BRAC Bank Limited

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BRAC Bank Limited
TypePublic Limited
DSEBRACBANK
CSEBRACBANK
IndustryFinancial services
Banking
Founded4 July 2001; 21 years ago (2001-07-04)
HeadquartersAnik Tower, 220/B Tejgaon Gulshan Link Road, Tejgaon, Dhaka-1208
Dhaka, Bangladesh
Number of locations
187 branches
Key people
Sir Fazle Hasan Abed KCMG, Former Chairperson, Board of Directors
Dr. Ahsan H. Mansur, Chairman
Mr. Selim RF Hussain, Managing Director & CEO [1]
RevenueIncrease 28.727 billion (US$310 million) (2020)
Decrease 8.194 billion (US$87 million) (2020)
Decrease 4.026 billion (US$43 million) (2020)
Total assetsIncrease 456.595 billion (US$4.9 billion) (2020)
Number of employees
7740 (2020)
ParentBRAC, IFC
SubsidiariesbKash Ltd.
BRAC Saajan Exchange Ltd.
BRAC EPL Investments Ltd.
BRAC EPL Stock Brokerage Ltd.
Websitebracbank.com
Footnotes / references
[2]

BRAC Bank is a private commercial bank in Bangladesh, operated by the BRAC development organisation, focused on Small and Medium Enterprises (SME). The bank has its head office in Dhaka, Bangladesh. It has 187 branches, 18 Premium Banking lounges, 457 SME Unit Offices, 481 agent banking outlets, 375 ATMs, and 96 CDMs.

History[edit]

BRAC Bank was founded on 4 July 2001 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.[3]

Financial services[edit]

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

Distribution network[edit]

  • Business Region: 7
  • Total Branches (Including SME SC/KB): 187
  • Zonal Offices: 185
  • Premium Lounges: 18
  • ATMs: 375
  • CDMs: 96
  • SME Unit Office: 457
  • Agent Banking Outlet: 481
  • Remittance Delivery Point : 1800 [4]

Subsidiaries[edit]

The subsidiaries are[5]

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

ATM network[edit]

BRAC Bank has its own ATM network which is currently 457. 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.[6]

Cricket Sponsorship[edit]

The bank is the official kit sponsor for the Bangladesh national cricket team, Under-19 cricket team, Bangladesh women cricket team for the period of 2018 to 2020, meanwhile, the organisation is the kit partner for the team since 2016 and renewed their term until January 2020 [7]

Awards And Recognitions[edit]

The following awards were received by the bank:

  • “Best Bank in Bangladesh” by Asiamoney, a leading financial publication in the Asia-Pacific region, for the third consecutive time[8]
  • “Best Operations Bank in South Asia” at the ‘9th IFC Trade Finance Awards FY2019 – Operations’ by International Finance Corporation (IFC), a company of the World Bank Group [9]
  • ‘2020 U.S. Dollar Clearing MT103’ & ‘2020 U.S. Dollar Clearing MT202’ Quality Recognition Awards from JPMorgan Chase & Co.[10]
  • “Access to Finance Champion” by the Financial Alliance for Women, for the fourth consecutive year.[11]
  • “Excellence in Credit Cards Business”, Excellence in POS Acquiring Business”, “Excellence in e-Commerce Business” and “Excellence in Commercial Business” (newly introduced), comprising four awards from VISA for performance recognition in the VISA cards and payments business
  • “SME Bank of the Year – Asia” in silver category at the “Global SME Finance Awards”, for the second consecutive year [12]
  • Runner-up for PMO (Project Management Office) at the country's first-ever Project Management Excellence Awards, 2020[13]
  • “Best Presented Annual Reports” - three awards bagged for the 2019 Annual Report at the 20th ICAB National Awards [14]
  • “Excellence in Mastercard POS Acquiring Business, 2019-20”, a category of Mastercard[15]
  • “Gold Award” at 7th ICSB National Award for Corporate Governance Excellence 2019[16]
  • “Gold Award” under private commercial bank category at ICMAB Best Corporate Award-2019[17]

See also[edit]

References[edit]

  1. ^ Selim RF Hussain joins Brac Bank as its MD
  2. ^ "Annual Report 2020" (PDF). Retrieved 22 May 2021.
  3. ^ "BRAC Bank Limited". Banglapedia. Retrieved 8 May 2016.
  4. ^ Weber, Olaf (2011). "Products and Services". In Weber, Olaf; Remer, Sven (eds.). Social Banks and the Future of Sustainable Finance. Routledge. Box 5.7. ISBN 978-1-136-80444-1.
  5. ^ "BRAC Bank Limited :: Knowing BRAC Bank » Company Profile » Corporate Vision, Mission & Values". www.bracbank.com. Retrieved 8 May 2016.
  6. ^ "Welcome to OMNIBUS". Archived from the original on 14 February 2014. Retrieved 7 May 2014.
  7. ^ "BRAC Bank becomes the Kit Partner of National Cricket Team for 2 more years Tigers continue to sport the BRAC Bank logo", BRAC Bank, 11 September 2018
  8. ^ "BRAC Bank wins Asiamoney Best Bank award for three years in a row", thefinancialexpress.com.bd, retrieved 25 June 2020
  9. ^ "BRAC Bank named Best Operations Bank in South Asia by IFC", tbsnews.net, retrieved 9 July 2020
  10. ^ "BRAC Bank gets JPMorgan Chase recognition", newagebd.net, retrieved 28 July 2020
  11. ^ "Brac Bank wins award for female-focused lending", The Daily Star, retrieved 12 October 2020
  12. ^ "Brac Bank receives Global SME Finance Awards", The Daily Star, retrieved 3 November 2020
  13. ^ "Brac Bank wins PMI Project Excellence Award", tbsnews.net, retrieved 9 November 2020
  14. ^ "ICAB awards 23 companies for this well-presented annual reports", dhakatribune.com, retrieved 27 November 2020
  15. ^ "Mastercard Organizes "Mastercard Excellence Awards 2020 in Bangladesh", bbf.digital, retrieved 28 November 2020
  16. ^ "PRESS RELEASE 7th ICSB National Award for Corporate Governance Excellence, 2019", icsb.edu.bd, retrieved 24 January 2021
  17. ^ "Brac wins ICMAB best corporate award", dhakatribune.com, retrieved 26 February 2021