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Prime Bank, Pragati Life Insurance promptly settle claim of deposit scheme nominee
Prime Bank Limited and Pragati Life Insurance Limited have promptly settled insurance coverage claim of nominee of a deposit scheme.

Prime Bank offers one of the industry’s most lucrative deposit scheme titled ‘Prime Millionaire’ Deposit Scheme with full insurance coverage. As per terms of the deposit scheme, in case of death or any permanent disability of the customer, the nominee of the scheme would receive the full amount payable at maturity. Pragati Life Insurance, a renowned life insurance company of the country, acts as the insurance coverage provider of the deposit scheme.

As Md. Abdul Ahad, the valued customer of the deposit scheme, unfortunately succumbed to COVID-19, the bank immediately arranged to pay off the full amount at maturity to the nominee.

Muhammed Misbah Ahmed, Head of Branch of Prime Bank’s Sreemangal Branch, and Salauddin Akbar, General Manager of Pragati Life Insurance Limited, Sylhet Zone, jointly handed over a cheque for BDT 10 lakh to nominee Jomila Khatun. As a reputed corporate organization, Prime Bank always remains committed to customer promise and stand beside them at challenging times.
Prime Bank officials pays tribute to teachers on World Teachers' Day
October 5, 2020, On the occasion of 'World Teachers' Day, Prime Bank officials takes this great opportunity to express their respect and gratitude to all the teachers of Bangladesh to go above and beyond to share their knowledge, support and inspire the youth of our nation.

They have shared memorable stories and reminisced their life-changing success stories to their favorite teachers.

Indeed a teacher’s role in one’s life is crucial and Prime Bank acknowledges the selfless love effort and patience a teacher showers to inhibit all the values within a child to be successful in life. In all means, a teacher is an artist; a craftsman helping to mold one’s nature and personality. After parents, it is a teacher who contributes in not only in nurturing a child’s talent but only develops his understanding of justice, principles, ethics and ideals. With the unprecedented pandemic befalling on mankind, when the world was on halt, education wasn’t. It would be unconscionable not to acknowledge this incredible determination and relentless labor teachers have shown in concealing the fragility of life from the young minds and continuing in instilling a strong sense of shared empathy, kindness and hope within them.

Prime Bank thanks all the wonderful teachers for keeping their students before their needs and demonstrating great leadership and innovation in ensuring that learning never stops.
Prime Bank launches unique initiative ‘????’ with promise of financial inclusion of all women of the society
Dhaka, Wednesday, September 23, 2020: Prime Bank has introduced a unique women-focused initiative -- ‘????’ with a promise to help achieve financial freedom, social progress, self-care and wellness of women of all spheres of the society.

Today women in Bangladesh are making significant contribution to the economy. ‘????’ appreciates their immense contribution and promises to create an enabling environment so that they can realize their innate talent and full potential and pursue their dreams.

The primary objective of ‘????’ is to integrate all women irrespective of age, profession, income, social status, of urban or rural areas into financial system especially those who are unbanked. ‘????’ will emphasize in catering to the unbanked women, for example, homemakers, who are not being served in traditional banking system, also those are lagging behind in the society and also those who do not have previous history of banking relationships at all. Women will find ‘????’ by their side in their pursuit of standing on their foot and achieving true independence and self-esteem in life.

‘????’ is not only a banking service, it is an initiative for greater welfare and wellness of women in all aspects of their lives. It’s a complete solution revolving around key focused areas of banking services for the unbanked, financial inclusion, self-care and wellness. ‘????’ will enable women to make their choices and have decision-making power over their finances and economic assets. With tailor-made solutions in light of present day need of women, ‘????’ will change the mindset of financial services, wealth management and self-care.

Valuing the emotion and memory attached to gold, this unique proposition introduces the country’s first Loan against Gold, ‘Shornali’ which allows women to avail loan by collateralizing the assets. It brings in an array of deposit solutions including Motherhood Scheme ‘Maa’ that caters to the special needs of mothers during pregnancy and post-pregnancy and Education Scheme ‘Shuchona’ which ensures education of a woman or her children for a bright future.

‘????’ is packed with savings account and current account with preferential rates, discounted processing fee and many more. Savings accoutholders will enjoy complimentary life insurance, complimentary cheque book for the first year, annual fee waiver on debit card, interest accrual on daily basis. Personal Loan and Motorcycle Financing come with complimentary life insurance and 50% discount on processing fee. In care of health of the customers, ‘????’ introduces exclusive healthcare privileges including 50% discount on mental healthcare consultation with Moner Bandhu, discount in hospitals, gym and fitness centers. Keeping in mind of the present day lifestyle needs, it offers added benefits at leading fashion houses, restaurants, home décor, jewelry, travel, air ticket, and scores of other services. The customers will enjoy dedicated desk at branches, dedicated number at 24-Hour Contact Center, Internet Banking – Altitude - services and Priority Banking - Monarch - privileges.

Commenting on the initiative, Rahel Ahmed, Managing Director and CEO, Prime Bank, said “‘????’ is eyeing to be integral part of everyday life of women not just with financial propositions but with host of initiatives ensuring social and financial independence and wellness. Our aim is to bring each and every woman especially the unbanked segment at the nook and corner of the country into formal economy providing them a platform to realize their full potential and fulfill their dreams in life.”

“‘????’ is a huge step towards driving financial inclusion of women of all strata of the society and changing the perception of banking for women by reaching them at a more personal level - by being a part of every woman’s personal growth and journey. It will put women in driving seat of their finances, career, business and dreams,” he added.
Prime Bank thanks police for brave and prompt action at Joydevpur Branch incident ensuring safety and security of life and property
Dhaka, Saturday, September 19, 2020: Prime Bank Limited has thanked the Bangladesh Police for its courageous and prompt action for ensuring safety and security of people and property at the incident at the bank’s Joydevpur Chowrasta Branch.

On September 16, 2020 at 12.20 PM, a man named Abu Bakar went to the Branch Manager's room and threatened to detonate a bomb in his bag if his instruction was not obeyed. Using his intellect, Branch Manager Mollah Farid Ahmed made a judgmental call and ran out of his room in the blink an eye and alerted everyone at the branch about the threat from the unknown person. He locked down the gate of the branch and immediately called the local police. His quick move led to the capture of the culprit giving him no chance to escape. Within five minutes of the call, the police arrived at the scene and arrested the man. Upon arrival at the scene, the first thing the police did was secluding the suspicious bag for safety and security of the people inside the branch and at the market where the branch is housed. Later, an 11-member team of Dhaka Counter Terrorism and Transnational Crime went to the spot and defused the bomb safely. There was no loss of life or property due to prompt action taken by the police. Acting Police Commissioner of Gazipur Metropolitan Police Azad Mia and other senior police officials visited the spot and oversaw the handling of the situation.

The man is now at the custody of Bason police station in Gazipur. According to the police, Abu Bakar's village home is in Bisharighata area of Morelganj police station in Bagerhat. He used to live at Battala area of Board Bazar in Gazipur.

The bank has lodged a case in the incident with Bason Thana. Police is questioning him and investigating the whole incident. Prime Bank will extend all possible cooperation to the law enforcement agencies in the investigation of the incident. In the wake of the incident, Prime Bank has tightened security at all branches across the country. In the interest of safety of all, everyone visiting the branches are requested to cooperate in security measures. Prime Bank authority apologizes for the temporary inconvenience caused to the customers due to this incident. Regular customer service will continue at this branch.
Partnering with German bank LBBW, Prime Bank ventures into ECA covered Foreign Currency Term Loan for City Group
Dhaka, Tuesday, September 15, 2020: Partnering with renowned German and Swiss financial institutions, Prime Bank has made its maiden deal in ECA covered Foreign Currency Term Loan for leading Bangladeshi conglomerate, City Group. Prime Bank Limited has arranged a foreign currency credit for setting up of the most modern salt plant in the country. Dhaka Salt and Chemicals Limited, a sister concern of City Group, will set up the most advanced free flowing iodized salt manufacturing project at Hoshendi Economic Zone. For City Group, a leading conglomerate of Bangladesh, this is the first ECA covered transaction with a private commercial bank in Bangladesh.

As the arranger, Prime Bank Limited signed an agreement with Landesbank Baden-Württemberg (LBBW) of Germany to avail ECA covered term loan to on-lend the same to Dhaka Salt & Chemicals Limited where Swiss Export Risk Insurance, Zurich, Switzerland (“SERV”) acting as Export Credit Agency (ECA). This is the first ECA covered foreign currency term loan arrangement by Prime Bank which adds to wide range of Wholesale Banking products and services.

Prime Bank’s Managing Director and CEO Rahel Ahmed inked the agreement on behalf of Prime Bank Limited while Jens Ruebbert, Managing Director, Regional Head of LBBW in Asia Pacific Region inked the same on behalf of LBBW in a virtual signing ceremony on September 9, 2020. During the signing, Fazlur Rahman, Managing Director of Dhaka Salt and Chemicals Limited and the Chairman of City Group and Md. Hasan, Director of City Group were present. In addition to above, Faisal Rahman, DMD & CBO; Shams Abdullah Muhaimin, Head of Structured Finance; Shahbaj Talat, Team Head of Corporate & Institutional Banking from Prime Bank and Marc Schlatter, Head of Export Finance Asia Pacific, Christina Lutz, Swiss Corporates Coverage, Export Finance and Mark Adamovits, Bangladesh Market Coverage, Export Finance from LBBW were present in the signing ceremony. Commenting on the agreement, Prime Bank’s Managing Director and CEO Rahel Ahmed said: “With reputed German and Swiss companies being as partners, this is an ideal entry into ECA covered foreign currency financing business for Prime Bank. This multi-party agreement involving renowned European counterparts is an example of how international partnership can make a difference when it comes to financing large scale and sophisticated industries. The bank will explore and expand this enhanced structured financing capability in collaboration with globally renowned institutions to cater to evolving financial needs of the clients.”
Prime Bank joins SME Finance Forum to support MSMEs in Bangladesh
Prime Bank Limited has joined the SME Finance Forum to promote and expand financing to MSME businesses in Bangladesh.

Managed by IFC of World Bank Group, SME Finance Forum works to expand access to finance for small and medium businesses. The Forum operates a global membership network that brings together 190 financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs

Prime Bank is the fifth member from Bangladesh in the global forum. “When we started in 2012, we were in an exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 190 active members, who operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome Prime Bank to further grow our mission.” said Matthew Gamser, CEO of the SME Finance Forum.

Prime Bank is a market-driven institution providing financial services like consumer and wholesale banking, sustainable finance, and MSME banking. As Bangladesh starts journey to graduate into middle income country, Prime Bank strives to contribute to the government’s development journey through entrepreneurship development especially in MSME. Prime Bank is committed to easy access to finance to MSME businesses with innovative and tailor-made banking solutions. “Our mission is to support MSMEs in Bangladesh with enterprise development services, loan products, trade services, and deposit products. With the help of the Forum, we can further improve our institutional knowledge of SME banking and interact with peers and stakeholders globally,” said Rahel Ahmed, Managing Director and CEO of Prime Bank Limited.

Now this partnership between SME Finance Forum and Prime Bank will create a facilitating business ecosystem for thousands of MSME businesses in the country.
Prime Bank introduces “PrimePay” on the go digital platform for Wholesale Banking clients
Prime Bank has introduced best-in-class Omni Digital Platform – “PrimePay” – that enables the Wholesale Banking customers to access digital platform anytime from anywhere to initiate payments and make transfers between accounts as well as configure workflows and reports.

This Omni Digital Platform facilitates the Wholesale Banking customers to access, manage and control transactions via the most relevant and secured apps along with the hybrid approaches from all smart devices.

With PrimePay, Wholesale Banking clients of Prime Bank can initiate all local payment instructions from anywhere anytime. This digital platform will facilitate online local payments through RTGS, BEFTN, within prime bank fund transfer, issuing of corporate cheques with scanned signature and pay orders. The clients of Prime Bank can also pay their import duties, VAT and excise duty using PrimePay. The Payroll clients of Prime Bank can avail fund transfer both within the bank and to a third bank using this smart platform.

PrimePay is bolstered with robust security features with in-built two factor authentication system ensuring utmost safety. Only the authorized users can access the system on the web using their security credentials anytime from anywhere. PrimePay is equipped with strong MIS engine that is capable of generating consistent and timely information across customer transactions and statements required by the clients to get deeper business insights.

Commenting on the launch of “PrimePay”, the bank’s Managing Director and CEO Rahel Ahmed said: “PrimePay will help businesses keep pace with competitive and fast-changing business landscape through this secured and seamless digital transaction services. This is a part of the ongoing digital transformation journey of the bank that is aimed at large scale technological overhaul and innovation to provide deeply connected digital banking experience to meet evolving business needs of the customers.”
Prime Bank and REL Motors sign agreement
Prime Bank Limited has recently signed an agreement with REL Motors Limited.

REL Motors Limited is the sole distributor of world renowned Subaru brand cars in Bangladesh.

Under the agreement, both Prime Bank Limited and REL Motors Limited will initiate promotion of Car Loan and Personal Loan facilities with preferential offerings.

Ahmed Saadat Momen, Director of REL Motors Limited, and ANM Mahfuz, Head of Consumer Banking Division of Prime Bank Limited, signed the agreement on behalf of their respective organizations at the Corporate Office of REL Motors in Dhaka. Other senior officials of both organizations were also present on the occasion.
USDA enlists Prime Bank as Approved Foreign Financial Institutions for import of agricultural commodities
The Commodity Credit Corporation (CCC) of the United Stated has approved Prime Bank to participate in Export Credit Guarantee Program (GSM-102) of United States Department of Agriculture (USDA) for smooth import of agricultural commodities. Prime Bank is one of the first two banks in Bangladesh which have been approved as GSM-102 Approved Foreign Financial Institutions – Asia Region.

As an Approved Foreign Financial Institution, Prime Bank would be able to support its valued customers for import of US food and agricultural commodities like cotton, soybeans, grains, cereals, woods, nuts, fruits etc. under the guarantee coverage of GSM-102 Export Credit Guarantee Program administered by USDA.

This new capability of Prime Bank would help to facilitate our trade with the United States being a major Trade Financing bank in the country and does have value proposition for the businesses having major supply chain in the US agricultural sector for their necessary inputs in textiles, foods, edibles and allied industries in the country.

Commenting on the occasion, Prime Bank’s Managing Director and CEO Rahel Ahmed said, “This is reward for Prime Bank for long track record of conducting international business with transparency and accountability. This will help us to support our clients engaged in international commodity import business better. It will further boost our international trade portfolio. This recognition from the United States Governemnt will inspire us to achieve new milestone in international trade.”
Prime Bank announces half yearly financial results of 2020
The bank makes remarkable progress in deposit growth, NPL, CRAR, digital innovation, diversification and implementation of Stimulus Package

Prime Bank Limited has announced its half yearly (H1) financial results of 2020. Prime Bank has made remarkable progress in key financial indicators including deposit growth, reining in NPL, and achieving best capital to risk weighted assets ratio (CRAR) in Bangladesh banking industry and becoming one of leading performing banks in terms of disbursement under the government’s COVID-19 Stimulus Package.

Earlier this year in its 25th Annual General Meeting, the bank declared 13.50% cash dividend for its shareholders for the year 2019.

Major highlights of the half yearly (H1 2020) disclosure include:
• The bank’s total deposits jumped to Tk 22,616 crore as on June 30, 2020 from Tk. 21,644 crore at the end of December 2019, registering a growth of 4.49%. • The bank made significant improvement on non-performing loan (NPL). NPL reported at 4.21% on June 30, 2020 which was 6.07% on the same day a year ago while the NPL coverage ratio reported at 129% at the end of H1 2020 which was 71% in the same date of last year.
• The bank reported its CRAR at 18.31% at the end of H1 2020 which is the highest among private commercial banks in Bangladesh.
• The bank’s Return on Equity (ROE) stood at 4.56% and Return on Asset (RoA) at 0.38% at the end of H1 2020 showing financial stability of the bank.
• Prime Bank has so far disbursed BDT 70 crore under the government’s COVID-19 Stimulus Package for MSMEs, which makes it one of the leading performing banks in terms of disbursement under the Stimulus Package.
• The bank’s proactive safeguard measures has earned the bank prestigious international recognition as of the best COVID-19 responders in Asia. The Euromoney’s 'Excellence in Leadership in Asia 2020 Award' is a unique feat for Prime Bank as it is the only bank from South Asia to earn the title in 2020.

The bank has been able to maintain capital adequacy and liquidity position within regulatory threshold and well ahead of industry peers showing stability and robust financial strength. The bank’s strong levels of capital and liquidity continue to protect it in times of uncertainty. Its ongoing digital transformation efforts and significant investments in technology backbone over the last few of years have allowed the bank to provide seamless services to the customers during this difficult time. The bank has played an active role in implementing the government’s COVID-19 Stimulus Package emerging as one of the leading banks in loan disbursement under the business rescue initiative injecting much needed capital and helping businesses return to pre-pandemic capacity.

Backed by business continuity plan adopted beforehand and rigorous health safety measures, the bank withstood the onslaught of COVID-19 and continued uninterrupted services to the customers. The tech-savvy bank, which has recently won “Best Digital Bank in Bangladesh Award” from AsiaMoney, launched several new digital banking solutions including self-registration in Internet Banking Service – Altitude and formed MSME financing alliance with leading ICT trade bodies to provide collateral free loan, a pioneering initiative that has been widely appreciated in the business community.

As part of accelerating digital transformation roadmap, the bank undertook strict vigilance measures to ensure cybersecurity and fraud prevention to keep fraudsters at bay, facilitating customers to avail banking without in-person persence at branch during this turbulent months.

Although the bank’s revenue streams have been disrupted by COVID-19 induced new regulations on late fee waiver, loan classification, provisioning rules and interest rate capping, the bank intensified efforts on international remittance business, enhanced digital banking capabilities and applied cost efficiency practices.

As part of standing beside the humanity, the bank has joined forces leading NGOs, including the Bidyanondo, Jaago foundations and Mission Save Bangladsh to raise much needed funds for under-pressure communities.

During this difficult period of January-June 2020, the bank has earned net profit of Tk 61.88 crore on solo basis, which was Tk 99.27 crore in the corresponding period of last year. The bank has also reported operating profit of Tk 248.16 crore in H1 2020 on solo basis which was Tk 332.47 crore in the same period of last year. Banks operating profit and net profit after tax in H1 2020 witnessed a drop by 25% and 38% respectively compared to same period of 2019 mainly due to impact of COVID-19 pandemic, a host of COVID-19 some regulatory rules on fees and others and also interest rate capping.

The bank reported EPS of Tk 0.55 for the half year ended on June 30, 2020 on solo basis which was Tk 0.88 in the corresponding period of 2019. Its net asset value (NAV) per share on solo basis was Tk 24.21 as on 30 June 2020 which was Tk 22.75 in the same period a year ago. The bank’s net operating cash flow per share (NOCFPS) on solo basis stood at Tk 0.75 on June 30, 2020 which was Tk 0.84 in the corresponding period of 2019.

The bank’s Managing Director and CEO Rahel Ahmed and senior management officials presented the half yearly financial results of 2020 through Earnings Disclosure Program on August 3, 2020, which was broadcast live on the bank’s Facebook Page, and also answered questions from the local and foreign investment analysts, capital market experts, financial institution partners and journalists.

Commenting on the occasion, Managing Director and CEO Rahel Ahmed, said: “During this critical time, we are more focused on keeping our employees and customers safe, and customers served with essential financial services with safety and convenience to what matters most in their lives. We were one of first responders to chalk out fightback initiative as early as January 2020 when COVID-19 started unfolding and quickly adapted our operations to continue delivering critical services to meet the evolving needs of our customers living to the bank’s long history of standing by the customers in challenging times. I am really encouraged by the agility of our staff in adapting to changes and resilience of our valued customers that I believe will see us through the crisis.”

In view of the COVID-19 outbreak, the bank conducted the event through Zoom Webinar webcast to maintain social distancing.
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