Dr. Ahsan H. Mansur, the governor of Bangladesh Bank (BB), has demanded that Sonali Bank PLC undergo a complete overhaul. The state-owned behemoth must become a fully commercialized and profit-driven organization in order to survive the current economic climate.
“While Sonali Bank has traditionally held a dominant position, it must now evolve to meet 100% of its capital requirements and regulatory standards independently,” he said while speaking at the annual conference of Sonali Bank held at a convention centre in the city.
The Governor described in his speech how Sonali Bank would operate as a 360-degree bank or wholesale bank, providing a wide range of financial services.
Although the bank has made progress, he pointed out that in order to secure its long-term viability, its current commercial operations are only partially profit-driven and must be totally transformed.
In order to ensure the bank’s long-term prosperity, he particularly charged it with meeting all capital and professional standards.
The governor highlighted that field-level officials are the primary stakeholders responsible for identifying correct customers to prevent loans from becoming non-performing.
He urged a shift in focus toward productive sectors, including ultra-micro, small, and medium enterprises (SMEs), rather than solely focusing on large-scale borrowers,.
In light of recent financial difficulties, the Governor commended Sonali Bank for its tenacity amid the global dollar crisis, pointing out that it had helped other banks with liquidity when they couldn’t find other sources of funding.
He gave the bank instructions to boost remittance inflows and export performance, grow the debit card business and digital service distribution, and boost revenue through export-import commissions and various collection services in order to further bolster the country’s economy.
The governor admitted that because of recovery worries, the government had previously placed restrictions on lending.
To guarantee that the bank’s accomplishments are long-lasting and not lost, he argued for a cautious but bold approach to finding new investment sectors.
The Governor urged the bank’s management and employees to operate with honesty and commitment in his parting remarks.
By the conclusion of their careers, he hoped that every employee would be proud to work for such a distinguished organization and strive to take Sonali Bank to new heights.
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