BRAC Bank PLC Overview
Registered Name: BRAC Bank Limited
Meheriar Hasan_bankingallinfoChairperson: Mr. Meheriar M. Hasan
[wptabs id=”14856″]
Managing Director & CEO: Mr. Selim R. F. Hussain
Established : 2001
Type of Bank: Private commercial Bank
Country : Bangladesh
Bank Code: 060
SWIFT Code: BRAKBDDH
Stock Code: BRAC BANK-DSE CSE
BRAC Bank Call Center:
To contact with call center to touch with below Numbers:
24 Hour Call Center: 16221
For Overseas Callers:
+880255668055-6, +8809611223344
Call center toll free number:
08 0000 16221
BRAC Bank Head Office:
BRAC Bank Limited
Anik Tower
220/B, Tejgaon Gulshan Link Road
Tejgaon, Dhaka 1208
Phone
+88 02 8801301-32; 09677551001-31;
Fax
+88 02 222298910
24 Hour Call Center: 16221
For Overseas Callers:
+880255668055-6, +8809611223344
Call center toll free number:
08 0000 16221
BRAC Bank PLC:
What do you know about BRAC Bank PLC
Introduction
BRAC Bank PLC is one of Bangladesh’s leading private commercial banks, offering a wide range of financial products and services. Established in 2001, the bank has emerged as a key player in the country’s banking sector. This article aims to provide a comprehensive overview of BRAC Bank Limited, exploring its history, services, social initiatives, and future prospects.
History and Background of BRAC Bank PLC
BRAC Bank Limited was founded as a private commercial bank in Bangladesh on July 4, 2001. The bank was established under the Companies Act 1994, with the Bangladesh Bank issuing its banking license. The initial goal of BRAC Bank was to provide financial services to the unbanked and underprivileged segments of society, focusing on poverty alleviation and sustainable development.
BRAC Bank PLC: Products and Services Offered
Banking Services
BRAC Bank offers a wide range of banking services, including deposit accounts, loans, and remittance facilities. It provides savings accounts, current accounts, fixed deposit accounts, and foreign currency accounts to cater to the diverse needs of its customers.
Retail Banking
Under retail banking, BRAC Bank provides personalized financial solutions to individual customers. It offers various retail loan products, such as home loans, auto loans, personal loans, and credit cards, making it easier for customers to achieve their dreams and aspirations.
SME Banking
BRAC Bank plays a significant role in empowering small and medium-sized enterprises (SMEs) in Bangladesh. It offers tailored financial solutions, such as working capital loans, trade finance, and specialized SME products, to support the growth and development of these businesses.
Corporate Banking
The bank’s corporate banking division caters to the financial needs of large corporations and institutions. It provides corporate loans, trade finance, and cash management services to facilitate smooth business operations.
NRB Banking
BRAC Bank’s Non-Resident Bangladeshi (NRB) banking services target Bangladeshi expatriates living abroad. It offers specialized accounts and investment opportunities to help NRBs manage their finances effectively.
Probashi Banking
Probashi banking is designed to serve the financial needs of migrant workers and their families. It facilitates easy remittance transfers and provides financial planning services to ensure a secure future for migrant workers and their dependents.
Technological Advancements and Innovations
BRAC Bank has embraced technological advancements to enhance customer experiences and streamline its operations. It offers internet banking, mobile banking, and SMS banking services, providing customers with convenient access to their accounts and transactions.
The bank has also introduced innovative solutions like “bKash” and “Rocket” services, enabling mobile financial transactions and promoting financial inclusion in rural areas.
BRAC Bank PLC: Social and Environmental Initiatives
Apart from its core banking activities, BRAC Bank is actively involved in various social and environmental initiatives. It focuses on education, healthcare, and poverty alleviation through its corporate social responsibility (CSR) programs. The bank strives to uplift marginalized communities and promote sustainable development.
Awards and Recognitions
BRAC Bank’s commitment to excellence has been recognized through various awards and accolades. It has received honors for its contributions to the banking industry, customer service, and corporate governance.
Financial Performance and Highlights
Assets and Liabilities
Over the years, BRAC Bank has witnessed steady growth in its assets and liabilities. The bank’s prudent financial management and robust risk assessment practices have contributed to its stability and success.
Profitability
BRAC Bank has maintained a strong track record of profitability. Its consistent financial performance has earned the trust of investors and stakeholders.
Market Presence
With a widespread network of branches and ATMs across Bangladesh, BRAC Bank has established a strong market presence. It continues to expand its reach to serve customers more effectively.
Partnerships and Collaborations
To drive innovation and extend its services, BRAC Bank collaborates with various organizations, including fintech companies and international financial institutions. These partnerships help the bank leverage expertise and resources to develop cutting-edge solutions.
Future Outlook
Looking ahead, BRAC Bank aims to consolidate its position as a leading financial institution in Bangladesh. It plans to continue diversifying its product portfolio, expanding its digital capabilities, and fostering sustainable development.
BRAC Bank PLC:
Conclusion
In conclusion, BRAC Bank Limited has emerged as a prominent player in the Bangladeshi banking sector. With its wide range of products and services, focus on social initiatives, and commitment to technological advancement, the bank has made a positive impact on the lives of many. As it continues on its journey of growth and development, BRAC Bank remains dedicated to its mission of driving financial inclusion and contributing to the prosperity of Bangladesh.
FAQs
- How do I open an account with BRAC Bank?
- To open an account with BRAC Bank, visit your nearest branch with the required documents, including identification and proof of address.
- Does BRAC Bank have an international presence?
- As of the latest information, BRAC Bank primarily operates within Bangladesh and does not have an international presence.
- What are the social initiatives undertaken by BRAC Bank?
- BRAC Bank engages in various social initiatives, focusing on education, healthcare, and poverty alleviation through its corporate social responsibility programs.
- How is BRAC Bank contributing to sustainable development?
- BRAC Bank contributes to sustainable development through its emphasis on financial inclusion, support for SMEs, and environmentally conscious practices.
- What are the unique features of BRAC Bank’s retail banking services?
- BRAC Bank’s retail banking offers personalized financial solutions and a wide range of retail loan products, making it convenient for customers to fulfill their financial needs.
Technological Advancements and Innovations
In the fast-paced digital era, BRAC Bank has consistently invested in technological advancements to stay ahead in the banking industry. Its internet banking platform allows customers to access their accounts, check balances, make transactions, and manage funds conveniently from their computers or smartphones. The mobile banking service offers even greater flexibility, enabling customers to conduct banking activities on the go.
One of the bank’s most notable innovations is the introduction of “bKash” and “Rocket” services. These mobile financial services have revolutionized the way people handle transactions in rural and remote areas. Customers can send and receive money, pay utility bills, and even make online purchases using their mobile phones. By embracing such cutting-edge solutions, BRAC Bank is making financial services more accessible to a wider population.
Social and Environmental Initiatives
BRAC Bank is deeply committed to its corporate social responsibility (CSR) programs, which are strategically aligned with the United Nations Sustainable Development Goals (SDGs). Through its various initiatives, the bank focuses on improving education, healthcare, and overall livelihoods in the communities it serves.
One of the flagship programs is the “BRAC Bank Scholarship” scheme, which provides financial support to underprivileged and meritorious students. By investing in education, the bank aims to empower the youth and create a skilled workforce that can contribute to the country’s progress.
Additionally, BRAC Bank actively participates in health-related initiatives, including organizing medical camps, promoting health awareness, and supporting medical research and treatment facilities. These efforts help improve healthcare access and outcomes for vulnerable communities.
Moreover, the bank is involved in several poverty alleviation projects, aiming to uplift marginalized groups and break the cycle of poverty. By providing financial support and opportunities to aspiring entrepreneurs and small businesses, BRAC Bank plays a vital role in fostering economic growth and social empowerment.
Awards and Recognitions
BRAC Bank’s commitment to excellence has not gone unnoticed. Over the years, the bank has received numerous prestigious awards and recognitions for its outstanding performance and contributions to the banking sector.
Some of the accolades include “Best Retail Bank in Bangladesh,” “Best Corporate Social Responsibility Bank,” and “Best SME Bank.” These awards are a testament to the bank’s dedication to delivering exceptional services and making a positive impact on society.
Financial Performance and Highlights
BRAC Bank’s financial performance remains a cornerstone of its success. The bank has consistently managed its assets and liabilities effectively, ensuring stability and sustainable growth. With a prudent approach to risk management, the bank has maintained a strong balance sheet and demonstrated resilience even during challenging economic times.
The bank’s profitability is another noteworthy aspect of its financial performance. It has consistently generated healthy profits, attracting the trust of investors and stakeholders. These profits allow the bank to reinvest in its services and social initiatives, furthering its mission of contributing to the welfare of society.
Partnerships and Collaborations
To promote innovation and enhance its offerings, BRAC Bank actively seeks collaborations with various stakeholders in the financial sector. It partners with fintech companies, technology providers, and international financial institutions to leverage expertise and stay at the forefront of advancements in banking services.
These collaborations have resulted in the development of innovative solutions, improved digital platforms, and streamlined processes, enhancing the overall customer experience.
Future Outlook
Looking ahead, BRAC Bank remains steadfast in its commitment to serving the people of Bangladesh. The bank’s future vision revolves around continuous growth and expansion of its product and service portfolio. It aims to diversify its offerings to cater to the evolving needs of customers from all walks of life.
Additionally, BRAC Bank will continue to focus on its social and environmental responsibilities, aiming to contribute to sustainable development and uplift the quality of life for communities across the country. Embracing emerging technologies will be a key focus to deliver more efficient and convenient banking experiences to customers.
BRAC Bank PLC: Leading financial institution in Bangladesh, empowering SMEs, offering comprehensive banking services, and driving economic development since 2001
Conclusion
In conclusion, BRAC Bank Limited has earned its position as a leading player in the Bangladeshi banking industry through its dedication to excellence, innovation, and social responsibility. With a diverse range of financial products and services, the bank has effectively catered to the needs of individuals, businesses, and communities.
By combining technological advancements with a strong focus on social initiatives, BRAC Bank has set an exemplary standard for other financial institutions to follow. As it continues on its journey, the bank’s unwavering commitment to growth and social welfare makes it a true driving force in Bangladesh’s economic development.
FAQs
- How do I open an account with BRAC Bank?
- To open an account with BRAC Bank, visit your nearest branch with the required documents, including identification and proof of address. The friendly staff will guide you through the account opening process.
- Does BRAC Bank have an international presence?
- As of the latest information, BRAC Bank primarily operates within Bangladesh and does not have an international presence.
- What are the social initiatives undertaken by BRAC Bank?
- BRAC Bank engages in various social initiatives, focusing on education, healthcare, and poverty alleviation through its corporate social responsibility programs. These initiatives aim to make a positive impact on society and uplift the underprivileged.
- How is BRAC Bank contributing to sustainable development?
- BRAC Bank actively contributes to sustainable development through its emphasis on financial inclusion, support for small and medium-sized enterprises (SMEs), and various environmental initiatives. By investing in education, healthcare, and poverty alleviation, the bank strives to create a brighter and more prosperous future for Bangladesh.
- What are the unique features of BRAC Bank’s retail banking services?
- BRAC Bank’s retail banking services stand out due to their personalized approach, a wide range of retail loan products, and the convenience of mobile banking. The bank aims to make banking accessible and convenient for all its customers, empowering them to achieve their financial goals.