Probashi Kallyan Bank preparing to offload shares

Talha Bin Habib The authorities of Probashi Kallyan Bank (Expatriate Welfare Bank) have planned to appoint a consultant soon as the bank is taking preparations to offload its shares in the capital market, a high official said. "We (the bank authorities) will appoint a consultant within the shortest possible of time so that the bank can join in the capital market soon," Deputy Managing Director (DMD) of the bank Md Kefayetullah told the FE Wednesday. He said apart from appointing of the consultant, the bank, which is now conducting its operations from its own central office at Wage Earners Kalyan Bhaban at Elephant road in the capital, would also open some booths at different international airports and expand divisional offices. "We are going to open bank's booths at Hazrat Shahjalal International Airport in Dhaka, Shah Amanat International Airport in Chittagong and Osmani International Airport in Sylhet within the next three months to provide services to the expatriates," he said. He also said, "Initially, we will expand divisional offices of the bank in Chittagong and Rangpur within the set time". He said by June next (2012) the bank will also set up branch offices at all the divisional cities. With regard to the number of loan recipients from the bank, he said, so far 107 persons went abroad by taking loans from the bank. About 25 to 30 applications are now under scrutiny of the bank for loan. The bank started its operation on April 20, 2011. Prime Minister Sheikh Hasina while launching the operation of the bank handed over Tk 50,000 to a male worker and Tk 25,000 each to three women who went to Abu Dhabi, the United Arab Emirates (UAE) for employment. The bank's authorised capital is Tk 5 billion (Tk 500 crore) and paid-up capital Tk 1 billion. The rest Tk 4 billion will be raised by the expatriates. The bank provides collateral-free loans to the out-bound Bangladeshi workers subject to showing their appointment letters. The loan seekers must have a personal guarantor who may be hisher family member or a respectable person of hisher locality. Expatriates will get loans from the bank at a maximum of 9 per cent interest rate. However, the main condition of the loan is that the loan recipients must send their remittance through the bank.