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Dhaka, July 26, 2006-
International Finance Corporation, the private sector arm of the World Bank Group, along with Bangladesh Bank held a session on Corporate Governance for bankers in Dhaka. Inaugurating the program, Mr. Rumee A. Ali, Deputy Governor, Bangladesh Bank, explained, “Corporate governance is an area of great importance for all financial institutions. A discussion on this subject is both timely and appropriate for the banking sector in Bangladesh today.”
In her presentation titled “Good Corporate Governance is Good Business”, Dr. Maxine L. Garvey, Senior Corporate Governance Officer of IFC, said, “A firm with good governance can attract higher investment premiums, have cheaper access to debt, can outperform its peers in the long run and gain better access to multilateral investors.” Dr. Garvey also explained that to establish good corporate governance a firm should have well defined shareholders rights including protection of minority shareholders, solid control environment including strong risk management and internal control, high levels of transparency and disclosure and an empowered and capable Board of Directors.
Mr. Syed Abu Naser Bukhtear Ahmed, MD & CEO, Agrani Bank; Mr. Shahed Noman, Managing Director, Dhaka Bank; Mr. M. Nazrul Islam, Managing Director, Jamuna Bank; Mr. Syed Anisul Huq, President & Managing Director, Bank Asia; Mr. Mamun Rashid, CEO, Citibank N.A.; Mr. Neaz Ahmed, President & Managing Director, Southeast Bank were amongst the particpants of the program. Dr. Garvey’s presentation was followed by a lively discussion and exchange of views on corporate governance issues in the financial sector of Bangladesh.
Also speaking on the occasion, Mr. Per Kjellerhaug, IFC Regional Representative, Bangladesh, Nepal and Bhutan, highlighted that “IFC builds good corporate governance into its own investment decisions to help firms unlock their potential value. We work closely with Financial Institutions for better corporate governance.” He mentioned that for IFC, the Financial Markets portfolio of investments is the largest. IFC has been working with the financial sector in Bangladesh for many years and is keen to invest more in this sector.
Concluding the session, Mr. Asaduzzaman Khan, Executive Director, Bangladesh Bank, thanked everybody for their active participation and appreciated IFC’s initiative in helping organize the program.
The program was also attended by Mr. Ehsanul Azim, Associate Investment Officer, IFC, Mr. Andrew C. McRobert, Program Manager, SEDF, senior officials of the Bangladesh Bank and CEOs of Banks.
About IFC
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
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