Prime Bank to follow Moody’s assessment procedure

Dhaka,  Tue,  19 September 2017
Published : 16 Apr 2017, 21:32:59

Prime Bank to follow Moody’s assessment procedure

22nd founding anniversary of the bank today
FE Report

The growing sectors of retail, small and medium enterprises (SME), agriculture and light engineering will be the thrust areas for the banking sector in upcoming years, the chief of a leading private commercial bank said Sunday.

Keeping this in view, the Prime Bank Limited is giving priority to invest in the growing sectors through diversified products and services, the Bank's Managing Director (MD) and Chief Executive Officer (CEO) Ahmed Kamal Khan Chowdhury said Sunday.

He was addressing a 'meet the press' at a city hotel marking the second generation PCB's 22nd founding anniversary.

The programme was also attended by PBL deputy managing directors Md Golam Rabbani, Rahel Ahmed and Md Touhidul Alam Khan, and Prime Bank Investment limited's MD and CEO Md Tabarak Hossain Bhuiyan, among others.

Speaking on the occasion, the PBL MD said the bank lent Tk 3.67 billion in fiscal year (FY) 2015-16 to the agriculture sector against the target of Tk 2.5 billion, while it financed Tk 18.19 billion in SME sector.

Mr Chowdhury also said the bank has already formed separate units of corporate, SME and retail loan for strengthening the credit risk management.

The bank MD said the PBL will follow the American credit rating agency Moody's assessment procedure to ensure better credit management.

 "Moody's credit assessment process is very transparent and rigorous. Prime Bank is set to follow the process of this globally reputed company, consequently, quality of our asset will be far better," he said.

He also said such initiative will help the second generation bank to avoid financial scams like that of Bismillah Group.

He told the reporters that the bank has a deposit portfolio of Tk 190.79 billion, investment of Tk 170.02 billion and asset valued at Tk 250.66 at the end of year 2016. The bank operates through 145 branches and 168 ATM booth in the country and six exchanges in the United Kingdom, Singapore and Hong Kong.

Referring to the gradually increased use of information technology (IT) in the banking sector, he said the PBL management is taking several initiatives for ensuring the cyber security at the bank operations in the wake of rising number of cyber attacks in the financial institutions across the globe.

"We are adopting the latest IT services from the world's leading technology company, while banks own human resources are being trained to execute facility," he said.

With the slogan 'a bank with a difference', the PBL began its operation on 17th April in 1995 aimed to provide better banking service to the country's people.
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