Uttara Bank's modest growth to promote ‘banking ethos’

FE Report Uttara Bank Ltd, one of the oldest commercial banks in the country will turn 50 in next year (2014). "We feel proud that our bank is going to hit a milestone in the banking history of our country in next year and we congratulate our valued clients and shareholders on this great occasion," Shaikh Abdul Aziz, managing director & CEO of Uttara Bank Ltd told The Financial Express in an interview recently. Mr Aziz sought cooperation from all stakeholders so that the Bank can continue its growth and contribution to the sustainable development of Bangladesh economy. Uttara Bank, formerly known as Eastern Banking Corporation began its journey on January 28 in 1965. Jahurul Islam, the pioneer of first generation Bengali Muslim industrialists in the erstwhile East Pakistan is one of the sponsors of this bank. Mr Shaikh Abdul Aziz said the Bank remains committed in running the banking activities in a 'modest way'. "Depositors', clients' and shareholders' confidence is the cornerstone of our banking operations," the career banker pointed out. "Uttara Bank has no record of payment settlement failure in LC business and due to this confidence, clients do not need LC confirmation notes," Mr Aziz said. "In compliance with all regulatory directives issued by Bangladesh Bank and Bangladesh Securities and Exchange Commission, our Bank operates its activities considering the banking values and core business principles," Mr Abdul Aziz, a career banker commented. He said SME is the quintessential business area of the Bank. "SME accounts for 49.21 per cent of our total loan portfolio," the Uttara Bank MD added. Diversified deposit products, remittance, export-import business, low-cost deposit collection (school banking) and green banking are the focused business areas of the Bank. "We are putting a thrust on automated banking operations and out of our total 215 branches, as many as 107 have come under online banking." We hope by the end of September next, a total of 200 branches will be covered under online network. Our next phase will be internet banking to serve our clients in a more sophisticated way which will also spur the business activities of the Bank, he disclosed. The Bank, a listed company will hold its next AGM on June 16 which will likely approve 10 per cent stock and 15 per cent cash dividends for the shareholders. "We are also active in performing the socio-economic development jobs under Corporate Social Responsibilities (CSR)," the Uttara Bank chief executive mentioned. The Bank spent Tk 35 million in the first five months of 2013 against Tk 15 million in 2012 in CSR sector.