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5 new banks to hit market

Times Business Report - February 11th, 2013

The government is set to give approval to a number of new banks soon.
Bangladesh Bank sources said it is scrutinizing the applications for licensing new banking companies in the country’s crowded banking turf.
The government asked the central bank to finalize the process within next three to four months in this regard, it added. Following Bangladesh Bank invitation, a total of 37 applications were submitted.
Sources also said new five banks are getting approval in first phase.
Those are: Madhumati Bank Limited (Fazle Noor Tapash MP), The Farmers’ Bank Ltd (Dr. Mahiuddin Khan Alamgir), Self Employment Bank Ltd (Late National Professor Dr. Kabir Chowdhury), Katak Bangla Bank Limited (Abdul Matlub Ahmed) and Midland Bank Limited (M Maniruzzaman Khandaker).
Some ministers, Awami League lawmakers and business groups close to the ruling alliance are lobbying government high-ups for permission to set up new banks, sources added.

Earlier, Bangladesh Bank invited application for licensing new banking company on September 27 of this year.
An advertisement was formally published on central bank’s website under section 31 of the Bank Companies Act-1991.
In an exclusive meeting with Finance Minister AMA Muhith earlier on July 17, the central bank opposed government’s plan to allow more banks and financial institutions to come on the scene, saying the country does not require any new player in its financial regime.