BRAC Bank to become 'Bank of Bangladeshis'
Monday, 27 April 2009
FE Report
BRAC Bank Ltd, one of the leading private commercial banks (PCB) of the country is now set to become 'The Bank of the Bangladeshis', through its expansion across the country.
"Equipped with all modern banking facilities, the bank is expanding its activities more rigorously than ever, our aim is to grab the position of number one bank in Bangladesh within a very few years," a statement of the bank said.
Robust presence in the SME, institutional shareholdings along with public, broad business focus, tech savvy culture of banking operation, thrust on human capital development, young and vibrant management, strong corporate social responsibilities and stringent compliance of regulatory and risk management policies have already turned the BRAC Bank into a strong corporate entity, the statement added.
"We have the second largest customer-base (number of customers-6,90,000) among all the local PCBs," acting head of corporate affairs of the bank Abedur Rahman Sikder told the FE.
According to the latest statistics, in 2008, when the industry registered a growth of 16 per cent in advance and deposit sectors, BRAC Bank has attained a phenomenal 63 per cent growth in both.
In every other range of its business, the bank showed remarkable upward trend of growth in 2008.
The bank's total deposit reached at Tk 63.26 billion, while the SME loan disbursed amounted to Tk 35 billion as of March 2009.
More than 0.7 million employment generation came through the bank's operation having 0.2 million SME entrepreneurs.
In July 2001, the bank started its forward march. Only after eight years of 'serving the missing middle', the bank is now among the five top-rated financial organisations of the country.
Ahead of the launching of BRAC Bank's operation, the upper level of the Bangladesh economy was being served by the traditional banking system and the ground level had ample access to the NGOs.
"There existed in the middle-a group of entrepreneurs-who could not reach either of these two options of funding," Mr Sikder said.
In 2008, the bank opened the highest number of branches and service centers.
BRAC Bank's business focus continues to search for the possibility of offering innovative and highly customised products and services.
The bank has successfully launched different consumer products aligned with corporate banking service with cash management and liability collection, dispersed remittance services, non-funded services (visa processing, student file opening etc), and credit card facility to the customers.
"The bank is arguably among the four most successful and sustainable SME Banks of the world by US-based research firm CMEF," Mr Sikder said.
As part of its corporate social responsibility, the bank is proactive since its inception. Recent participations include the sponsorship in 3rd Asian Autism conference, establishment of short stay ward in ICDDRB, sponsorship of Brac Bank Cricket series, patronising Bangladesh Chess and Hockey Federation and donation of one-day equivalent salary to the fund for the victims of SIDR.
The Bank has achieved several awards and recognitions from different institutions for its success.
In 2007, it got the ICAB award for being one of the best publishers of financial reports. In 2008, the bank received an award for becoming the 'Highest VAT Payer' from National Board of Revenue (NBR) and most recently 'Financial Institution of the Year' award from the Daily Star and DHL
BRAC Bank Ltd, one of the leading private commercial banks (PCB) of the country is now set to become 'The Bank of the Bangladeshis', through its expansion across the country.
"Equipped with all modern banking facilities, the bank is expanding its activities more rigorously than ever, our aim is to grab the position of number one bank in Bangladesh within a very few years," a statement of the bank said.
Robust presence in the SME, institutional shareholdings along with public, broad business focus, tech savvy culture of banking operation, thrust on human capital development, young and vibrant management, strong corporate social responsibilities and stringent compliance of regulatory and risk management policies have already turned the BRAC Bank into a strong corporate entity, the statement added.
"We have the second largest customer-base (number of customers-6,90,000) among all the local PCBs," acting head of corporate affairs of the bank Abedur Rahman Sikder told the FE.
According to the latest statistics, in 2008, when the industry registered a growth of 16 per cent in advance and deposit sectors, BRAC Bank has attained a phenomenal 63 per cent growth in both.
In every other range of its business, the bank showed remarkable upward trend of growth in 2008.
The bank's total deposit reached at Tk 63.26 billion, while the SME loan disbursed amounted to Tk 35 billion as of March 2009.
More than 0.7 million employment generation came through the bank's operation having 0.2 million SME entrepreneurs.
In July 2001, the bank started its forward march. Only after eight years of 'serving the missing middle', the bank is now among the five top-rated financial organisations of the country.
Ahead of the launching of BRAC Bank's operation, the upper level of the Bangladesh economy was being served by the traditional banking system and the ground level had ample access to the NGOs.
"There existed in the middle-a group of entrepreneurs-who could not reach either of these two options of funding," Mr Sikder said.
In 2008, the bank opened the highest number of branches and service centers.
BRAC Bank's business focus continues to search for the possibility of offering innovative and highly customised products and services.
The bank has successfully launched different consumer products aligned with corporate banking service with cash management and liability collection, dispersed remittance services, non-funded services (visa processing, student file opening etc), and credit card facility to the customers.
"The bank is arguably among the four most successful and sustainable SME Banks of the world by US-based research firm CMEF," Mr Sikder said.
As part of its corporate social responsibility, the bank is proactive since its inception. Recent participations include the sponsorship in 3rd Asian Autism conference, establishment of short stay ward in ICDDRB, sponsorship of Brac Bank Cricket series, patronising Bangladesh Chess and Hockey Federation and donation of one-day equivalent salary to the fund for the victims of SIDR.
The Bank has achieved several awards and recognitions from different institutions for its success.
In 2007, it got the ICAB award for being one of the best publishers of financial reports. In 2008, the bank received an award for becoming the 'Highest VAT Payer' from National Board of Revenue (NBR) and most recently 'Financial Institution of the Year' award from the Daily Star and DHL