United News of Bangladesh

Multinational banking giant Standard Chartered is reportedly preparing to wind down its retail banking operations in Bangladesh as part of a global strategic shift, sparking interest among leading local lenders to acquire its high-value consumer portfolio. While the bank has not made any official announcement, industry sources revealed that competitive bidding may soon be launched to sell the retail division. Top private commercial lenders BRAC Bank and City Bank have already emerged as frontrunners in separate preliminary discussions to acquire the business. Commercial banking sources confirmed that initial talks regarding the transfer mechanism have taken place between Standard Chartered and interested domestic banks. Furthermore, senior officials from the bank’s Bangladesh and regional offices have met the Bangladesh Bank governor to outline their potential plans. Clarifying the nature of the potential move, a senior banker, speaking on condition of anonymity, noted that Standard Chartered is not exiting Bangladesh entirely. Instead, it plans to offload or wind down its retail banking portfolio, which encompasses savings and current accounts, debit and credit cards, personal and home loans, ATMs, and mobile banking, while maintaining its core corporate and institutional banking services. Currently, Standard Chartered's retail banking division in Bangladesh holds an estimated deposit portfolio of nearly Tk 16,000 crore and a loan portfolio of around Tk 10,000 crore. Its extensive base of high-net-worth customers, premium reward cards, Islamic banking offerings, and specialised NRI banking services make the acquisition particularly lucrative for domestic players. City Bank, which currently holds around Tk 45,000 crore in individual deposits and Tk 12,000 crore in consumer loans, stands to significantly boost its consumer market share if the deal goes through.  Meanwhile, BRAC Bank – boasting over Tk 53,000 crore in retail deposits and Tk 14,000 crore in consumer loans – has also expressed strong interest.  Officials from both banks confirmed participating in preliminary discussions, noting that any final deal remains subject to valuation, due diligence, and regulatory approvals. The multinational bank has previously scaled back or exited retail operations across several markets in Africa, the Middle East, Asia, and Sri Lanka. If finalised, the transition will mark another major portfolio handover in Bangladesh's banking history, following similar historical transitions by BCCI, Credit Agricole Indosuez, and ANZ Grindlays, as well as HSBC's decision to exit local retail banking in 2025. The future of retail employees, branch networks, and technological infrastructure will form a critical part of any potential acquisition agreement. While operations continue as normal, customer retention will ultimately depend on client consent and regulatory guidelines once a buyer is finalised. When contacted, Country Head of Corporate Affairs, Brand & Marketing at Standard Chartered Bangladesh Bitopi Das Chowdhury dismissed the market discussions as speculation, stating the bank does not comment on rumours. "We regularly review the effectiveness of our global business model. When necessary, steps are taken to further concentrate resources and investments in areas where we have distinctive capabilities to serve our clients," she said. Reaffirming the bank's commitment to the country, Bitopi said, "Standard Chartered is a global super-connector with roots in Bangladesh spanning over 120 years. We remain fully committed to Bangladesh, and our day-to-day banking services and operations continue as normal.”

The Commerce Ministry has begun drafting a dedicated roadmap to address the challenges facing Bangladesh's leather and footwear industry, tap into the domestic market and boost exports, Commerce Secretary Ataur Rahman Khan said Thursday. "The draft will be published on the ministry's website to gather feedback from stakeholders," he said addressing the inaugural ceremony of the 10th Bangladesh Leather and Footwear Expo 2026 as chief guest at the International Convention City Bashundhara (ICCB) in Dhaka. The secretary said a high-level committee, chaired by the commerce minister, has been formed for the overall development of the leather sector. In line with the prime minister's directive, the ministry is preparing a work-oriented roadmap for the industry, he said, adding that the real-life experiences and needs of tannery owners, manufacturers, traders and technologists will be reflected in it. Highlighting the sector's potential, the secretary said raw materials for the industry are available locally and the capacity of the country's technologists has grown. "Besides encouraging people to use locally made leather goods, there is scope to expand exports in the international market." Pledging government support to help exporters meet buyers' requirements and standards, he said entrepreneurs must be provided with the necessary information and assistance on environmental and social compliance, technological capacity and global market demand. To that end, the ministry is working on a responsible business conduct framework and a national traceability framework, he said. "There are also plans to introduce separate traceability systems for priority sectors." Stressing stronger industry-academia collaboration to boost research, Ataur said students and researchers of leather technology need to be connected more effectively with tannery owners and entrepreneurs. "Efforts will be made to include the issue in the roadmap." Organisers said leather is Bangladesh's second-largest foreign currency earner after the ready-made garment (RMG) industry, with strong prospects for entering new markets and consolidating its position in existing ones. However, they said, proper planning and special initiatives are needed to realise that potential. Besides processed leather, Bangladesh exports footwear, travel bags, belts and wallets, while fashion accessories made of leather are also in demand. Many local handicraft firms are shipping such products abroad. Alongside larger manufacturers, the country has around 5,500 small footwear factories. Bangladesh ranks eighth globally in footwear production and ninth as a consumer market. The country produces an estimated 270 million square feet of leather annually, most of which is exported, while the rest is used by the domestic leather goods industry. Bangladeshi leather is primarily shipped to Italy, South Korea, Japan, China, Hong Kong and Taiwan. Domestic demand for footwear is also rising fast, organisers said. Local companies are receiving production orders from renowned global brands, prompting many leather and leather goods makers to expand their businesses. The expo is being organised jointly by the Bangladesh Tanners Association (BTA), the Leather Engineers and Technologists Society, Bangladesh (LETS'B) and Limra Trade Fairs and Exhibitions Pvt Ltd. The three-day event runs until September 26 at ICCB, open daily from 10am to 7pm. More than 250 reputed local and foreign companies are taking part.

Asian shares traded mixed in early Thursday trading as investors assessed recent movements in oil prices and the US bond market, while also watching currency fluctuations. Japan's benchmark Nikkei 225 rose 1.3% to 65,883.41 in morning trading, helped by gains among some chipmakers amid continued interest in artificial intelligence. Australia's S&P/ASX 200 fell 0.7% to 8,700.50. Hong Kong's Hang Seng Index declined 0.5% to 24,715.95, while the Shanghai Composite slipped 0.8% to 3,902.33. South Korean markets were closed for the Chuseok autumn harvest holiday. In energy trading, US benchmark crude fell 0.82% to $91.40 a barrel, while Brent crude, the international benchmark, dropped 0.83% to $102.22 a barrel. Brent prices remain well above the roughly $72 a barrel recorded before the war with Iran began. Investors remain concerned that the conflict could disrupt oil supplies in the Middle East for an extended period. Talks between US and Iranian officials are continuing through mediators, but no concrete agreement has emerged so far. US bond yields pressure Wall StreetWall Street came under pressure Wednesday as a stronger-than-expected economic report raised fresh concerns about inflation and pushed US Treasury yields higher. The S&P 500 fell 0.8%, after ending the previous session just 0.4% below its record high set last month. The Dow Jones Industrial Average dropped 352 points, or 0.7%, while the Nasdaq composite fell 1.1% from its record level. The yield on the 10-year US Treasury rose to 5.10% from 4.96%, a significant move in the bond market. Higher bond yields can weigh on stocks and other investments while also making borrowing more expensive, which can slow economic activity. The 10-year yield briefly reached nearly 5.14% on Wednesday, returning to levels last seen in 2007, before the global financial crisis sent borrowing costs sharply lower. Yields have risen in recent weeks amid concerns about persistent inflation, the US government's large debt burden and other economic risks. Inflation worries intensified after a preliminary report indicated that US business activity had grown at its fastest pace in more than five years. US inflation has remained elevated, prompting the Federal Reserve to raise its short-term interest rate last week for the first time in three years. Fed Gov. Michael Barr said in a speech this week that further rate increases “are likely to be needed” to bring inflation down to the central bank's 2% target. Yen remains weakThe Bank of Japan recently raised its benchmark interest rate in an effort to support the Japanese yen. However, the move had largely been expected by investors, limiting its impact on the currency. A weaker yen puts additional pressure on Japan because the country relies heavily on imported oil, particularly when global energy prices are high. In currency trading, the US dollar slipped to 157.94 yen from 158.30 yen. The euro was little changed at $1.1382, compared with $1.1388. In US markets, the S&P 500 fell 58.61 points to 7,706.03. The Dow dropped 352.10 points to 51,511.59, while the Nasdaq composite declined 308.24 points to 26,936.04.

Abu Sayeed Md. Idris and Md. Zakir Hossain have been promoted to Deputy Managing Director (DMD) at Islami Bank Bangladesh PLC. Before their promotion, both served as Senior Executive Vice Presidents (SEVPs) of the bank, said a press release. Abu Sayeed Md. Idris is currently serving as head of the SME Investment Wing at the bank's head office. He joined Islami Bank as a Probationary Officer in 1992 and previously served as head of the Retail Investment Management Wing, as well as head of the Rangpur, Mymensingh and Dhaka South zones. He also managed various divisions and branches. He holds a master's degree in Public Administration from Dhaka University. Md. Zakir Hossain is currently heading the Local Office Corporate Branch of the bank. He joined the bank as a Probationary Officer in 1996 and has previously served as head of the Special Investment Division, head of the Sylhet Zone, and in various other divisional and branch leadership roles. He earned his bachelor's and master's degrees in Accounting from Islamic University, Kushtia.

Biman Bangladesh Airlines, country's national flag carrier, is set to sign an agreement with US aircraft manufacturer Boeing to acquire 11 additional aircraft during Prime Minister Tarique Rahman’s visit to New York for the 81st session of the United Nations General Assembly. The agreement is scheduled to be signed at 4:15pm (local time) on Wednesday at the prime minister’s place of residence in the presence of senior Bangladesh and US officials. "Congratulations to Boeing and Biman on the agreement to purchase 11 more of the world’s best commercial planes. Another win-win for the U.S.-Bangladesh relationship! Will be tuning in to the signing ceremony in New York later today," US Ambassador to Bangladesh Brent T Christensen said on Wednesday. The Ambassador said this in a post from his verified X handle. In April, Bangladesh signed a deal with US aircraft manufacturer Boeing to buy 14 planes for its national carrier Biman Bangladesh Airlines, the two sides announced - the airline’s biggest-ever order, in a deal valued at $3.7 billion. Bangladesh is likely to sign the latest deal to purchase an additional 11 Boeing aircraft, according to the sources at the Civil Aviation and Tourism Ministry. Ruling out any pressure from the US side over the purchase of additional Boeing aircraft, State Minister for Foreign Affairs Humaiun Kobir recently said the approach is demand-driven and that Bangladesh needs to expand its aircraft fleet to open new routes, improve passenger services and strengthen its position as an aviation gateway in Asia. "No, not under any pressure but as per the demand of the aviation sector. We will buy additional aircraft according to our needs," he told reporters at the Ministry of Foreign Affairs when a journalist drew his attention to the purchase of additional Boeing aircraft from the United States. Biman Chairman Rumee A Hossain is expected to sign the agreement on behalf of the national flag carrier. Civil Aviation and Tourism Minister M Rashiduzzaman Millat and State Minister for Foreign Affairs Humaiun Kobir are scheduled to attend the signing ceremony, according to the PM’s programme schedule. Following the signing, Dr Brendan Nelson AO, Senior Vice President of Boeing and President of Boeing Global, is scheduled to pay a courtesy call on Prime Minister Tarique Rahman at around 4:30pm at the bilateral meeting room at the prime minister’s place of residence. Nelson will lead the Boeing delegation during the call. The Bangladesh delegation is expected to include Finance Minister Amir Khosru Mahmud Chowdhury, Civil Aviation and Tourism Minister M Rashiduzzaman Millat, State Minister for Foreign Affairs Humaiyun Kobir, the prime minister’s spokesperson Mahdi Amin, Chairman of Invest Bangladesh Chowdhury Ashik Mahmud Bin Harun , Foreign Secretary Asad Alam Siam, Bangladesh at Ambassador to Washington and Biman Chairman Rumee Akhtar Hossain. The US delegation for the signing will include US Commerce Secretary Howard Lutnick, Deputy Secretary of State Christopher Landau, Under Secretary of Commerce William Kimmitt, Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur and Special Representative for Commercial and Business Affairs Vinay Chawla. Lutnick and Landau are scheduled to deliver brief remarks at the signing ceremony. The additional order would take Biman’s planned Boeing acquisitions , following a $3.7 billion agreement signed in April for 14 aircraft. In a letter sent to the Prime Minister  on September 1 Trump thanked the Prime Minister for his decision to purchase Boeing aircraft, saying Boeing will not let Bangladesh down. “I just received your letter concerning the purchase of Boeing Aircraft, and very much appreciate your decision of purchase. Boeing will not let you down, and I will not forget,” Trump wrote in the letter. The US President also thanked Tarique Rahman for his attention to the matter and said, “I look forward to meeting you in the not too distant future.”

Commerce Minister Khandakar Abdul Muktadir has urged all concerned agencies to implement a coordinated action plan to simplify import-export clearance procedures, upgrade logistics systems and reduce trade costs. "The government is working to build capacity across departments and simplify trade processes to cut the time and cost of clearing consignments," Muktadir said, adding that the benefits of these initiatives can only reach businesses through effective coordination among all stakeholders. Muktadir made the call while presiding over the 10th meeting of the National Trade Facilitation Committee at the Ministry of Commerce conference room on Wednesday. According to the working paper placed at the meeting, Bangladesh has implemented 47 of the 54 measures required under the World Trade Organisation's (WTO) Trade Facilitation Agreement. All 21 Category-A and 18 Category-B obligations have been fulfilled and notified to the WTO, while eight of the 15 Category-C measures have been completed, the remaining seven are targeted for implementation by June 2030. The meeting stressed completing the outstanding measures quickly to preserve export competitiveness following Bangladesh's graduation from the Least Developed Country (LDC) category. The National Board of Revenue (NBR) has rolled out a National Single Window to bring trade-related certificates, licences, permits and services onto a single platform, with 19 agencies already integrated and efforts underway to bring 18 more on board. Work is also progressing on forming a separate Bangladesh Single Window Commissionerate to run the system. NBR member Al Amin Pramanik told the meeting that the Automated Risk Management System (ARMS) is expected to become operational by October. The risk-analysis-based system will help speed up cargo clearance, he said, adding that NBR is also working to increase the number of Authorized Economic Operator-certified companies. Customs authorities have already introduced pre-arrival clearance processing and online auto-manifest registration, along with a National Enquiry Point to provide businesses with customs and trade information. The meeting also discussed infrastructure for exporting perishable agricultural goods. Cold storage facilities are being modernised at the cargo village of Hazrat Shahjalal International Airport, while tender evaluation has been completed for a new cold storage facility at Benapole. An agreement has been signed to set up a cold storage and processing plant on 18 acres of land in Mongla, and plans are underway for a packing house and cold chain facility for export-oriented agricultural products at Dewanhat in Chattogram. Commerce Secretary Ataur Rahman Khan said the Commerce Ministry alone cannot implement all activities under the Trade Facilitation Agreement, and efforts are underway to complete the remaining work ahead of schedule with cooperation from relevant stakeholders. ERD Secretary Shahriar Kader Siddiky called for uniform procedures and digital systems to reduce inconsistent decisions on similar categories of goods. The meeting also discussed coordination among agencies to improve food quality testing and laboratory facilities.

A meeting of the Board of Directors of Islami Bank Bangladesh PLC was held on Wednesday at the Islami Bank Tower in the capital. Mohammad Zahir Hussain, Chairman of the bank, presided over the meeting. Md. Altaf Hossain, Acting Managing Director, and Md. Habibur Rahman, Company Secretary of the bank, were also present. During the meeting, the board reviewed the recent business performance of the bank and made several key policy decisions.  

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on Wednesday officially launched its specialized "BGMEA Japan Desk" in its Uttara Complex, aiming to usher in a new era of bilateral economic cooperation, trade, and investment between Bangladesh and Japan. The desk was inaugurated jointly by Japanese Ambassador to Bangladesh Saida Shinichi, who attended as the chief guest, and BGMEA President Mahmud Hasan Khan, along with other senior diplomats and trade leaders. Established under the motto "Connectivity, Collaboration, and Prosperity," the Japan Desk will function as a dedicated one-stop platform for Japanese apparel buyers and investors. It aims to facilitate small- and medium-sized order processing, streamline Japanese investments, and build a long-term strategic partnership in the ready-made garment (RMG) sector. The initiative stems from the "Japan Market Strategy Development Committee," formed a year ago by the current BGMEA board. The committee is chaired by BGMEA Vice President (Finance) Mizanur Rahman, with Director Mohammad Sohel serving as Coordinating Director. Speaking at the inauguration, Ambassador Saida Shinichi congratulated BGMEA on launching the desk, expressing optimism that it will energize bilateral trade between the two nations. He also highlighted the necessity of export diversification to ensure sustainable economic growth. In his address, BGMEA President Mahmud Hasan Khan stated that Bangladesh should not remain overly reliant on traditional markets or a single sector. "BGMEA is prioritizing product and market diversification, and Japan presents immense potential for Bangladesh's RMG industry," he said. He noted that overcoming lead-time challenges for shorter delivery cycles remains the primary hurdle in expanding market share in Japan. Welcoming the guests, BGMEA Vice President Mizanur Rahman requested the Japanese Ambassador to consider simplifying travel visas for Bangladeshi apparel entrepreneurs, particularly marketing and merchandising personnel. BGMEA Senior Vice President Inamul Haq Khan (Bablu) emphasized the transformation of Bangladesh’s garment industry, focusing on safe working environments, workplace compliance, and long-term strategic alignment with Japan. Representatives from Japanese organizations and businesses also commended the industry's compliance standards and expressed confidence that the desk would deepen economic ties. The event featured a presentation on BGMEA's overall activities by Secretary General Maj. Gen. Dr. Md. Shahedul Islam (Retd.) and a briefing on the Japan Desk's operational plan by Kazi Sarwar Habib, Advisor to the BGMEA Japan Committee and Managing Director of Furushima (BD) Ltd., alongside Director Mohammad Sohel. High-level delegates attended the ceremony, including representatives from the Embassy of Japan in Dhaka, JETRO Dhaka Office, Japanese Commerce & Industry Association in Dhaka (JCIAD), Toyota Tsusho, Teijin Frontier, Marubeni Corporation, Itochu Corporation, and the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI). Key attendees included JBCCI President Yuji Wagata, JETRO Overseas Business Advisor Daisuke Arai, Teijin Frontier General Manager Takamasa Yamamoto, Marubeni Country Head Sugawara Manabu, Itochu Chief Representative Hiroaki Oura, and JBCCI President Tareq Rafi Bhuiyan (Jun). The program concluded with an interactive Q&A session discussing Japanese investment prospects and bilateral networking.

Turnover at the Dhaka Stock Exchange (DSE) crossed the Tk 800 crore mark on Wednesday after 36 days, with shares worth Tk 844 crore changing hands, the highest daily turnover so far this month. The bourse had last seen turnover above Tk 800 crore on August 18, when it stood at Tk 998 crore. Turnover then fell steadily day after day, dropping to the Tk 400 crore range by August 27 in a sharp slide from levels of around Tk 1,000 crore just days earlier. September opened with daily turnover hovering around Tk 500 crore. It touched the Tk 700 crore range on a few occasions but failed to breach Tk 800 crore until this week, rising to Tk 788 crore on Monday and Tk 791 crore on Tuesday before Wednesday's jump. All DSE indices advanced alongside the turnover rebound. The benchmark DSEX rose 55 points, the Shariah index gained 10 points, and the blue-chip DS30 index added 16 points. Prices rose for most listed companies, with 246 advancing against 102 decliners, while 37 remained unchanged. Unique Hotel & Resort PLC topped the gainers' list, with its share price climbing nearly 10 percent, up Tk 4 in a single day, from Tk 40.20 on Tuesday to Tk 44.20 on Wednesday. Mutual funds, however, largely bucked the market's upward trend. Most mutual fund units traded near their lowest levels, with AB Bank 1st Mutual Fund, Reliance One the first scheme of Reliance Insurance Mutual Fund, and ICB AMCL CMSF Golden Jubilee Mutual Fund each losing more than 5 percent to lead the fallers. The Chittagong Stock Exchange (CSE) also posted gains, with its overall index CASPI rising 54 points. A total of 100 companies saw price increases against 71 decliners, while 20 remained unchanged. CSE turnover rose by Tk 5 crore over the previous session, with shares and units worth Tk 24 crore traded on the day, up from Tk 19 crore a day earlier. ICB AMCL Second Mutual Fund, Rupali Insurance Company Ltd and Index Agro Industries Ltd led the gainers on the CSE, each up around 10 percent. On the losing side, Chartered Life Insurance PLC, Continental Insurance PLC and Agni Systems PLC each shed nearly 10 percent.

Bangladesh Bank (BB) has asked scheduled banks to keep their Hajj-related branches open this Friday and Saturday (September 25-26) to facilitate the collection of registration fees for Hajj 2027. The branches will remain open during regular banking hours, according to a circular issued by the central bank on Wednesday and signed by Md Abdul Mannan, director of the Supervisory Data Management and Analytics Department. Banks have also been asked to continue receiving Hajj registration fees beyond regular banking hours as long as depositors remain present at the branches, while ensuring adequate security measures. The decision was taken in response to a letter from the Ministry of Religious Affairs issued on September 20, aimed at easing the registration fee submission process for prospective pilgrims.