Standard Bank to launch merchant banking July 30
Monday, 27 July 2009
FE Report
Standard Bank Ltd, a leading third generation private commercial bank is going to launch merchant banking on July 30.
"We are set to launch our operation in the country's growing stock market to ensure our profitability and diversification of businesses as well," S A Farooqui, managing director and CEO of Standard Bank told the FE in an interview Sunday.
Besides, the bank will also open an 'exchange house' in London within the third week of next month (August) to facilitate the inflow of remittance from the non-resident Bangladeshis (NRBs) living in the UK cities.
The Standard Exchange Co Ltd (UK) will be a subsidiary of the bank to encourage the NRBs to send their hard-earned remittances through banking channel instead of other illegal ways, Mr S A Farooqui said.
Standard Bank started its commercial operation on June 3, 1999.
"We are going to open our 37th branch tomorrow (Tuesday) and by the end of this year, the number of our branches and SME Centres will be 50," the managing director said.
He said the merchant banking operation of the bank will strengthen the institutional support in the stock market.
"Stock market investors will get all-out support from us through the merchant banking operation," Mr S A Farooqui said.
Commenting on the proposed exchange house in London, the Standard Bank chief executive said the bank has a plan to reach the remittances at the doorsteps of the recipients in Bangladesh.
"After London, we will open the branches of the Exchange House in other UK cities," he added.
According to the latest half-yearly report, the bank achieved laudable growth in all areas of operation including raising capital, asset, deposit, advances, international business and profit.
The total asset of the bank recorded a whopping 56 per cent growth at Tk 1.62 billion in the half year ended June 30,2009.
The total capital of the bank rose to Tk 3.84 billion in the year ended June 30,2009 against Tk 3.32 billion of the corresponding period of the previous year.
Total deposit of the bank rose to Tk 3.49 billion during the half year ended june 30,2009 against Tk 2.46 billion posting a 42 per cent growth.
The Bank earned a gross profit of Tk 709 million in the half year against Tk 665 million.
Mr S A Farooqui, a senior banker began his career in 1973.
Prior to join the Standard Bank as EVP in April of 1999, he worked in National Bank and Agrani Bank.
He was promoted as the MD of Standard Bank on September 30, 2008.
Standard Bank Ltd, a leading third generation private commercial bank is going to launch merchant banking on July 30.
"We are set to launch our operation in the country's growing stock market to ensure our profitability and diversification of businesses as well," S A Farooqui, managing director and CEO of Standard Bank told the FE in an interview Sunday.
Besides, the bank will also open an 'exchange house' in London within the third week of next month (August) to facilitate the inflow of remittance from the non-resident Bangladeshis (NRBs) living in the UK cities.
The Standard Exchange Co Ltd (UK) will be a subsidiary of the bank to encourage the NRBs to send their hard-earned remittances through banking channel instead of other illegal ways, Mr S A Farooqui said.
Standard Bank started its commercial operation on June 3, 1999.
"We are going to open our 37th branch tomorrow (Tuesday) and by the end of this year, the number of our branches and SME Centres will be 50," the managing director said.
He said the merchant banking operation of the bank will strengthen the institutional support in the stock market.
"Stock market investors will get all-out support from us through the merchant banking operation," Mr S A Farooqui said.
Commenting on the proposed exchange house in London, the Standard Bank chief executive said the bank has a plan to reach the remittances at the doorsteps of the recipients in Bangladesh.
"After London, we will open the branches of the Exchange House in other UK cities," he added.
According to the latest half-yearly report, the bank achieved laudable growth in all areas of operation including raising capital, asset, deposit, advances, international business and profit.
The total asset of the bank recorded a whopping 56 per cent growth at Tk 1.62 billion in the half year ended June 30,2009.
The total capital of the bank rose to Tk 3.84 billion in the year ended June 30,2009 against Tk 3.32 billion of the corresponding period of the previous year.
Total deposit of the bank rose to Tk 3.49 billion during the half year ended june 30,2009 against Tk 2.46 billion posting a 42 per cent growth.
The Bank earned a gross profit of Tk 709 million in the half year against Tk 665 million.
Mr S A Farooqui, a senior banker began his career in 1973.
Prior to join the Standard Bank as EVP in April of 1999, he worked in National Bank and Agrani Bank.
He was promoted as the MD of Standard Bank on September 30, 2008.