BRAC Bank
Encyclopedia
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):
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
. Any Bangladeshi with internet access now can shop online with a Visa card or any card issued by BRAC Bank.
Bangladesh Bank
Bangladesh Bank is the Central bank of Bangladesh and is a member of the Asian Clearing Union.-History:After the liberation war, and the eventual independence of Bangladesh, the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country,...
, making it the youngest private commercial bank in Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
. Its headquarters are based in the capital Dhaka
Dhaka
Dhaka is the capital of Bangladesh and the principal city of Dhaka Division. Dhaka is a megacity and one of the major cities of South Asia. Located on the banks of the Buriganga River, Dhaka, along with its metropolitan area, had a population of over 15 million in 2010, making it the largest city...
. The bank is partially owned by BRAC
BRAC (NGO)
BRAC, based in Bangladesh, is the world's largest non-governmental development organization. Established by Sir Fazle Hasan Abed in 1972 soon after the independence of Bangladesh, BRAC is present in all 64 districts of Bangladesh, with over 7 million microfinance group members, 37,500 non-formal...
, the largest non-government organization in the world, International Finance Corporation
International Finance Corporation
The International Finance Corporation promotes sustainable private sector investment in developing countries.IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States....
, 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
. Any Bangladeshi with internet access now can shop online with a Visa card or any card issued by BRAC Bank.