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Gulf economies to shrink by 7.6% this year: IMF

Reuters (DUBAI/RIYADH) Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecasts of nearly 3%. The six GCC nations are, with varying degrees, facing steep economic declines as the slowdown in business activity due to

Britain tells banks to prepare for pandemic debt pile

Huw Jones, Reuters (London) British banks need to accelerate preparations for dealing with businesses unable to repay money they borrowed to cope with the coronavirus pandemic, the national financial sector regulator said on Tuesday. Over 900,000 businesses have taken out state-backed loans worth around 38 billion pounds ($48 billion) under schemes

‘I wanted to take banking to the rural people’

The Chairman and CEO of Lockpur Group of Industries and the Chairman of SBAC Bank Limited, Mr S. M. Amzad Hossain is among the most socially responsible industry owners in the country. His efforts to integrate the rural people into his business empire and advance a forward thinking banking structure

Prime Bank gets youngest chairman

Tanjil Chowdhury aged 36 has recently been elected the new chairman of Prime Bank. Tanjil, succeeding his father Azam J Chowdhury is the youngest chairman of any private bank in Bangladesh. He previously served as a member in the bank's board and the chairman of its executive committee. Tanjil is also the managing director of

PwC completes five successful years in Bangladesh

Serving 600+ clients, bringing the best of their global offerings, the leadership is committed to partner businesses in the country to emerge stronger and become fit for future PwC today completed five successful years in Bangladesh. Since its incorporation in 2015, PwC Bangladesh has played an important role in enabling the economic prowess of the country and

AN OPTIMAL FINANCIAL INCLUSION – AGENT BANKING

Agent Banking means providing limited scale banking and financial services to the underserved population. Agent Banking is a part of financial inclusion for both rural and urban unbanked people to ensure the access to formal finance. Bank engaged agents under a valid agency agreement, rather than a teller/ cashier. He is

STRATEGIC ADVANTAGE OF TECHNOLOGY FOR A BANK

Alarge share of revenue of most of the traditional banks comes from interest income that comes from the borrowers. Around 60 to 70% of the total revenue of these banks is from this interest income. If we look at these banks, they are always suffering from deposit crisis. Traditionally they

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