'I firmly believe that within a few years, Sonali Bank will be in a position to render some of the greatest services to the government
Finance Minister AMA Muhith on Saturday expressed his firm optimism that Sonali Bank Limited – the country’s largest state-owned commercial bank – would establish itself as an ideal bank within a couple of years.
Minister Muhith said: “I have said this before that we will turn Sonali Bank into an ideal bank for others. It is unlikely by 2019, but I firmly believe that within a few years, it will be in a position to render some of the greatest services to the government and the banking sector.”
The minister was addressing the 2018 Annual Meeting of Sonali Bank at the auditorium of Institution of Diploma Engineers, Bangladesh in Korail. Finance and Planning State Minister MA Mannan, Bangladesh Bank Governor Fazle Kabir, Bank and Financial Institutions Division Secretary Yunusur Rahman spoke on the occasion, presided over by Sonali Bank Chairman Md Ashraful Moqbul.
Sonali Bank CEO and Managing Director Obayed Ullah Al Masud presented the welcome address.
Muhith expressed his dissatisfaction over the weaknesses of the banking sector, saying: “I am not at all happy about it and often admit the banking sector has weaknesses.”
He noted that in comparison to the state of the banking sector from 1972-1976 and 1981, the current banking sector is in its “golden age.”
Muhith also said around 181 Sonali Bank branches are still incurring losses across the country. He suggested their locations be changed to maximize service coverage.
He also suggested the bank provide loans in accordance with the rules and proper assessment, and also to strengthen loan realization measures before filing cases against loan defaulters, and help entrepreneurs with start-up capitals, create a compliance culture and ensur the practice of proper risk management.