South Bangla Agriculture & Commerce Bank Limited

South Bangla Agriculture & Commerce Bank Limited

 

South Bangla Agriculture & Commerce Bank Limited (SBAC Bank) has committed to facilitate the real sector development for eradication of poverty through creating employment opportunities across the country.

Mr. Rafiqul Islam, Managing Director and Chief Executive Officer of the bank says, We'll give priority to create assets in the form of loans and advances in different sectors and various categories interest of the real sector development. "We'll cover different banking areas including agriculture and rural banking, SME banking, mobile banking, E-banking, retail banking, NRB banking, treasury banking, corporate banking, service generation banking, intending wage earner banking , student banking and scholar banking as part of diversification of our overall investment,"

He also said the bank will give emphasis on agro-based industries aiming to bring dynamism in the country's rural economy.

"We'll also focus on export and the flow of inward remittance," the CEO said, adding that the bank will establishing new contacts with overseas exchange houses so that migrant workers can easily send home money.

The SBAC Bank is set to start its journey aiming to provide better services to their clients using latest technologies.

"We've committed to provide a customer friendly environment by service excellence for all of corporate, agro based SME and retail segments by twisting agriculture, industrialisation, trade and commerce and mobilisation of foreign investment together as to foster emerging economy of green Bangladesh with the help of advance information technology through different compatible channels," the CEO noted.

The bank has been formed with Tk 10 billion as authorised capital while total capital will be reached at Tk 4.446 billion by the end of this calendar year, according to the bank's business plan which was submitted to the central bank earlier.

The bank will issue IPO (initial public offering) worth Tk 4.0 billion in the third year of its operation, the CEO said, adding that the number of sponsors is 52.

The new bank has already applied to the Bangladesh Bank (BB) seeking permission for setting up 12 branches across the country within the first year of its operation, according to the CEO.

"We've also planed to operate nationwide through setting up branches from the beginning," Mr. Islam, adding that the bank will set up branches in Dhaka, Khulna, Chittagong and Sylhet with this calendar year.

"Considering the comparative ratio of population and beneficiaries of the bank will spread its operation by opening branches in the urban as well as rural areas," the CEO said while replying to a query.

He also said the bank will meet the demand for new banking product and district, rural and urban wise homogenous development.

"We'll disclose information relating to risk management and shock absorbent capacity in order to establish market discipline," the CEO said while replying to another query.