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October 20, 2021 - M. Shamsul Arefin, AMD of South Bangla Agriculture and Commerce (SBAC) Bank Limited, inaugurating a new sub branch of the bank at K Ali Road, Mithapukurpar in Bagerhat on Tuesday through virtually. Senior officials of the bank were present.
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October 17, 2021 - Sheikh Rakibul Karim, CEO (acting) of Guardian Life Insurance Limited (GLIL), inaugurates the “Guardian Key Person Insurance Plan” at its head office in the capital recently. Mahmudur Rahman Khan, SEVP & Head of Retail Business, Shamim Ahmed, EVP & Chief Operating Officer, Tahsinur Rahim, EVP & Head of Internal Audit & Compliance, Mohammad Masuduzzaman Khan, EVP & Head of Underwriting & Policy Servicing Department and other senior management officers of the company were present.
October 13, 2021 - M. Shamsul Arefin, AMD of South Bangla Agriculture and Commerce (SBAC) Bank Limited and Md. Manzurul Karim, General Manager (Sales & Marketing) of Esquire Electronics Limited, exchanging document after signing an agreement at the bank’s head office on Monday. Under the deal, SBAC Bank Credit Cardholders & employees will enjoy 0% EMI facility up to 12 months on purchases all products of the electronic company. Senior officials from both sides were present.
October 13, 2021 - Ehsan Khasru, Managing Director and CEO of Padma Bank Limited, inaugurating the bank’s relocated Dhanmondi branch in the capital recently. Zabed Amin, Chief Operating Officer and other senior officials of the bank were present.
October 13, 2021 - Subhash Chandra Sarker, Director of Bangladesh Development Bank Limited (BDBL), inaugurating the bank’s 48th branch at Post Office Road in Feni on Monday as chief guest. Kazi Alamgir, Managing Director & CEO of the bank and local elites were present.
October 7, 2021 - Reforming education system in Bangladesh

EBL concludes first SOFR-based deal with Wells Fargo

Eastern Bank Limited, a leading private commercial bank in Bangladesh, has taken SOFR-based trade loan recently from Wells Fargo Bank.
This is the first SOFR-based transaction in Bangladesh market for the lender.
Under the deal, Wells Fargo, Singapore has extended a trade loan facility for 180 days to EBL where SOFR has been taken as the US Dollar benchmark rate instead of LIBOR.
As the publication of most tenors of the London Interbank Offered Rate (LIBOR) is expected to cease by the end of 2021, financial market participants across the globe are now gradually moving to risk-free interest rates.
The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by treasury securities.
SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data, GCF Repo transaction data, and data on bilateral Treasury repo transactions. SOFR is calculated differently from LIBOR and does not have a credit risk component.
Deputy Managing Director and Head of Treasury, FI and Offshore banking of EBL Mehdi Zaman said, “The transition from LIBOR to risk-free benchmark rates is a recent development in the financial market across the globe and we are happy to partner with Wells Fargo in our first step into the new era of Alternative Reference Rates. This deal will help us prepare for this crucial LIBOR transition and future business endeavours.”
Managing Director and Head CIB -FIG, APAC South, Wells Fargo Bank Santanu Sengupta said, “As the global financial markets transition from LIBOR to Alternative Reference Rates, we are delighted to partner with Eastern Bank on their first SOFR benchmarked loan. Wells Fargo has played a leading role in this important industry initiative and we continue to work with our partners to prepare for the LIBOR transition.”
Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, serves one in three households and more than 10 per cent small businesses in the US. It ranked No 37 on Fortune’s 2021 rankings of America’s largest corporations.

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