Rahel Ahmed Prime Bank Limited (PBL) has planned to go for massive changes in its banking operation over the next three years adopting the latest digital technology to provide quality services to the customers, the bank's top executive has said.
"In line with our ongoing efforts to embrace digital innovations, we've adopted a plan to give it a further boost by using the most modern technologies in the next three years for bringing big changes in our banking operations," Rahel Ahmed, managing director (MD) and chief executive officer (CEO) of Prime Bank Limited disclosed while sharing his future strategies including liquidity management of the bank in an exclusive interview with the Financial Express (FE) recently.
As part of the plan, the changes will be visible all around the infrastructure of the Bank consisting of processes, products, services, technology and human resources to drive more operational efficiency, according to the CEO.
Prime Bank has always been at the forefront of pioneeringinnovative banking solutions for the industry. We believe digital banking is the future of the industry as the customers now want banking services from the comfort of their home on a 24/7 basis. Amid the COVID-19 lockdown situation, the biggest dividend received for both the customers and banking industry have been the increased usage of digital channels in banking. The present unprecedented situation will force banks to rethink about conventional banking and speed up their digital banking projects in the pipeline. The bank will leave no stone unturned to meet the evolving needs of the customers in this changing environment.
"We want to achieve a sustainable growth through complying with the rules and regulations properly," he explained. Besides, the leading private commercial bank (PCB) has stressed adequate supply of liquidity for implementation of the government announced financial stimulus package properly.
"We've reiterated to Bangladesh Bank (BB) the need for continuous supply of liquidity through different policy support like reduction of repo rate further, if necessary," Mr. Ahmed said while explaining liquidity management in the near future.
Mr. Ahmed's comment came against the backdrop of the beginning of rollout of around Tk 960 billion, announced by the government, to stave off Coronavirus' impact on the economy.
"We've to implement the package with our funds in line with the BB's instructions," the youngest MD of country's banking sector explained.
"The overall liquidity management will be a big challenge in the near future if the availability of fund is not ensured given that banking industry would be responsible as the key distribution channel of government announced stimulus package" said Mr. Ahmed, who has 25 years of experience in the banking sector.
The senior banker, also the General Secretary of the Association of Bankers, Bangladesh (ABB), welcomed the BB's latest policy support, saying that it will help the banks manage their liquidity smoothly in the coming days.
All the scheduled banks are now free to use more than Tk 190 billion as loanable funds after the central bank slashed the cash reserve requirement (CRR) by 150 basis points to 4.0 per cent from 5.50 per cent earlier.
The central bank has also cut the repo rate by 75 basis points to 5.25 per cent from 6.00 per cent earlier to help the banks manage their funds properly.
"We're now providing loans as working capital to different real sectors particularly agriculture and poultry sectors to facilitate their business operations," the CEO said while replying a query.
He added Prime Bank is also financing the import of essential items including lifesaving drugs to help prevent the deadly viral disease.
PBL has been in constant contact with all its clients (irrespective of whether they are Corporate, SME or Retail clients) particularly the SME enterprises for assessing their level of impact, according to the CEO.
"We'll provide support to our clients using customized solutions after assessing their losses," Mr. Ahmed, who obtained an MBA (major in International Business) from the Maastricht School of Business, Netherlands, said while replying to another query.
In view of the COVID-19 pandemic, Prime Bank is maintaining instructions, issued by the central bank of Bangladesh in the line with WHO (World Health Organization) advice to ensure social distancing to contain the COVID-19 outbreak, he added.
Prime Bank has already developed a business continuity plan (BCP) to ensure running smooth operations in the face of the uncertainties caused by COVID-19.
"We're implementing our BCP properly to avert any unwanted situation," the CEO added.
The Prime Bank has successfully been able to obtain trust of its customers and stakeholders and that is the biggest achievement in the last 25 years, according to the CEO. "We've been able to stand on a solid foundation over 25 years of our operations." Prime Bank would not be where we are today without the support of all our stakeholders: our employees, our customers and the community at large.
It has been an epic journey of 25 years for Prime Bank, partnering the nation in its journey of growth as a leading PCB in the country. Prime Bank had held dearly on to the plans for the bank's Silver Jubilee celebrations for a long time, but in view of the COVID-19 situation, it has decided to postpone the celebrations. For now, let us defeat this pandemic together through social distancing, he continued.
Prime Bank started operation on April 17, 1995 as a private commercial bank. Over the years, Prime Bank has emerged as the leading PCB in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity. Keeping pace with the country's growth, Prime Bank has built a powerful network of 146 branches and 170 ATMs across the country.
And our efforts and success have been recognized locally and globally with prestigious accolades including, Best Bank in Bangladesh 2020 by Global Finance; Best Digital Bank in Bangladesh 2020 by Asiamoney; Gold Ranking by Asia Sustainability Reporting Rating 2018; Best SME Deal Award from Asian Development Bank (ADB); SAFA Award in Best Presented Annual Reporting category; Financial Branding Award, ICAB National Award; among many other accolades.
Mr. Ahmed took over charge as MD and CEO of Prime Bank on December 14, 2017 being the youngest at the helm of a bank. Prior to this role, he was DMD and Chief Business Officer of the bank.
He has an illustrious international banking career, having worked in various leadership roles with the two largest multinational Banks in Bangladesh, ANZ Grindlays Bank and Standard Chartered Bank for more than a decade. He subsequently resided and worked in Dubai, UAE for around 7 years to work for two of the largest regional Banks, Emirates NBD Banking Group and First Gulf Bank in different senior roles including specialization in Islamic Banking.
Over the years, he has been instrumental to 'Business Model Restructuring and Centralization' for Prime Bank.
"We've reiterated our commitments to introduce more innovative products by the end of this calendar year for ensuring better services to its customers using modern technologies," Mr. Ahmed said while explaining the future plans of his bank.
Prime Bank is planning to launch Women Banking platform and Agent Banking (currently awaiting BB approval) to bring more un-banked people into the banking network through scaling up the financial inclusion initiative across the country. Both the mentioned propositions will be different from conventional services available in the banking industry. Especially in Women Banking, it would be a game changer for bringing a huge population of unbanked women (including housewives) of the society from all around the country and paving access for them to finance, on their own.
"We are looking at the next level of transformation-a space where our operations are more digitalized, more sophisticated. We have a solid foundation: our business ethics-integrity, transparency and commitment to sustainable banking-and strong corporate governance. And from here we will only go forward."
On this auspicious occasion of the Bank's 25th founding anniversary, Prime Bank gratefully acknowledges the trust of valued customers and shareholders and contribution of employees that have shaped the bank to what it is today. Prime Bank will continue to break new grounds blending its arsenal of innovative digital solutions with the power of passionate employees who care for the customers.
While basking on two and half decades of rich legacy and achievements, the bank will continue to explore new avenues and strive for more milestones to live up to the dreams of its founders and expectation of its valued customers and stakeholders.
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