The City Bank, one of the first-generation private commercial banks, has announced an initiative to adjust employees' salaries in line with annual inflation, to ensure the support and well-being of its employees. The bank's board of directors has approved an annual increment of Tk 162 crore for 2024; including PMP adjustments and bonuses, which will total Tk 300 crore by the end of 2025. This move would significantly raise the bank's total payroll expenditure of Tk 1,210 crore annually by the end of next year. The decision was taken based on the results of a salary survey conducted by Cerebrus Consultants Limited, comparing City Bank's compensation packages with BRAC Bank, EBL, MTBL, Prime Bank and Dhaka Bank. Read: City Bank Director Rubel Aziz to sell 34 lakh shares by October 31 City Bank has taken the initiative to restructure its payscale on the basis of fairness, in line with the current market situation. Employees whose salaries are significantly lower than the current market will receive higher increments under this move; And those whose salaries are close to the current market average will receive a relatively small increment, said a top official of the bank.

City Bank Director Rubel Aziz has expressed his intention to sell 34 lakh shares from his holdings in the bank at the prevailing market price. He announced a disclosure published on the Dhaka Stock Exchange (DSE) online on Monday (14 October). According to the disclosure, Rubel Aziz holds more than 3.08 crore shares of City Bank. Out of his holdings, Rubel will sell 34 lakh shares in the public market of the DSE within 31 October. BSEC Chairman urges stakeholder cooperation for stock market reforms On the day, City Bank shares traded at Tk22.50. City Bank's consolidated net profit for the first half of 2024 increased by 5 percent to Tk250 crore compared to the same period last year. The price-sensitive information of the private sector lender saw that consolidated earnings per share (EPS) for the January-June period was Tk1.85, up from Tk1.76 a year ago. BSEC and World Bank discuss capital market reforms in Bangladesh

In a significant move to stabilize its power sector, the Bangladesh government has secured Tk 2,062 crore through the issuance of special bonds. This initiative, aimed at clearing outstanding liabilities to private power plants, involves a collaboration with two prominent private banks: City Bank and Pubali Bank. A comprehensive agreement was inked on Wednesday at the Secretariat, marking a critical step in addressing the financial challenges faced by the power sector. As per this agreement, the government will issue bonds worth Tk 1,985 crore to City Bank and Tk 77.50 crore to Pubali Bank, as confirmed by the Ministry of Finance. Sources reveal that the government’s inability to disburse subsidy funds had left private power plants struggling to meet their financial obligations, leading some to the brink of insolvency. Read: Bangladesh's imports drop over 18% in first half of FY2023-24  To counter this crisis, the government’s issuance of special bonds comes with an 8 percent coupon rate, mirroring the repo rate set by Bangladesh Bank. Notably, any future fluctuations in the repo rate will correspondingly adjust the bond interest rate. At the term’s end, the government will settle the bank dues along with interest, subsequently reclaiming these bonds. Unlike typical 15–20 year bonds, these special bonds have a maximum tenure of 10 years, a move tailored to the urgent needs of the power sector. Key players in the power sector, including Summit Power, United Power, Confidence Power, Baraka, Kushiara, Doreen, and Akron Power, are among the beneficiaries of this initiative. The Finance Division also disclosed plans for phased agreements with other banks, including BRAC Bank and Bank Asia, to further address the sector’s liabilities. Read: To ensure good governance in banks, chairman should be from independent directors: Dr Atiur  Reflecting on the agreement’s significance, managing directors of several banks expressed optimism. While banks can leverage these bonds with Bangladesh Bank, it provides the government with crucial financial breathing space. This strategic financial maneuver stands as a testament to the government’s commitment to ensuring the stability and sustainability of Bangladesh’s power sector.

Prime Minister Sheikh Hasina on Wednesday (November 01, 2023) said her government seeks to build a cashless society in a bid to reduce corruption, expedite development and ease revenue collection. “When we will be able to build the cashless society it will curtail corruption. The development of the country will be expedited and the revenue collection will be eased,” she said. The prime minister said this while inaugurating local currency card ‘Taka Pay’, first of its kind in the country, from her official residence Ganabhaban. She was connected virtually with headquaters of Sonali Bank, City Bank and Brac Bank. Sheikh Hasina said that as an independent and sovereign country, Bangladesh’s financial system has to be independent and sovereign for reducing dependency on others. PM Hasina launches Taka Pay, first-ever local currency card, to save costly dollars She put emphasis on data security of every holder of the newly introduced debit card. “I hope that the security system of this network will be well-protected. We have to pay special attention to this. Foolproof firewall has to be there,” she said. She said that this Taka Pay card will be a groundbreaking step for building the cashless society in Bangladesh. “We will not be dependent on others. We will use our money in our country, we will try to connect this system with otheir countries. We must not be dependent on any single hard currency,” she said. "Today I'm very happy," said the prime minister terming the own currency card as a landmark step for the country. She mentioned that the cards which are being used by the people are operated by the foreign companies. “No more foreign currency spending after introduction of Taka Pay card”," she said. Hasina spoke about her government’s plan to introduce international transactions through Taka Pay in future. She also underscored the importance of bringing everyone under banking services towards establishment of a cashless society. PM Hasina to launch 'Taka Pay' card Tuesday: BB The premier said every citizen of the country should be brought under the banking service. Directing the Bangladesh Bank to focus on establishing good governance in the banking sector, the PM said, the role of central bank is very important in establishing a cashless society. “So, special attention should be given to ensure that the service in the banking sector is more fair alongside good governance,” she added. PM Hasina asked the officials concerned to provide training and up to date information to the people so that they can use this Taka Pay card easily without any hassle in their daily payment. The card is be issued by state-owned Sonali Bank and privately-owned City Bank and BRAC Bank in collaboration with the central bank. 'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB. Election will be on time, BNP can’t stop it, says PM Hasina at press conference

Prime Minister Sheikh Hasina on Wednesday (November 01, 2023) launched local currency card Taka Pay to reduce dependency on international card schemes like Visa and Mastercard and save much-needed US dollars. Bangladesh Bank introduced the card, first of its kind in the country. PM Hasina inaugurated the card from her official residence Ganabhaban. She was connected virtually with the headquarters of state-owned Sonali Bank, private City Bank and Brac Bank. The three banks have been given responsibility to issue the Taka Pay card in collaboration with the central bank. 'Taka Pay' will provide the same service nationally through the use of 'The National Payment Switch of Bangladesh', an electronic payment platform operated by the BB. Initially, the card can be used within the country. Later the central bank will introduce Taka-Rupee card which can be used for shopping in neighbouring India. Electronic transfer of taka is done through Visa and MasterCard payment networks of business institutions including banks and other financial institutions. These entities offer branded payment processing services for credit, debit, and prepaid cards. Domestic card 'Taka Pay' will provide the same service, the BB sources said. It can be used abroad once foreign banks and institutions partner with the platform. It will reduce the cost of foreign exchange. Because foreign companies have to spend a lot of money on service charges. From the beginning, this card can be used at all ATMs, points of sales and online platforms in the country. PM Hasina to launch 'Taka Pay' card Tuesday: BB Initially it will be used as a debit card but in the future Taka Pay credit card will also come. Magnetic strip is used for security of this card. But now the new EMV technology with added security has been introduced in all bank cards. Gradually Taka Pay card will also be introduced with EMV technology. Paris-based consultancy Fime developed the card. Bangladesh’s neighboring countries also have their currency cards. India has card 'Rupee', Pakistan 'Pakpay', Sri Lanka 'Lonkapay'. Saudi Arabia has 'Mada'. Election will be on time, BNP can’t stop it, says PM Hasina at press conference At the outset, a video documentary on the Taka Pay was screened. Two freedom fighter customers of Sonali Bank withdrew money from City Bank's ATM using Taka Pay Card. Central bank governor Abdur Rauf Talukder was present among others at Ganabhaban. Prime Minister's Principal Secretary M Tofazzel Hossain Miah moderated the function, while BB Governor Abdur Rouf Talukder delivered welcome address. BB Executive Director Mezbaul Haque presented different aspects of the national card scheme “TakaPay”.Sonali Bank Managing Director Afzal Karim, Brac Bank Managing Director Selim RF Hossain and City Bank Managing Director Mashrur Arefin at their offices demonstrated the usage of TakaPay card, online payment and withdrawal of money from ATM where the users received the services. PM Hasina describes as successful her visit to Belgium for Global Gateway Forum

The City Bank Limited has published recruitment circular. Manpower will be recruited for the post of officer in the Bank. Newly graduated pass candidates can also apply. Interested candidates need to apply online. Position Name: Officer, Merchant Business, Cards Number of posts: Not specified Read Sub-Inspector Recruitment: The month-long examination of intelligence and verbal begins on 9th May Job Responsibilities • Campaign Management and alliance management • Monitor merchant discount rate and change it time to time based on business trend with proper approval • Managing different projects related to network partners • Process development of different work flow • Ensure daily operational work relevant to portfolio management • Maintain relationship with high value merchants • Coordinating with cross functional team & department Read: Job Circular in IPDC Finance Limited - Eligibility: 4 years undergraduate degree or postgraduate degree with bachelor's degree Age: Maximum 30 years Work place: Dhaka Salary: TK. 26,000-28,000 Apply Process:  Interested candidates need to apply online.  For details https://jobs.bdjobs.com/jobdetails.asp?id=996999&ln=1 Read How to Get a Job in Google from Bangladesh? Application Deadline: 17 Oct 2021 Job Source: Bdjobs.com Online Job Posting.

CDC Group, the UK’s development finance institution and impact investor, on Wednesday announced the close of a $30 trade finance loan to City Bank, one of Bangladesh’s top performing private banks. The loan facility will provide systemic liquidity that will support continued import and export activities and help bolster the country’s economic growth. CDC’s investment will enable City Bank to extend foreign currency trade credit to local banks as well as local importing and exporting businesses, and is expected to generate up to US$100 million of additional trade every year. Read IBBL Corporate Branches hold Business Conference Robert Chatterton Dickson, British High Commissioner to Bangladesh, welcomed CDC’s first ever direct trade finance loan to a bank in Bangladesh. He said: “This transaction is a significant step forward in the UK-Bangladesh economic partnership, further broadening our offer of financing instruments beyond grant finance.” The High Commissioner said CDC’s growing presence in Bangladesh will offer an additional source of financing to the private sector, bolstering economic growth and the shared prosperity of both the UK and Bangladesh. Also read: City Bank partners with Microsoft to enable its employees to work from home Rehan Rashid, Country Director for Bangladesh, CDC Group, said this loan to City Bank, which marks CDC’s first direct trade finance loan to a local issuing bank, will further enhance the supply of trade finance in the region. "We are thrilled that this commitment will support Bangladesh’s banking sector and enhance our ability to bring deeper impact to local and regional value chains. CDC is committed to offering patient and stable trade finance funding that will facilitate continued supply of goods and services – helping Bangladeshi businesses grow and remain resilient throughout and beyond the Covid-19 pandemic.” Sheikh Mohammad Maroof, Additional Managing Director at City Bank, said this loan from CDC will help facilitate trade finance through UPAS LCs which in turn, will enable corporates and SMEs to optimize working capital management at competitive rates during such unprecedented times. Read Daraz launches online 'Qurbanir Haat' ahead of Eid "City Bank will assist Bangladeshi businesses in meeting exporters’ requirements of payment at sight and, clients’ needs for timely goods receipt while enhancing overall competitiveness in international commercial activities. We are very excited for this new beginning and look forward to a stronger relationship with CDC in near future.” CDC is the UK Government’s bilateral development finance institution. CDC’s investment in the UK is on top of the UK Government’s support for economic development in Bangladesh through the UKAid, GuarantCo, UKEF and share in International Finance Institutions’ investments in Bangladesh. The loan will strengthen City Bank’s ability to meet the needs of its over 17 million clients across retail and small and medium enterprises (SMEs), facilitating increased trade and supporting key sectors of Bangladesh’s economy such as the ready-made garment, manufacturing and food processing and production industries, said the CDC Group. Also read: City Bank launches collateral-free digital loan Trade is an essential driver of Bangladesh’s export-oriented market. With almost all trade imports denominated in USD, stable sources of short-term funding are essential to ensure that demand for financing trade can be met. Local banks often face a difficulty in accessing short-term funding and in recent months, the COVID-19 pandemic has further tightened access to foreign currency funding on appropriate terms. CDC’s loan facility aims to close the gap by providing a stable source of trade finance funding that will keep trade flowing across the country and support Bangladesh’s economic development, said CDC Group. Read Customers can now buy sacrificial animals online through bKash With a trade deficit and a decline in import hampering the growth of the economy, the loan facility will provide much-needed dollar supply to stimulate Bangladeshi trade. The partnership will play a crucial role in restoring economic activities in the country and supporting its post-crisis recovery, said CDC Group.

The idea of a cashless society is not new. A cashless monetary system not only eases the transactional processes but also helps to reduce the emergence of black money in the market. And one of the important stepping stones to this cashless transaction system is credit cards. The concept of credit cards is not new in Bangladesh. ANZ Grindlays Bank (now Standard Chartered bank) first introduced credit cards to the masses in 1989. The bank was also the first to introduce Visa and Mastercard as well.  Since then, every major bank and NBFI has introduced a credit card system. Read Top FMCG Companies in Bangladesh: At a Glance A simple look in the first quarter of the 2020-21 fiscal years shows the steady growth of credit card adoption and usage. Even in the pandemic, banks have seen transaction levels to be almost similar to the pre-pandemic level. This goes a long way to show that more and more expenditure opportunities are opening up for the cardholders and people are becoming more and more inclined to use them. However, it is not all smooth sailing. Credit cards are, after all, a loan system issued against your card and account and you will need to pay your debt that is your expenditure amount back. Failing to meet deadlines will land you in default and harm your creditworthiness and CBI value. Not to mention, the compounding interest on your expenditure. Read Best Personal Loans in Bangladesh to Make Your Dream Come True But everything's aside, credit cards are still a good option to make your transactions easier. So, which credit card should you get? Let us take a deeper look into the individual offerings against the cards to see what facilities the clients are getting. Top Credit Cards in Bangladesh The City Bank Amex Card City Bank is one of the few banks that offer Amex Cards to its clients. The Visa and Mastercard may be the most popular transaction routes but the Amex card also has its certain niche in Bangladesh for local and international transactions. The Regular APR stands at 27% and the grace period ranges up to 45 days. The renewal fee is slightly higher ranging from 1500 BDT to 25000 BDT depending on card facilities. There is a 5% outstanding fee applicable and there are no installment facilities available with this card. Also read: IFAD names new country director for Bangladesh Standard Chartered Bank Credit Card As one of the oldest and an international bank in our country, the Standard Chartered bank is much reputed. The bank offers a range of credit cards depending on the creditworthiness of the client. This card varies in limits and other facilities. However, the standard regular APR is 26% across cards.  The grace period is 45 days as well and the maintenance and renewal fee ranges from 1500 BDT to 10000 BDT. Standard Chartered provides an installment facility which is a bonus. You can also get an additional supplementary card which is subject to charges. Read Fintech MFS: Mobile Wallet for Easy Money Transfer, Payment & Savings in Bangladesh BRAC Bank Credit Card BRAC Bank is another pioneering bank in Bangladesh. The main idea behind BRAC bank was to increase the inclusiveness in the banking sector by making banking more accessible to the rural as well as economically drawn part of our society. Over the years, the bank has expanded its horizon of service and has introduced several cards. The renewal fee for the cards varies from 1500 BDT to 25000 BDT. However, you can waive this fee by making at least 18 transactions a year. The APR stands at 27% and the grace period is 45 days. You also get installment facilities and the supplementary card with this one is free of charge. Read Mobile Insurance Offers in Bangladesh Can Save Lives Eastern Bank Credit Card EBL was a pioneer of mobile banking in Bangladesh and to this day, they have the most robust infrastructure when it comes to mobile banking. They are also equally adept with their card services. One of the more lucrative aspects of EBL cards has to be the privilege of using EBL SkyLounge while traveling abroad. That alone might incline a client towards EBL. You’re getting a standard APR rate of 27%, a grace period of 45 days, and installment facilities. You can also avail of their supplementary card subject to additional charges. Read Best Home Loans in Bangladesh to Build Your Dream Nest DBBL Credit Card Bangladesh’s first joint venture bank DBBL has been the pillar of ATM service in our country. They have made banking more accessible through agent points and ATMs even in remote locations. Their credit cards also offer lucrative facilities making them one of the top credit issuers on the list. The APR is significantly low at 15% and in addition to that, you get a 50-days grace period. Depending on cards, you will also get waivers on the renewal fee. However, there are no installment facilities but you do get a supplementary card for free. Read Best Car Loans in Bangladesh to Grab Your Dream Car Verdict So far we have discussed the leading credit cards in Bangladesh. It is clear that each bank has services that they are excelling in. Standard Chartered will provide you with a unified experience, DBBL will give you low APR and with EBL and City Amex you are getting a host of transactional benefits including lounge access. However, the issuance of cards isn't the only factor that determines the performance of cards. In fact, it all comes down to personal preferences and your expectations from the bank itself. Of course, other financial institutions are working alongside to provide better services. As long as people aren’t actively using the cards, the banks don’t stand to gain anything. In order to get the most out of your credit card facilities, you as a client need to decide what the purpose of your credit card is. The credit card landscape of our country is expanding at a rapid pace and if you’re willing and your means support, you should avail the services as well.  Read Zero Investment Business Ideas to Try Amidst the Pandemic

 

City Bank has launched a collateral-free Digital Loan scheme to expand access to finance to unbanked populations and contribute towards the journey of financial inclusion.