India

The lender to begin scouting for a partner to offer wealth management products and services after the next 5-6 months.

The participation of NIB Bank Ltd. and Soneri Bank Ltd. in the ADB's Trade Finance Program  means there are now 13 Pakistani banks signed up to the program.

The card provides different limits, flexibility in transaction, high daily cash withdrawal and access to complimentary privileges for card holders.

The recruitment would bolster the lender, whose total business more than doubled in the last 3 years.

The delay is caused by the failure of approval from the federal government, which owns about 59 percent of the bank.

Banks in Bangladesh were advised to take steps for enhancing the remittance inflow due to the Middle-East turmoil. The call came from the Bangladesh Bank Governor Dr. Atiur Rahman during a workshop for finding ways of increasing the receipt of remittance. The government has taken many initiatives to increase remittance legally over the last two decades. Recently, the government has introduced modern system to reach remittances to remote areas of Bangladesh, BB chief said. Meanwhile, automatic cheque-clearing system has been opened in the country and initiative is underway to introduce electronic money transfer to ease banking system. “If the step come into action, a huge number of people across the country will come under the banking network,” the governor told the meet.  Dr Atiur observed that the Middle-East crisis compelled Bangladeshi workers to return home and that might affect the national economy for a long time. “But Bangladesh Bank is conscious about the matter. It is being considered whether something could be done for those who have returned home.” He said the government is taking steps to net increased remittances from other countries.

Collaboration to focus on Indians with no bank accounts, providing them access to financial services through their mobile phones.

An agreement was signed between the government and five banks for introducing electronic bidding for public-works contract within the current month.

The lender plans to allot $200mn on overseas acquisitions and targets on banks with strong corporate banking services.

The Bangladesh High Court Tuesday rejected Nobel laureate Prof. Muhammad Yunus’ writ petition, thereby endorsing his removal as managing director of Grameen Bank.

Union Bank shares were barely changed after announcing that it will issue 30.9mn shares to the India government.

The bank to offer bank accounts, subsidy transfers and basic insurance for farm produce in the next six months.

The Indian government is on the process of assessing the lender’s capital requirement if it should have a Tier I capital adequacy ratio of 9-9.5%.

The lender is also interested to buy stakes in life as well as non-life firms.

The lender’s chairman is driven to choose the subcontinent above any other country.

Union Bank's IPO for US$3.389 million of stock in Sri Lanka's Union Bank has drawn 225 subscriptions amounting to US$759 million.