Prime Bank will continue to explore new fields of investment
Wednesday, 25 March 2009
FE Report
Prime Bank Ltd, a leading private commercial bank of the country has excelled in banking through its dedicated and professional services.
"Our bank has proved its supremacy in the last 14 years taking care of its stakeholders including the clients, depositors and shareholders and thus earned reputation," managing director of the Bank M Ehsanul Haque told the FE in an interview Tuesday.
He said the bank has consolidated its position over the years through rendering excellent services in corporate, retail and SME banking, and in the areas of corporate social responsibility (CSR).
He said the bank will open 15 more branches and five more SME service centres by the end of this year.
Currently, the bank has 70 branches across the country.
The bank will continue to explore new fields of investment and the new branches will contribute in this regard very significantly.
"We would like to create awareness about better economic utilisation of remittances so that the present trend of spending the hard-earned money on non-productive areas like land or flat purchase ends," Mr Ehsanul, a career banker said.
He said the bank will open more 'Exchange Houses' in different countries to motivate the non-resident Bangladeshis (NRBs) to send money through banking channel instead of hundi.
The bank operates an exchange house under the name 'Prime Exchange Co Pte Ltd in Singapore.
"We need to create a platform for the NRBs so that their contribution in developing our economy can be accelerated, otherwise, inflow of only foreign direct investment (FDI) won't help improve the situation," the Prime Bank chief executive asserted.
The bank began its commercial operation on April 17,1995.
"We have consolidated the bank's foundation during the last few years conducting a modern business based on both conventional and Islamic Shariah," the chief executive of the bank said.
The bank is scheduled to hold its next annual general meeting (AGM) March 30.
The board of directors of the bank has already recommended 25 per cent stock dividend for the shareholders for the year that ended December 31,2008.
The bank earned Tk 1.24 billion as net profit in the year that ended December 31, 2008.
The import rose to Tk 91,424 million in 2008 against Tk 70,617 million in 2007, export Tk 68,550 million from Tk 51,316 million and remittance Tk 22,669 million from Tk 15,905 million.
Commenting on the bank's CSR activities, the MD said education and health remain the core areas.
"We spend a certain portion of our operating profit every year on implementation of the CSR activities," he said.
Since 2002, Prime Bank Foundation is implementing its CSR services.
In recognition of the bank's excellent services, the company won the prestigious ICAB Award for the consecutive fourth year in 2008 for preparing the best annual report.
Moreover, the bank won bronze medal from the South Asian Federation of Accountants (SAFA) in 2008 as the first Bangladeshi company for presenting adequate disclosures to the shareholders in the annual report.
Earlier, SAFA only presented 'merit award' to the Bangladesh companies.
"The awards are the testimony of good governance, compliance with IAS, BAS and other regulatory requirements," Mr Ehsan said.
He said market discipline is gradually being established as more banks are now encouraged to give adequate information to the shareholders and their compliance status is also improving.
Mr Ehsanul joined the Prime Bank on September 2, 2008. Prior to joining the Bank, he was the executive director and CEO of Infrastructure Development Company Ltd (IDCOL).
Mr Ehsanul began his career as a management trainee in Grindlays Bank 29 years back.
Prime Bank Ltd, a leading private commercial bank of the country has excelled in banking through its dedicated and professional services.
"Our bank has proved its supremacy in the last 14 years taking care of its stakeholders including the clients, depositors and shareholders and thus earned reputation," managing director of the Bank M Ehsanul Haque told the FE in an interview Tuesday.
He said the bank has consolidated its position over the years through rendering excellent services in corporate, retail and SME banking, and in the areas of corporate social responsibility (CSR).
He said the bank will open 15 more branches and five more SME service centres by the end of this year.
Currently, the bank has 70 branches across the country.
The bank will continue to explore new fields of investment and the new branches will contribute in this regard very significantly.
"We would like to create awareness about better economic utilisation of remittances so that the present trend of spending the hard-earned money on non-productive areas like land or flat purchase ends," Mr Ehsanul, a career banker said.
He said the bank will open more 'Exchange Houses' in different countries to motivate the non-resident Bangladeshis (NRBs) to send money through banking channel instead of hundi.
The bank operates an exchange house under the name 'Prime Exchange Co Pte Ltd in Singapore.
"We need to create a platform for the NRBs so that their contribution in developing our economy can be accelerated, otherwise, inflow of only foreign direct investment (FDI) won't help improve the situation," the Prime Bank chief executive asserted.
The bank began its commercial operation on April 17,1995.
"We have consolidated the bank's foundation during the last few years conducting a modern business based on both conventional and Islamic Shariah," the chief executive of the bank said.
The bank is scheduled to hold its next annual general meeting (AGM) March 30.
The board of directors of the bank has already recommended 25 per cent stock dividend for the shareholders for the year that ended December 31,2008.
The bank earned Tk 1.24 billion as net profit in the year that ended December 31, 2008.
The import rose to Tk 91,424 million in 2008 against Tk 70,617 million in 2007, export Tk 68,550 million from Tk 51,316 million and remittance Tk 22,669 million from Tk 15,905 million.
Commenting on the bank's CSR activities, the MD said education and health remain the core areas.
"We spend a certain portion of our operating profit every year on implementation of the CSR activities," he said.
Since 2002, Prime Bank Foundation is implementing its CSR services.
In recognition of the bank's excellent services, the company won the prestigious ICAB Award for the consecutive fourth year in 2008 for preparing the best annual report.
Moreover, the bank won bronze medal from the South Asian Federation of Accountants (SAFA) in 2008 as the first Bangladeshi company for presenting adequate disclosures to the shareholders in the annual report.
Earlier, SAFA only presented 'merit award' to the Bangladesh companies.
"The awards are the testimony of good governance, compliance with IAS, BAS and other regulatory requirements," Mr Ehsan said.
He said market discipline is gradually being established as more banks are now encouraged to give adequate information to the shareholders and their compliance status is also improving.
Mr Ehsanul joined the Prime Bank on September 2, 2008. Prior to joining the Bank, he was the executive director and CEO of Infrastructure Development Company Ltd (IDCOL).
Mr Ehsanul began his career as a management trainee in Grindlays Bank 29 years back.