ix) Foreign Exchange Business
In the year under review, Foreign Trade Operation of the Bank played a pivotal role in the overall business development of the Bank. We have established relationship with as many as 30 new foreign correspondents abroad thereby raising the total number of correspondents to 230. During the year 1999, the Bank handled Foreign Exchange transactions amounting to Tk. 17855.40 million which is an increase of 67% over the last year. The Bank has also entered into remittance arrangements with several Banks and Exchange Houses and expects to handle increased volume of Remittance Business.

x) Treasury
Prime Bank Limited is one of the first local banks in Bangladesh to integrate treasury dealings of local Money-Market and Foreign Currency under one Treasury umbrella. The Bank has handled significant volume of Treasury transactions during 1999. Prime Bank's Dealing Room is connected with automated Reuters Terminal facility thus enabling the bank to provide forward / future facilities to its corporate clients at a very competitive rate.

Prime Bank Limited is one of the first few Bangladeshi Banks who have become member of SWIFT (Society for Worldwide Interbank Financial Telecommunication) in 1999. SWIFT is members owned co-operative, which provides a fast and accurate communication network for financial transactions such as Letters of Credit, Fund transfer etc. By becoming a member of SWIFT, the Bank has opened up possibilities for uninterrupted connectivity with over 5,700 user institutions in 150 countries around the world.

xii) Automation in Banking Operation

(a) : Information Technology in Banking Operation
Prime Bank Limited adopted automation in banking operation from the first day of its operation. The main objective of this automation is to provide efficient and prompt services to our valued clients. At present all the branches of the Bank are computerized. At branch level, we are using server based multi-user software under UNIX operating system to provide best security of information.

Prime Bank Limited is providing comprehensive range of Banking Services with utmost care and efficiency to its customers. The customers can draw cash from their accounts in just within a minute.

(b) : On-line Branch Banking
The Bank has set up a Wide Area Network (WAN) across the country to provide On-line branch banking facility to its valued clients. Under the scheme, clients of one branch shall be able to do banking transaction at any other branch of the Bank.
The Bank also hosted its own Web Site (www.primebank.com) to facilitate dissemination of information about its banking services & facilities to outside world. The Bank is also going to provide 24 hour customer services by installing Automated Teller Machine (ATM) in the near future.

xiii) Credit Card
Prime Bank Limited obtained Principal Membership of Master-Card International in the month of May 1999. Within a period of 6 months, the Bank successfully launched Master Card-Credit Card which created a new dimension in its customer service and consumer financing.
The special feature of the Prime Bank  Master Card is that its bears the card holder's photo on the card, which is the first of its kind in Bangladesh and adds security against misuse. Prime Bank Limited issues 4 types of cards. These are Gold Local & International and Silver Local & International. Local cards can be used in Bangladesh only.

xiv) Investment in Securities and Capital Market Operation
The year 1999 was again a difficult year as it was in 1998for the capital market. All Share price Index in the year was persistently on the declining trend. Under such a situation, the Merchant Banking and investment division of the Bank had  to carry out operation in the area of capital market in a vary cautious manner during the year. The Division concentrated its operation in the areas of underwriting of IPOs and advance against Shares.

It is worth mentioning that Prime Bank Limited follows International Accounting Standard (IAS-25 & 30) in valuing is investments in shares & securities at the year end.

The Bank has applied for a license to set up a Non-Bank Financial Institution with a view to diversifying activities in Capital Market operations. The approval of Bangladesh Bank is awaited.