A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses. Banking is generally a highly regulated industry, and government restrictions on financial activities by banks have varied over time and location.
The Banking Industry was once a simple and reliable business that took deposits from investors at a lower interest rate and loaned it out to borrowers at a higher rate. The Banking Industry at its core provides access to credit.
After Independence of Bangladesh the banking sector was restructured as a fall out of war of liberation. Banking grew primarily in the public sector with main emphasis development needs of the war-torn economy.
A full-service commercial bank since its setting up in July 2001, BRAC Bank (www.bracbank.com) focuses on study unexpected market position in the Small and Medium Enterprise (SME) sector, which remains largely untouched in Bangladesh. BRAC Bank believes that this sector can contribute the most to a rapid generation of employment in the country. Till December 2006, the bank had disbursed over Tk. 25 billion (USD 370 million) in loans to nearly 75,000 small and medium enterprises. With local and international shareholding by BRAC, BRAC Bank is listed in both the Dhaka and Chittagong Stock Exchanges. BRAC Bank operates under a ‘double bottom-line’ agenda where profit and social responsibility go hand in hand as it strives towards a poverty-free, enlightened Bangladesh.
BRAC Bank has been awarded as the Sustainable Bank of the Year 2010 at the FT Sustainable Banking Awards 2010. 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 Bangladesh’s development. BRAC Bank Limited has recently received the prestigious award for being the highest VAT paying organization in national level in service
industry. BRAC Bank Limited has awarded ICAB National Award from Institute of Chartered Accountants of Bangladesh (ICAB) for one of the Best Published Accounts & Reports 2007.
The core banking services of BRAC Bank are, SME banking, Retail banking, Wholesale banking, Probashi banking, E - banking.
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 cores of loans disbursed till date, BRAC Bank is country’s largest SME financier. With over 100 outlets, 300 ATMs and over 500,000 plastics in the market, BRAC Bank offers a wide range of financial solutions. BRAC Bank offers a full array of Financial Services to Corporations and Institutions. Having access to the deepest end of the country, BRAC Bank is there to assist businesses in Bangladesh. There are 3,500 pay out locations of BRAC Bank in Bangladesh from which a customer can receive money sended form abroad. Every month, Probashi Banking executes around 150,000 transactions; which has made BRAC Bank one of the largest players among private commercial banks in channelizing inward remittance in the country.
Being a Bangladeshi bank and serving the banking needs of Bangladeshi people, Human Resources Division of BRAC Bank Limited maintain an adaptive human resources management strategy.
The general objective of this report is to provide with an over view of the BRAC Bank’s banking policies so that the theoretical learning can be related with the real life business situation.
This report aims to achieve the following specific objectives:
❖ Broadly describe BRAC Bank’s as an organization providing banking service in...