An Empirical Study on Southeast Bank Limited.(Part-4)
Subject: Economics, Finance, International Business | Topics: ,

Regulators

To be a responsible corporate citizen, we comply with the relevant laws, rules and regulations of all regulatory authorities. Their business practices are transparent and are appreciated by the regulators. They operate cautiously observing the anti-money laundering practices.

Community

They work to promote good community relations to foster a relationship of understanding, trust and credibility. They have a long history of support for charitable causes. In 2007, they have spent Tk.22.56 million as donations for education, sports, art, culture, health-cares, community development, relief operations etc. The major areas of donations are given in the table below:

Sl. No.Date  To whom given Amount in million
0113.05.2007Society for Assistance to Hearing Impaired ChildrenTk.1.20 
0207.08.2007Chief Advisor’s Relief Fund for flood victims through Islamic Banks’ Consultative ForumTk.1.00 
0313.08.2007Chief Advisor’s Relief Fund for country’s flood victimsTk.5.00 
0429.11.2007Bangladesh Army Relief Fund for cyclone-SIDR victimsTk.5.00 
0503.12.2007Chief Advisor’s Relief Fund for cyclone-SIDR affected peopleTk.5.00 

The Bank has also established Southeast Bank Foundation to participate in social work in a more organized way. In 2007, the Foundation donated Tk. 6.33 million for the distressed humanity. It may be cited that the Foundation has donated Tk.2.5 million to the Government of Bangladesh (GOB) for relief operations amongst the hill slide victims of Chittagong. It also donated Tk.0.5 million amongst the tornado affected people of Chhagalnaiya, Feni. To encourage female professionals in the field of accountancy of the country, the Foundation has decided to award 02 (two) scholarships for 02 (two) deserving female articled students of the Institute of Chartered Accountants of Bangladesh (ICAB) on a recurring basis to pursue Chartered Accountancy Course. Each scholarship holder will be paid Tk.3,000.00 per month for 03 (three) years and Tk.10,000.00 for books and other related expenditures.

2.10.2. CSR of SEBL in 2008

Southeast bank’s banking practice is based on a network of relationship with its employees, customers, suppliers, business associates, shareholders, regulatory authorities, and the community. The bank’s corporate social responsibility is about addressing the needs of all the stakeholders in a way that advances its business and makes a positive and meaningful contribution to the society.

Employees

The bank’s business is dynamic and growing. This dynamism and growth comes from its skilled and experienced human resource that can be found at every level of the organization. The bank offers its employees very competitive pay package and bonus that are reviewed on a continuous basis in line with the market forces. It provides the employees a safe and congenial work environment. It also offers its employee’s handsome retirement benefits by way of contributory provident fund, gratuity, and superannuation fund Ltd. As consequences, southeast bank has emerged as a bank with vision. Workplace of choice of many. The bank’s rapid growth in business present opportunities or talented employees to take added responsibilities. The employees follow the ethical and other codes of conduct as embodied in the service rules and regulations of the ban.

Customers

The need to focus on the need to customers is fundamental to banking business. Southeast bank discharges this vital responsibility by offering financial products and services that truly meets their needs. In discharging this vital responsibility, the bank always strives to maintain the highest standard of ethics in the conduct of its business. The bank feels proud that these efforts have earned it the trust of the customers. This trust in turn motivates the bank to carry out every single transaction with the customers with the highest degree of commitment and transparency without any hidden cost. The bank looks upon the customers as its partners in business and sincerely endeavors to improve its relationship with them for mutual benefit.

Shareholders

The southeast bank is fully committed to protect the interest of its shareholders. Their constructive suggestions are implemented for the betterment of the company. It releases enough disclosures for the information of the shareholders in the annual reports, half yearly financial statements, and the print and electronic media and in the bank’s website. It always endeavors to enhance shareholders value by optimizing financial performance at least cost. Since inception, the bank has paid good dividends to the shareholders. The number of shareholders of the bank is increasing that testifies their unshakeable faith in the bank.

The bank’s business associates

The bank continuously endeavors to create a long lasting win relationship with its suppliers and business associates for mutual growth. Its relationship with them is based on mutual trust and respect. It deals with them in a fair and transparent way. Southeast Bank enjoys credit lines from correspondents and foreign banks and special credit line from ADB and IFC.

Environment

The Bank continuously strives to ensure that its operations are environment friendly and discourages financing projects contrary to it. It has extended its helping hands to initiatives of community leaders for environment protections and development. It is one of the leading participants in the beautification of Dhaka city. The beautification of the road island from Russel Square to Manik Miah Avenue has been done by southeast bank.

Regulators

Southeast bank firmly believes that it is imperative to comply with relevant laws, rules and regulations of all regulatory authorities to be a responsible corporate citizen. The bank’s business practices are transparent and are appreciated by the regulators. The bank operates cautiously observing the anti money laundering practices.

Community

Southeast bank works to promote good community relations to foster a relationship of understanding, trust and creditability. It has a strong history of support for charitable causes. In 2008, southeast bank has spent taka 14.82 million as donations for education, sports, art, culture, healthcare, community development, relief operations etc. the major areas of donations are given in the table below —

Sl. No.Date  To whom given Amount in million
0113.05.2007Society for Assistance to Hearing Impaired ChildrenTk.1.20 
0207.08.2007Chief Advisor’s Relief Fund for flood victims through Islamic Banks’ Consultative ForumTk.1.00 
0313.08.2007Chief Advisor’s Relief Fund for country’s flood victimsTk.5.00 
0429.11.2007Bangladesh Army Relief Fund for cyclone-SIDR victimsTk.5.00 
0503.12.2007Chief Advisor’s Relief Fund for cyclone-SIDR affected peopleTk.5.00 

Southeast Bank Foundation

The bank has also established the Southeast Bank Foundation to participate in social work in a more organized manner. In 2008, the foundation donated taka 11, 75,000.00 for the distressed humanity. Out of the amount, taka 10.00 lac was given to Mr. Md. Rahimul Islam Majumder for medical treatment of his son’s hearing and speaking disability. Taka 175,000.00 was donated to the society for the welfare of the intellectually disable- Bangladesh.

To encourage female professionals in the field of accountancy of the country, the foundation has awarded scholarships for 02 (two) deserving female article students of the Institute of Chartered Accountants of Bangladesh (ICAB) on a recurring basis to  continue annually to pursue chartered Accountancy Course. Each scholarship holder is being given taka 3.000.00 per month for three years. Besides taka 10,000.00 was paid to each of them for books and other related expenditures.

2.10.3. CSR of SEBL in 2009

Southeast Bank’s banking practice is based on a network of relationship with its employees, customers, suppliers, business associates, shareholders, regulatory authorities and the community. The bank’s corporate social responsibility is about addressing the needs of all the stakeholders in a way that advances its business and makes a positive and meaningful contribution to the society.

Employees

The Bank’s business is dynamic and growing. This dynamism and growth comes from its skilled and experienced human resources that can be found at every level of the organization. The bank offers its employees very competitive pay package and bonus that are reviewed on a continuous basis in line with the market dynamics. It provides the employees a safe and congenial work environment. It also offers its employees handsome retirement benefits by way of contributory provident fund, Gratuity, Superannuation benefits, etc. as a consequences, Southeast Bank has emerged as bank with a vision; workplace of choice of many. The Bank’s rapid growth in business presents opportunities for talented employees to take added responsibilities. The employees follow the ethical and other codes of conduct as embodied in the service Rules and Regulations of the Bank.

Customers

The need to focus on the need of customers is fundamental to banking business. Southeast bank discharges these vital responsibilities by offering financial products and services that truly meet their needs. In discharging this vital responsibility, the bank always strives to maintain the highest standard of ethics in the conduct of its business. The bank feels proud that these efforts have earned it the trust of the customers. This trust in turn motivates the bank to carry out every single transaction with the customers with the highest degree of commitment and transparency without any hidden cost. The bank looks upon the customers as its patterns in business and sincerely endeavors to improve its relationship with them for mutual benefits.

Shareholders

The Southeast bank is fully committed to protect the interest of its shareholders. Their constructive suggestions are implemented for the betterment of the company. It releases enough disclosures for the information of the shareholders in the Annual Reports, half-yearly financial statements, the print and electronic media and in the Bank’s website. It always endeavors to enhance shareholders value by optimizing financial performance at least cost. Since inception, the Bank has paid good dividends to the shareholders. The number of shareholders of the Bank is increasing that testifies their unshakable trust in the Bank.

The Bank’s Business Associates

The Bank continuously endeavors to create a long-lasting win-win relationship with its suppliers and business associates for mutual growth. Its relationship with them is based on mutual trust and respect. It deals with them in a fair and transparent way. Southeast Bank enjoys credit lines from Correspondents and Foreign Banks and special credit line from ADB and IFC.

Environment

The Bank continuously strives to ensure that its operations are environment-friendly and discourages financing projects contrary to it. It has extended its helping hands to initiatives of community leaders for environment protection and development. It is one of the leading participants in the beautification of DhakaCity. The beautification of the road island from Russell Square to Manik Miah Avenue was done by the Southeast Bank. Regulators

Southeast bank firmly believes that it is imperative to comply with the relevant laws, rules and regulations of all regulatory authorities to be a responsible corporate citizen. The Bank’s business practices are transparent and are appreciated by the regulators. The Bank operates cautiously observing the anti-money laundering practices. Community Southeast Bank works to promote good community relations to foster a relationship of understanding, trust and credibility. It has a long history of support for charitable causes. In 2009, Southeast Bank has spent Tk.24.75 million as donations for education, sports, art, culture, health-care, community development, relief operations etc.

Their credit policy has been redesigned to avoid concentration of Bank’s credit in major cities and to encourage distribution of credit in priority sectors particularly in Agriculture and SMEs.

A senseless killing of valiant army officers was committed by the misguided BDR personnel at BDR Headquarters, Peelkhana, Dhaka on February 25, 2009. It widowed and orphaned innocent people and catapulted the affected families in distress and uncertainty. Southeast Bank pioneered and propagated an idea to stand by the affected families which won it wide appreciation at different levels.

In accordance with our devised formula, the Bank, in collaboration with the Government of Bangladesh, selected the following 7 (seven) bereaved families of the Shaheed Army Officers who embraced martyrdom at the carnage at BDR Headquarters to stand by them. Each family is being given Tk.40,000.00 (Forty Thousand) only per month totaling Tk.4,80,000.00 (Four Lac Eighty Thousand) only in a year and the contribution will continue for 10 (ten) years.

Sl no. Name of Shaheed Army OfficialMonthly ContributionYearly ContributionWidow  Shaheed Army Official
01Brig. General Md. Abdul Bari40,000.00480,000.00Ms. Farhana Bari
02Col. Md. Mojibul Huq40,000.00480,000.00Ms. Nehrin Ferdousi
03Col. Mohammad Mashiur Rahman40,000.00480,000.00Ms. Zobaida Begum
04Col. Kudrat Elahi Rahman Shafiq40,000.00480,000.00Ms. Loby Rahman
05Maj.Md. Abdus Salam Khan40,000.00480,000.00Ms. Mahbuba Begum
06Lt. Col.Md. Lutfur Rahman40,000.00480,000.00Ms. Munmun Rahman
07Maj.Md. Mahbubur Rahman40,000.00480,000.00Ms. Rita Rahman

First year’s contribution for Tk.33,60,000.00 (Thirty Three Lac Sixty Thousand) only was paid to the widows of the Shaheed Army Officers at the Prime Minister’s Office (PMO) on April 01, 2009. Apart from the above, Southeast Bank also donated Tk.25,00,000.00 (Twenty Five Lac) only to the Prime Minister’s Relief Fund on 15 June, 2009 for relief operations amongst Cyclone Aila and other natural calamity victims.

National Economy

Southeast Bank has directly employed 1402 people in the service of the Bank. We have also generated employments for thousands of men and women in the projects and industrial ventures established with our finance. The credit policy of the Bank has also been so designed as to promote trade, commerce and industry which will ultimately contribute to the growth of national economy. It will also help creation of employment opportunities. By mobilizing deposits for the Bank, we have contributed to the formation of capital of the country. We have collected tax on

Interest/profit earning of the depositors for the public exchequer. Our Bank has been a conduit for bringing foreign remittance from Bangladeshi expatriates living abroad and thereby contributed to the overall foreign exchange reserve of the country. We contributed handsome amounts to the national exchequer in the preceding years as corporate tax.

Southeast Bank Foundation

The Bank has also established the Southeast Bank Foundation to participate in social work in a more organized manner. To meet corporate social responsibility, Southeast Bank Foundation has designed an educational program to support meritorious students in the secondary education level of poor and low income families. To begin with, a stipend program has been initiated for meritorious students who passed SSC examination in 2009. Applications have been invited through newspaper announcement. A number of 2746 students from all the Boards applied and only 230 of them have been qualified for stipend this year. They will receive Tk.1500 per month for the academic session (2009-2011) along with a lump sum of Tk.4000 to purchase books and accessories. The Foundation has also started a stipend program for the schools near and around the Southeast Bank Branches of rural and semi urban areas. The concerned branches will act as the focal points. The selected students will receive stipends while schools will receive necessary support to impart quality education. As many as 260 students have been selected from the schools around 19 branches of the Bank. For students of class VII and VIII, the stipend is Tk.600 per month along with a lump sum of Tk.1500, while Tk.1000 per month is the amount of stipend for students of class IX and class X; the lump sum for these classes is Tk-2500 only. The branch executives will liaise with the schools and students regarding the stipend program. Minor revision in the in- built infrastructure will be made to make environment of schools more student friendly. Gradually competent teachers of English and Mathematics will be provided to respective schools to ensure quality education.

2.10.4. CSR of SEBL in 2010

Southeast Bank works to promote good community relations to foster a relationship of understanding, trust and credibility. It has a long history of support for charitable causes. We help achieve lasting changes in the lives of people who are disadvantaged or vulnerable. In 2010, Southeast Bank has spent Tk.2.37 million as donations for education, sports, art, culture, health-care, community development, relief operations etc.

SEBL’s credit policy has been redesigned to avoid concentration of Bank’s credit in major cities and to encourage distribution of credit in priority sectors particularly in Agriculture and SMEs.

a)  Asenseless killings of valiant army occurs was committed by the misguided BDR personnel at BDR Headquarters, Peelkhana, Dhaka on February 25, 2009. It widowed and orphaned innocent people and catapulted the elected families in distress and uncertainty. Southeast Bank pioneered and propagated an idea to stand by the elected families which won wide appreciation at deferent levels.

b)  In accordance with our devised formula, the Bank, in collaboration with the Government of Bangladesh, selected the following 7 (seven) bereaved families of the Shaheed Army Officers who embraced martyrdom at the carnage at BDR (now BGB) Headquarters to stand by them. Each family is being given Tk.40,000.00 (Forty thousand) only per month totaling Tk.4,80,000.00 (Four Lac Eighty thousand) only in a year and the contribution will continue for 10 (ten) years.

c)  First year’s contribution for Tk.3.36 million only was paid to the widows of the Shaheed Army Officers at the Prime Minister’s Office (PMO) on April 01, 2009. _e second year’s contribution of Tk.3.36 million was paid to the widows of the Shaheed Army Officers at the PMO vide pay orders dated February 02, 2010.

d)  Apart from the above, Southeast Bank also donated Tk.2.50 million only to the Prime Minister’s Relief Fund on 16 June, 2010 for relief operations amongst victims of _re incident at Neemtali and building collapse of Begunbari of Dhaka City.

e)   Southeast Bank also donated Tk.5.00 million on 26.07.2010 towards establishment of Muktijuddha Jadughar to uphold national heritage for posterity.

f)   Boxing is a neglected sport areas, Southeast Bank came forward for improvement of boxing in the country. Bank donated total Tk.2.26 million to Bangladesh Amateur Boxing Federation for the purpose.

g)  Southeast Bank donated Tk.5.00 million on 11.01.2010 to Bangladesh Olympic Association in co-sponsoring the 11th SA Games Dhaka-2010. Southeast Bank donated Tk.0.50 million on 05.04.2010 to Bangladesh Hand Ball Federation in sponsoring the IHF Challenge Trophy, Bangladesh – 2010.

National Economy

Southeast Bank has directly employed people in the service of the Bank. We have also generated employments for thousands of men and women in the projects and industrial ventures established with our finance. Credit policy of the Bank has also been so designed as to promote trade, commerce and industry which will ultimately contribute to the growth of national economy. It will also help creation of employment opportunities. By mobilizing deposits for the Bank, we have contributed to the formation of capital of the country. We have collected tax on interest/profit earning of the depositors for the public exchequer. Our Bank has been a conduit for bringing foreign remittance from Bangladeshi expatriates living abroad and thereby contributed to the overall foreign exchange reserve of the country. We contributed handsome amounts to the national exchequer in the preceding years as corporate tax.

Southeast Bank Foundation

The Bank has also established the Southeast Bank Foundation to participate in social work in a more organized manner. In 2009 the Bank has sufficiently manned the Foundation to carry out activities towards the promotion of high order CSR i.e. activities over and beyond simple donation.

Under the Corporate Social Responsibilities (CSR), the Foundation has identified education as the main field of responsibility and has initiated a Scholarship Project in the Secondary Level to support meritorious students of poor and low income families in the year 2009. It has begun with two layers one for school students and the other for HSC Level College students.

A huge number of Secondary Schools established in the rural areas of Bangladesh within last two decades are yet to create conducive teaching environments mainly due to poorly trained underpaid teachers. Though government has taken a number of projects to address issues like training of teachers and stipend for girl students, the overall gain regarding quality education is not noteworthy.

Schools near and around the Southeast Bank Branches of rural and semi-urban areas identified to be improved are included in the project. The important components of the project are: a) scholarship for meritorious students of low income families studying from class VII – class X, b) training of teachers, c) enhancing facilities for library, science laboratory and computer laboratory. The respective Southeast Bank Branches act as the focal points of the scholarship program. Scholarship money for class VII and VIII is Tk.600/- per month with a lump-sum amount of Tk.1,500/-. For students of class IX and X stipend money is Tk.1,000/- per month with a lump- sum amount of Tk.2,500/-. The stipend will be renewed on the basis of annual results and class performances. The Foundation has selected 245 students in 2010 in the School Level.

The Southeast Bank Foundation has organized a month long English Course titled – Training of Teachers and Learners (TOTAL) for the English teachers of selected schools in December, 2010. This Course has been primarily designed to help them take new steps and guidelines in teaching English in the Secondary Level. Besides, two English Newspapers are being subscribed to each of these schools as reading materials for both teachers and students. Other innovative programs will be gradually included for these schools based on their respective needs.

A country wide Scholarship Project for Higher Secondary students has been undertaken from 2009. For students of class XI and XII the scholarship money is Tk.1500/- per month with a lump- sum amount of Tk.4,000/-.Applications are invited through a number of daily newspapers. Students who pass SSC examination or equivalent can apply for the SEB Foundation’s scholarship. Each student should have opened a SEB Account to realize the scholarship money. So far a number of 491 students are selected for the SEB Foundation Scholarship.

In the year under review, the foundation’s CSR expenditures are following:

80

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For more parts of this post-

An Empirical Study On Southeast Bank Limited.(Part-1)

An Empirical Study On Southeast Bank Limited.(Part-2)

An Empirical Study On Southeast Bank Limited.(Part-3)

An Empirical Study On Southeast Bank Limited.(Part-4)

An Empirical Study On Southeast Bank Limited.(Part-5)

An Empirical Study On Southeast Bank Limited.(Part-6)

An Empirical Study On Southeast Bank Limited.(Part-7)

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