Vol. 5 Num 1022 Tue. April 17, 2007  

City Bank to introduce 'premium banking'

The City Bank Limited will introduce a 'premium banking' cell in order to deliver the banking services to the clients' doorstep.

"The new products will ensure optimum banking services, meant for a selective group of customers who have good banking reputation, 'Aziz Al Kaiser, the newly elected chairman of the bank, said at a press conference in Dhaka yesterday to mark the bank's 25th founding anniversary.

Kaiser said, "Although the bank has been facing various problems for the last 25 years, our aim is to make it the country's number one bank within the next 2 years."

On reporters' query about the National Board of Revenue's move seeking banking statement of himself and his industrialist father MA Hasem,

Kaiser praised the government move and said if any government investigation finds them innocent, it will help uphold their positive image as sound industrialists.

Dilwar A Chowdhury, managing director of the bank, said the bank is unable to lower interest rate at a certain level as the cost of fund and risk of managing the same is very high.

The bank is providing back-to-back letter of credit facility, which is meant for the ready-made garments sector, he said, claiming that this facility does not exist elsewhere across the world.

He said the default loan is only 6 percent of the bank's total outstanding loans, which is very satisfactory compared to other commercial banks.