the same time, our fully-owned subsidiary PBL Exchange (UK) Limited would soon start its operation in London, Birmingham and Manchester", the Prime Bank MD said while speaking at a function in a city hotel to commemorate the 15th year anniversary of the private bank.
Prime Bank's latest move came at a time when there is a rush among the local commercial banks to set their foot abroad, targeting mainly the traditional destinations for nonresident Bangladeshi workers to tap the huge market for foreign remittance.
By planning to expand in Bahrain, Prime Bank has apparently targeted the Gulf region, which has grown to become the largest source of foreign remittance for the country in recent years.
Earlier in 2006, the Bank opened its first fully owned subsidiary of Prime Exchange Company Private Limited in Singapore.
"Gradually, we are reaching a level where Prime Bank would be able to provide service at a global stage", the Prime Bank MD said.
Speaking on the occasion, Prime Bank Chairman Azam J Chowdhury said, "As the economy of Bangladesh is on track to hit the middle income stage within a few years, the local banks have the pioneering role to play for such a country which is in an economic transition".
"The local commercial banks trigger the vital growth trend of the economy at this vital stage by injecting required capital and funding", Azam said, adding, "Prime Bank is determined to play the same role for Bangladesh's economy in years to come".
Prime Bank officials also informed that during the present year, the bank is looking to set up 20 more branches around the country to further expand its network.
"Earlier this year, Prime Bank has issued the first ever unsecured subordinated bond for Tk. 2.5 billion which was oversubscribed", the PBL MD said, adding, "At the same time, we are in the process of issuing of one right share for every four ordinary shares at Tk 200 premium subject to approval from the authority".
Such initiatives, the PBL authority said, have strengthened the capital base of the bank to comply with BASEL II requirement and support asset growth.
Prime Bank Limited is planning to open its own representative office in Bahrain- the Bank officials revealed Thursday, as the leading commercial bank is eyeing the Middle East region for its next wave of overseas expansion.
"We would soon open a representative office in Bahrain", Prime Bank Managing Director M Ehsanul Haque said in the city, adding "the ultimate objective would be to set up a full-fledged branch and exchange house in the Gulf state".
"At the same time, our fully-owned subsidiary PBL Exchange (UK) Limited would soon start its operation in London, Birmingham and Manchester", the Prime Bank MD said while speaking at a function in a city hotel to commemorate the 15th year anniversary of the private bank.
Prime Bank's latest move came at a time when there is a rush among the local commercial banks to set their foot abroad, targeting mainly the traditional destinations for nonresident Bangladeshi workers to tap the huge market for foreign remittance.
By planning to expand in Bahrain, Prime Bank has apparently targeted the Gulf region, which has grown to become the largest source of foreign remittance for the country in recent years.
Earlier in 2006, the Bank opened its first fully owned subsidiary of Prime Exchange Company Private Limited in Singapore.
"Gradually, we are reaching a level where Prime Bank would be able to provide service at a global stage", the Prime Bank MD said.
Speaking on the occasion, Prime Bank Chairman Azam J Chowdhury said, "As the economy of Bangladesh is on track to hit the middle income stage within a few years, the local banks have the pioneering role to play for such a country which is in an economic transition".
"The local commercial banks trigger the vital growth trend of the economy at this vital stage by injecting required capital and funding", Azam said, adding, "Prime Bank is determined to play the same role for Bangladesh's economy in years to come".
Prime Bank officials also informed that during the present year, the bank is looking to set up 20 more branches around the country to further expand its network.
"Earlier this year, Prime Bank has issued the first ever unsecured subordinated bond for Tk. 2.5 billion which was oversubscribed", the PBL MD said, adding, "At the same time, we are in the process of issuing of one right share for every four ordinary shares at Tk 200 premium subject to approval from the authority".
Such initiatives, the PBL authority said, have strengthened the capital base of the bank to comply with BASEL II requirement and support asset growth.