EBL wins Asian Banker’s ‘Best Retail Bank in Bangladesh’ award

EBL wins Asian Banker's 'Best Retail Bank in Bangladesh' awardHead of Consumer Banking of Eastern Bank Limited Nazeem Choudhury seen holding the Best Retail Bank in Bangladesh 2014 trophy at The Asian Banker’s Excellence in Retail Financial Services International Awards 2014 ceremony in Sydney, Australia recently. Chairman of the Excellence in Retail Banking Advisory Council Philippe Paillart and Managing Editor of The Asian Banker Foo Boon Ping also seen in the picture.
Eastern Bank Limited (EBL) has won the Best Retail Bank in Bangladesh award for 2014 at The Asian Banker’s Excellence in Retail Financial Services International Awards 2014 ceremony in Sydney, Australia recently.
The awards ceremony was organised in conjunction with the region’s most prestigious retail banking event, the Excellence in Retail Financial Services Convention, said a press statement.
Head of Consumer Banking of EBL Nazeem Choudhury received the award.
Chairman of the Excellence in Retail Banking Advisory Council Philippe Paillart and Managing Editor of The Asian Banker Foo Boon Ping were present on the occasion.
The awards administered by The Asian Banker and refereed by prominent global bankers, consultants and academics, is regarded as a prestigious one.
About 200 senior bankers from award-winning banks in 29 countries across the Asia Pacific, the Middle East, Central Asia and Africa attended the glittering event that recognises their efforts in bringing superior products and services to their customers.
EBL revamped its deposit product suite in 2013. It simultaneously launched seven new savings products-EBL Power Savings, EBL Classic Savings, EBL MAX Savers, EBL Premium Savings, EBL 50+ Savings, EBL Smart Women’s Savings and EBL Millionaire Scheme-to stimulate its deposit business. As a result, its retail deposits grew 20 per cent while the number of retail customer increased by an enviable 28 per cent.
EBL launched Bangladesh’s first Airmile Reward Programme ‘EBL SkyMiles’ for its Visa Platinum, Visa Signature and Visa Infinite credit cardholders. Under this programme, cardholders accumulate SkyMiles through spending via their EBL credit card, which can be redeemed for free air tickets. EBL also launched a website to allow customers to manage their SkyMiles. This initiative succeeded in increasing spends per card by 8.4 per cent in 2013.
Innovation in its credit cards and deposit businesses enabled the bank to increase its market share significantly. Incremental revenue in both credit cards and deposit businesses contributed over 90 per cent of the increase in the total revenue. EBL achieved strong return-on-assets and robust growth both in profits (15 per cent) and retail assets (9.61 per cent).
A stringent three-month evaluation process based on a balanced and transparent scorecard used to determine the winners this year.
Earlier, this year EBL received the IFC Global Award as the "Best Partner for working capital systemic solutions" in Portugal.