Dhaka, Bangladesh (BBN) - The central bank is set to allow three more commercial banks to open offshore banking branches to utilize the country’s foreign currency reserve efficiently, officials said.
The Bangladesh Bank (BB) has finalized the process of approving the proposals submitted by three private commercial banks (PCBs) – the EXIM Bank, Social Islami Bank, and Uttara Bank –for opening their offshore banking units (OBUs), the central bank officials added.
Currently, the foreign commercial banks operating in Bangladesh, such as Standard Chartered Bank, HSBC, Woori Bank, Citi Bank NA, Commercial Bank of Ceylon, and the State Bank of India, are also licensed to offer offshore banking services.
Besides the foreign banks, 22 local banks are now offering offshore banking services in the country. These are Prime Bank, Dhaka Bank, Southeast Bank, National Bank, Eastern Bank, Bank Asia, Shahjalal Bank, The City Bank, Premier Bank, IFIC Bank, BRAC Bank, Dutch-Bangla Bank, AB Bank, Mutual Trust Bank, Jamuna Bank, One Bank, Pubali Bank, Standard Bank, National Credit and Commerce Bank, Islami Bank Bangladesh, Trust Bank, Mercantile Bank, and United Commercial Bank.
Three more local banks – First Security Islamic Bank, ICB Islamic Bank, and Al-Arafah Islami Bank – also have applied for permission to the central bank for opening OBUs, they noted.
BBN/SSR/AD-23Aug11-10:27 am (BST)