BRAC Bank

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BRAC Bank Limited
Type Public Limited
Industry Financial Services Banking
Headquarters 1, Gulshan Avenue, Gulshan 1, Dhaka 1212
Dhaka, Bangladesh
Key people Sir Fazle Hasan Abed KCMG, Chairman
Mr. Syed Mahbubur Rahman, Managing Director & CEO
Employees 8000 [1]
Parent BRAC, IFC
Website www.bracbank.com

BRAC Bank was founded on 4 July 2001 as a private commercial bank focused on Small and Medium Enterprises (SME).

History[edit]

BRAC Bank was founded to reach the large number of unbanked people which were not covered by traditional bank. The main concept of the bank was to facilitate Small and Medium Enterprises (SME). Since then the Bank has become a leading bank in Bangladesh, keeping its core focus on SME yet becoming one of country’s leading financial hypermarkets.

Financial Services[edit]

  • SME Banking
  • Retails Banking
  • Card Service (Credit & Debit)
  • Foreign Exchange & Related Services
  • Wholesale Banking & Custodial Service
  • Probashi Banking

Distribution Network[edit]

  • Branch : 157
  • SME Unit Office : 400
  • Remittance Delivery Point : 1800 [2]
  • ATM Booth : 350+
  • Apon Somoy (Financial Kiosk) : 16

Subsidiaries [3][edit]

Being pioneer in the financial industry, BRAC Bank also ventures towards its subsidiaries to explore more and more new areas of businesses considering new requirement from its consumers. The subsidiaries are

  • BRAC EPL Investments Limited
  • BRAC EPL Stock Brokerage Ltd
  • bKash (Mobile banking service) Ltd
  • BRAC Saajan Exchange Limited
  • BRAC IT Services Limited (biTS)

ATM Network[edit]

BRAC Bank has its own ATM network which is currently 350+. In addition to this BRAC Bank is the lead arranger of OMNIBUS shared ATM network.
OMNIBUS, an association of member institutions, which will provide shared ATM and POS network facilities to banks through a neutral mother switch. OMNIBUS was formed as a result of a need for a neutral and centralized gateway. And as a result BRAC Bank took the initiative. And with BRAC Bank, Q-Cash came forward with its members to join hands to form OMNIBUS.
Banks that have signed agreements to share OMNIBUS's ATM and POS network:
• Q-CASH network Banks (1. Janata Bank 2. Eastern Bank 3. IFIC Bank 4. AB Bank 5. Shahjalal Islami Bank 6. Basic Bank 7. Jamuna Bank 8. Mercantile Bank 9. National Bank 10. National Credit and Commerce Bank 11. Pubali Bank 12. Sonali Bank 13. Trust Bank 14. Uttara Bank 15. State Bank of India 16. The City Bank 17. Social Islami Bank)
• One Bank
• United Commercial Bank
• Eastern Bank
• Dhaka Bank
• Rupali bank
• Cashlink limited network Banks (1. AB Bank 2. Agrani Bank).
• National Credit and Commerce Bank
• Bank Alfalah
• Southeast Bank
• Standard Bank
• Al-Arafah Islami Bank
• Islami Bank
• Exim Bank
[4]

Achievements and Recognition[edit]

Its success reflects its rapidly expanding global footprint and commitment to delivering high quality, client-centric integrated wealth management solutions and advice. In 12 years of operating BRAC Bank has achieved a significant amount of respect, honor and recognition from home and abroad shows commitment towards quality services as a bank. In these years BRAC Bank has achieved

  • Best Bank in Bangladesh Award’ from FinanceAsia, 2013
  • The Best Managed Bank Award 2013 from The Asian Banker
  • Best Retail Bank in Bangladesh by The Asian Banker, 2011
  • ICAB National Award, 2011
  • FT-IFC Sustainable Bank of the Year 2010 (Emerging Markets, Asia)
  • IFC awarded BRAC Bank as the Most Active Global Trade Finance Program (GTFP) Issuing Bank in South Asia in 2010
  • Member of Global Alliance for Banking on Values (GABV)
  • DHL–Daily Star Bangladesh Business Awards 2008
  • NBR National Award as the Highest VAT payer for the financial year 2007-2008

.[5]

Corporate Social Responsibility (CSR)[edit]

In line with 3P philosophy, BRAC Bank has been actively engaged in CSR Initiatives that support the People, protect the Planet while ensuring Profitability. These initiatives go beyond the statutory obligation/ mandatory compliances to voluntary activities that promote sustainable development. BRAC Bank focuses in education where it strives to dream come true for destitute students, patronize O’Level students to build the nation, encourage science through awarding science students and spread hope through school building. BRAC Bank is also compassionate about naturally challenged autistic children and environment for which it involves itself round the year. Apart from all these, training for nurses, library establishment, warm cloth distribution to poor people, solar panel for SME units are among few initiatives.

References[edit]