Dhaka,  Tuesday
25 June 2024

Offshore banking for expats

30 banks’ MDs going on US trip

Staff Reporter, Dhaka 

Published: 09:20, 19 May 2024

30 banks’ MDs going on US trip

Photo: Collected 

The managing directors (MD) of about 30 state-owned and private banks are going to the US on a trip to participate in various campaigns organised to encourage expatriates to deposit dollars in Bangladeshi banks under offshore banking accounts. 
They are also scheduled to attend an anti-money laundering event. Deputy Governor of the Bangladesh Bank Kazi Sayedur Rahman will also accompany the MDs.

On May 24, a campaign related to offshore banking fixed deposit for expats will be held in a hotel in New York. Ambassador of Bangladesh to the United States Muhammad Imran will be present as the chief guest. Muhammad Abdul Muhit, permanent representative of Bangladesh to the United Nations in New York; Bangladesh Bank’s Kazi Sayedur Rahman, and Bangladesh Consulate General in New York Mohammad Nazmul Huda will be the special guests. 

BRAC Bank MD Selim RF Hussain, Dutch-Bangla Bank MD Abul Kashem Md Shirin, Bank Asia MD Sohail RK Hussain, Agrani Bank MD Murshedul Kabir, and City Bank MD Masrur Arefin will address the event. The banks will bear the cost of the event.

At the same time, the International Bank Conference organised by the US Department of Justice will be held. 25 more MDs are going to USA to attend the event. It is known that the Bangladesh Bank has already approved the documents the MDs will need for the trip. However, amid the dollar crisis, questions have arisen in the banking sector over the trip to be made by a large number of MDs.

Various banks have given special emphasis on offshore banking to increase the supply of dollars in the banking sector amid the dollar crisis. They are also running various campaigns for this. As part of that, the campaigns have been organised in the US to encourage expat Bangladeshis to deposit dollars under offshore banking.