Express (August 03, 2011)
Citigroup Asia Pacific was named the World's Best Internet Bank in 13 markets across Asia Pacific by Global Finance magazine.
The award assesses banks' capabilities in consumer and corporate/institutional internet banking across countries and service/process categories.
Citigroup was named 'Best Corporate/Institutional Internet Banks' in 11 countries, including Australia, Bangladesh, China, India, Indonesia, Japan, Korea, New Zealand, Philippines, Taiwan and Thailand. It was also named 'Best Consumer Internet Banks' in nine countries including Australia, China, Guam, India, Indonesia, Japan, Korea, Thailand and Vietnam.
At the regional level, Citigroup Asia Pacific was named winner in the Best Corporate/Institutional Internet Banks sub-categories for Best Investment Management Services, Best Trade Finance Services, Best in Mobile Banking and Best in Social Media.
"One of our key goals is to be the best digital bank in our industry, offering a comprehensive suite of internet and mobile services that can deliver greater convenience to our customers. We are therefore honoured that our broad capabilities in internet banking have been recognized by Global Finance magazine," said CEO Asia Pacific Stephen Bird.
"Our superior value propositions including our digital offerings - from our next generation online banking platform to CitiDirect to the latest mobile banking offerings - are already recognized as industry leaders and transforming the way customers are served. We will continue to invest to offer innovations ahead of the competition and which make a difference for our customers," added CEO Asia Pacific Shirish Apte.
Winning banks were selected based on the strength of their strategy in attracting and servicing online customers, success in getting them to use web offerings, the growth of online customers, breadth of product offerings, and web site design and functionality.
Wednesday, August 3
SEC plans to bring discipline in Omnibus Accounts in two weeks
Express (August 03, 2011)
The Securities and Exchange Commission has planned regulations for the Omnibus Accounts in two weeks as they were the "real culprits" behind the December-January stock market crash, an SEC member said.
"We'll take decision within next two weeks regarding the Omnibus Accounts," SEC member Helal Uddin Nizami told UNB over telephone on Monday evening.
Nizami, a professor of Accounting and Information System Department of Chittagong University, said merchant banks and state-run investment bank ICB have huge number of Omnibus Accounts, which are not under the surveillance of the SEC.
He said this kind of accounts is the real culprit behind the recent share market debacle, which saw the benchmark Dhaka Stock Exchange General index plunging 45 per cent in just six weeks, wiping out savings of thousands of investors.
An omnibus account is a specific stock holding account that involves multiple investors. The individual investor does not have his or her name attached to the account, but still they are actual stock holders.
Such accounts only show the aggregate volume of shares that are posted into those accounts. As a result, it is not possible to trace out the issue-wise or client-wise transactions of actual number of shares.
The newly appointed SEC member said the regulator would bring discipline to these accounts in an effort to stabilise the market and avert future crash.
"A vested group is there who favour continuing such accounts, but we are determined to bring discipline in this kind of accounts," he said.
He said the SEC is helpless to track down transaction made through the Omnibus Accounts as these are not under the jurisdiction of the regulator.
"It is very difficult to find out the records of these accounts from the Central Depository Bangladesh Limited (CDBL) and it takes a lot of time to figure out their transaction," he said.
"You can find out every individual's BO (Beneficiary Owner) account information from the CDBL. If a single BO account holder transact crores (one crore= 10 million) of taka this can be figured out," he said.
"But this is not easily possible in case of the Omnibus Accounts," he added.
The SEC member said the Omnibus Accounts would have to be operated like the other BO accounts. "They'll be just like the other BO account holders, nothing else."
His comments echoed the findings of the government-appointed share scam probe body, which revealed that at least Tk 2,500 crore ( Tk25 billion) was traded from the hidden or omnibus accounts ahead of the market crash.
The committee has found that these hidden accounts were used as a major tool of stock market manipulation.
According to the probe body's report, Tk2,348 crore (Tk23.48 billion) was traded from nine omnibus accounts of the ICB alone.
The committee held responsible 30 big traders including the ICB for the share market debacle and said most manipulators did trading through the Omnibus Accounts.
The probe body headed by an ex deputy governor of the central bank, however, could not identify the traders who were suspected of using Omnibus Accounts in a bid to elude detection of their foul-play.
The report says most big players chose omnibus accounts to gamble in the market, as it is not possible to find out issue-wise or client-wise transactions of actual number of shares from the Omnibus Accounts.
There was no transparency in transactions made from these hidden accounts and the account holders, although well-known figures, had traded through Omnibus Accounts, not beneficiary owner (BO) accounts, said the probe report.
The Securities and Exchange Commission has planned regulations for the Omnibus Accounts in two weeks as they were the "real culprits" behind the December-January stock market crash, an SEC member said.
"We'll take decision within next two weeks regarding the Omnibus Accounts," SEC member Helal Uddin Nizami told UNB over telephone on Monday evening.
Nizami, a professor of Accounting and Information System Department of Chittagong University, said merchant banks and state-run investment bank ICB have huge number of Omnibus Accounts, which are not under the surveillance of the SEC.
He said this kind of accounts is the real culprit behind the recent share market debacle, which saw the benchmark Dhaka Stock Exchange General index plunging 45 per cent in just six weeks, wiping out savings of thousands of investors.
An omnibus account is a specific stock holding account that involves multiple investors. The individual investor does not have his or her name attached to the account, but still they are actual stock holders.
Such accounts only show the aggregate volume of shares that are posted into those accounts. As a result, it is not possible to trace out the issue-wise or client-wise transactions of actual number of shares.
The newly appointed SEC member said the regulator would bring discipline to these accounts in an effort to stabilise the market and avert future crash.
"A vested group is there who favour continuing such accounts, but we are determined to bring discipline in this kind of accounts," he said.
He said the SEC is helpless to track down transaction made through the Omnibus Accounts as these are not under the jurisdiction of the regulator.
"It is very difficult to find out the records of these accounts from the Central Depository Bangladesh Limited (CDBL) and it takes a lot of time to figure out their transaction," he said.
"You can find out every individual's BO (Beneficiary Owner) account information from the CDBL. If a single BO account holder transact crores (one crore= 10 million) of taka this can be figured out," he said.
"But this is not easily possible in case of the Omnibus Accounts," he added.
The SEC member said the Omnibus Accounts would have to be operated like the other BO accounts. "They'll be just like the other BO account holders, nothing else."
His comments echoed the findings of the government-appointed share scam probe body, which revealed that at least Tk 2,500 crore ( Tk25 billion) was traded from the hidden or omnibus accounts ahead of the market crash.
The committee has found that these hidden accounts were used as a major tool of stock market manipulation.
According to the probe body's report, Tk2,348 crore (Tk23.48 billion) was traded from nine omnibus accounts of the ICB alone.
The committee held responsible 30 big traders including the ICB for the share market debacle and said most manipulators did trading through the Omnibus Accounts.
The probe body headed by an ex deputy governor of the central bank, however, could not identify the traders who were suspected of using Omnibus Accounts in a bid to elude detection of their foul-play.
The report says most big players chose omnibus accounts to gamble in the market, as it is not possible to find out issue-wise or client-wise transactions of actual number of shares from the Omnibus Accounts.
There was no transparency in transactions made from these hidden accounts and the account holders, although well-known figures, had traded through Omnibus Accounts, not beneficiary owner (BO) accounts, said the probe report.
Tuesday, August 2
Thrust on proper compliance of securities rules
Express (August 1, 2011)
The Securities and Exchange Commission (SEC) Chairman Professor M Khairul Hossain said the accountability of listed companies will be increased through the operations of DSE's new wing---'Corporate Governance and Financial Reporting Compliance (CGFRC)'.
Mr. Hossain said this Sunday after the inauguration session of CGFRC, which formally started its operation on the day.
"The introduction of CGFRC wing is very new in the country's stock market, despite it has crossed a long way. However, this wing will help DSE to ensure transparency of listed companies," Mr. Hossain said.
He said the listed companies will be more benefited through proper compliance of securities rules in their financial statements.
"The non-listed companies with good fundamentals will be inspired to go public following the benefits of listed companies. In this case, CGFRC can play an important role," SEC chairman said.
He also said the importance of companies' financial disclosures will be increased if they properly follow accounting standards in financial statements.
Three SEC members---Professor Helal Uddin Nizami, Md. Amzad Hossain and Arif Khan, DSE President Shakil Rizvi and senior vice president Ahsanul Islam Titu were present at the inauguration session of CGFRC.
The Securities and Exchange Commission (SEC) Chairman Professor M Khairul Hossain said the accountability of listed companies will be increased through the operations of DSE's new wing---'Corporate Governance and Financial Reporting Compliance (CGFRC)'.
Mr. Hossain said this Sunday after the inauguration session of CGFRC, which formally started its operation on the day.
"The introduction of CGFRC wing is very new in the country's stock market, despite it has crossed a long way. However, this wing will help DSE to ensure transparency of listed companies," Mr. Hossain said.
He said the listed companies will be more benefited through proper compliance of securities rules in their financial statements.
"The non-listed companies with good fundamentals will be inspired to go public following the benefits of listed companies. In this case, CGFRC can play an important role," SEC chairman said.
He also said the importance of companies' financial disclosures will be increased if they properly follow accounting standards in financial statements.
Three SEC members---Professor Helal Uddin Nizami, Md. Amzad Hossain and Arif Khan, DSE President Shakil Rizvi and senior vice president Ahsanul Islam Titu were present at the inauguration session of CGFRC.
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