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BRAC Bank

From Wikipedia, the free encyclopedia BRAC Bank Limited Type Limited Industry Financial Services Founded 2001 1, Gulshan Avenue, Gulshan, Dhaka Headquarters 1212 Dhaka, Bangladesh Muhammad A. (Rumee) Ali, Chairman Key people Syed Mahbubur Rahman, Managing Director & CEO Employees 7000 (approximately) BRAC, IFC and ShoreCap Parent International Website www.bracbank.com This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2010) BRAC Bank is the last organization to have received a commercial banking license from Bangladesh Bank, making it the youngest private commercial bank in Bangladesh. Its headquarters are based in the capital Dhaka. The bank is partially owned by BRAC, the largest non-government organization in the world, International Finance Corporation, the private sector arm of The World Bank Group and ShoreCap International. Though BRAC Bank was formed with the aim to serve the millions of small and medium enterprises (SMEs) in the country. Having pioneered the concept of SME financing in Bangladesh, it is the fourth largest SME bank globally. The company also provides services within corporate and institutional banking, retail banking, as well as probashi banking, which specifically caters to non-resident Bangladeshis abroad. Other areas include customized treasury and foreign exchange solutions, and custody services. It ranks amongst the top banks nationally that processes remittances from abroad. ATM Network: BRAC Bank has its own ATM network which is currently 300 strong. 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 (as of October 2010):

BRAC Bank the lead arranger 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. Social Islami Bank 2. Dhaka Bank 3. AB Bank 4. Agrani Bank 5. Bank Asia 6. Islami Bank 7. South East Bank). National Credit and Commerce Bank Bank Alfalah Southeast Bank Standard Bank

E-Commerce Gateway: For the first time ever in Bangladesh, BRAC Bank Limited (BBL) has launched Bangladesh's first e-commerce banking platform in alliance with Visa, thereby opening an opportunity for Bangladeshi citizens to use Visa cards for shopping online [1]. Any Bangladeshi with internet access now can shop online with a Visa card or any card issued by BRAC Bank.

Corporate Vision Building profitable and socially responsible financial institution focused on Market and Business with Growth potential, thereby assisting BRAC and stakeholders to build a just, enlightened, healthy democratic and poverty free Bangladesh. Corporate Mission

Sustained growth in Small & Medium Enterprise sector Continuous low-cost deposit Growth with controlled growth in retail assets. Corporate Assets to be funded through self-liability mobilization. Growth in Assets through syndications and investment in faster growing sectors. Continuous endeavor to increase non-funded income Keep our debt charges at 2% to maintain a steady profitable growth Achieve efficient synergies between the banks branches, SME unit offices and BRAC field offices for delivery of remittance and Banks other products and services Manage various lines of business in a full controlled environment with no compromise on service quality Keep a divers, far flung team fully controlled environment with no compromise on service quality Keep a diverse, far flung team fully motivated and driven towards materializing the banks vision into reality Core Values Our Strength emanates from our owner - BRAC. This means, we will hold the following values and will be guided by BRAC as we do our work. Value the fact that one is a member of the BRAC family Creating an honest, open and enabling environment Have a strong customer focus and build relationships based on integrity, superior service and mutual benefit Strive for profit & sound growth Work as team to serve the best interest of our owners Relentless in pursuit of business innovation and improvement Value and respect people and make decisions based on merit Base recognition and reward on performance Responsible, trustworthy and law-abiding in all that we do.

Achievements: BRAC Bank awarded prestigious FT Sustainable Bank of the Year 2010

BRAC Bank has been awarded as the Sustainable Bank of the Year 2010 at the FT Sustainable Banking Awards 2010. The award was jointly announced by Financial Times newspaper and IFC at the award ceremony on 3rd June 2010 in London. The FT Sustainable Banking Awards is presented by the London-based international newspaper Financial Times and IFC, a member of the World Bank Group. Now in their fifth year, the awards recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations. BRAC Bank has been announced as the winner of the 2010 FT Sustainable Bank Award from Emerging Markets in Asia. Lars Thunnel, Executive Vice President and CEO of IFC presented the award to BRAC Bank's Chairman Mr. Muhammad A. (Rumee) Ali and CEO Mr. Syed Mahbubur Rahman at the gala award ceremony in London. Dr. Atiur Rahman, Governor of Bangladesh Bank was also present in the program that witnessed the presence of more than 250 senior bankers and decision-makers in the area of sustainability. Dr Mo Ibrahim, Chairman and founder, Mo Ibrahim Foundation, and Founder, Celtel International, was keynote speaker at the dinner. The event followed a one-day Sustainable Banking Conference organized by the Financial Times and IFC. "The award is a global recognition of the unique contribution BRAC Bank has made in establishing a bank that truly believes in socially responsible banking and is making a difference in the lives of many small businesses all over Bangladesh. A segment that was largely ignored by our financial industry. I am sure BRAC Bank model will be replicated in many countries in the years to come" said Mr. Rumee Ali in his initial reaction. "This award has made Bangladesh proud!" "Broadening financial services to the poor and helping to raise living standards around the world is good for business and good for the global economy", said Lars Thunell, IFC Executive Vice President and CEO. "As these award recipients demonstrate, an increasing number of financial institutions recognize that and are finding innovative ways to expand access to finance and improve the environment." DHLDaily Star Bangladesh Business Awards 2008 BRAC Bank received the prestigious Business Award styled DHL-Daily Star Bangladesh Business Awards 2008 as Best Financial Institution of the Year for its innovation in products, services, financial performance/ productivity, company management and contribution to Bangladeshs development. BRAC Bank is a full fledged commercial bank; yet, it has significantly contributed in the development of SME sector by creating a unique model of

collateral free SME lending, which enabled the SME entrepreneurs (the missing middle) to get easy access to finance. Furthermore, with its wide distribution network, BRAC Bank reached the greater population even at the distant corners of Bangladesh. On behalf of the Bank, Mr. Muhammad A. (Rumee) Ali, Chairman of BRAC Bank Limited received the award from Dr. Saleh Uddin Ahmed, Governor, Bangladesh Bank and the chief guest of the award giving ceremony. BRAC Bank received National Award as the Highest VAT payer for the financial year 2007-2008 BRAC Bank Limited has recently received the prestigious award for being the highest VAT paying organization in national level in service industry. Dr. ABM Mirza Azizul Haque Honorable Adviser Finance & Planning Ministry, Govt. of Peoples Republic of Bangladesh, handed over the award & crest to BRAC Bank Limited at a ceremony held in Osmani Smriti Milonayaton. BRAC Bank received ICAB National Award BRAC Bank Limited has been awarded ICAB National Award from Institute of Chartered Accountants of Bangladesh (ICAB) for one of the Best Published Accounts & Reports 2007 recently. Dr. A. B. Mirza Md. Azizul Haque former Adviser Finance & Planning Ministry, Govt. of People's Republic of Bangladesh, handed over the award to BRAC Bank Limited at a ceremony held in Bangladesh-China Friendship Conference Centre. Fastest growing bank in the country for the last two years Leader in SME financing through 350 offices Biggest suit of personal banking & SME products Large ATMs (Automated Teller Machine) & POS (Point of Sales) network CSR: Corporate Social Responsibility (CSR) of BRAC Bank: Since the inception as a responsible corporate body BRAC Bank Ltd. has undertaken various initiatives considering the interest of customers, employees, shareholders, communities and environment. These initiatives go beyond the statutory obligation/mandatory compliances to voluntary activities that promote sustainable

development. BRAC Banks vision which focuses on double bottom line that it should make decisions based not only on profit but also based on social and environmental consequences is closely linked to the principles of CSR. Corporate Social responsibility (CSR) is a fundamental part of the way BRAC Bank does business. Its an opportunity to build better relationships with all stakeholders by paying closer attention to how we fulfill our social, economic, environmental and ethical responsibilities. CSR allows us to align our operations with standards and expectations that are increasingly important to our shareholders, employees, customers and communities where we operate. While most of our overall environmental impact is indirect, resulting from our financing and investment activities, we also have a direct impact on the environment through our day-to-day business operations. We are working towards reducing waste and the more efficient use of resources. The second step is reducing our indirect environmental impact by managing our investing activities. Reduction in use of the paper Paper continues to be the most significant single material input to our business. We use paper in the office and in the production of customer information documents. A4 paper We insist on double-sided printouts and photocopies wherever relevant. Paper communication between the divisions/Customer centers of BRAC Bank has been replaced with on-line communication where possible, resulting in significant reduction in paper usage. We have converted selected staff training sessions into our E-learning process, which has resulted in reduced paper usage on training materials. use is a major component of our office based paper usage. Reducing the use of paper and recycling it, provide both an environmental and economic benefit, and some of the initiatives taken by us during the year are;

SME Banking Deposit Products


BRAC Bank, being the youngest bank, took a step to break away from usual tradition and tapped into the true suburb entrepreneurial initiatives. Today, with over 10,000 crores of loans disbursed till date, BRAC Bank is countrys largest SME financier that has made more than 265,000 dreams come true! If you have a dream on which you trust, let us make it true together.
Deposit Products

Prapti Current Account Prachurjo Fixed Deposit

With a view to ease your busy life, BRAC Bank is offering you current account named PRAPTI. You can deposit and withdraw money through any branches, SME sales &

service centres during banking hours and through ATM and CDM 24 hours. Besides, you will get interest daily on your balance. Eligibility Any kind of organization (such as sole proprietorship, partnership, private limited company, educational institution, NGO/Project, Co-operative society and so forth) Specialty of PRAPTI Current account It is a current account in which interest is paid on daily balance. You can open up this account in our any branches across the nation with only BDT 5000. For your withdrawal need you will have ATM card which comes free with opening the account. There will be no charge if average balance remains BDT 25,000. You can make your transactions through our 22 SME sales and service centre, 46 agri branch and 81 branches, 240 ATMs and 30 cash deposit machines at absolutely no cost and without hassle. How can I get statement? Statement will be sent to your address on every six months Rate of Interest The following is the rate of interest applicable daily on your balance. Amount of Balance 0 - Below 5,000 5,000 - Below 100,000 100,000 - Below 250,000 250,000 Below 500,000 500,000 & Above Annual Fee If average balance is BDT 25,000 or above Nil Nil Nil If average balance is less than 25,000 BDT 500+ VAT (on every six month) Nil First cheque book is free and BDT 200 + VAT for second cheque book Specific Interest Rate 0% 1% 2% 3% 4%

es

nship

Fee

e book duty

As per guideline of Bangladesh Bank

churjo" is a lucrative fixed deposit for small and medium businesses. With a minimum 1,00,000 ny business enterprise having valid trade license can open this account.

alties

nure: Minimum 3 months and maximum 36 months fees except govt excise / duty on interest earned,

erest is applicable on maturity pre-encashment fees

are eligible for this deposit?

eryone involving in sole proprietorship, partnership and private limited companies

all and medium typed businesses (Educational institution, NGO and Co-operative society and ers)

ave 147 branches, 230 ATMs and 421 SME unit offices. Please call 16221 for 24 hours banking ces.