on
Banking Theory and Practice
Topic: Banking history and list of banks in Bangladesh
Submitted To :
Md Abdullah Al Jamil
Lecturer
Department of Marketing
Comilla University
Submitted By:
Rokibul hossain
Roll No:07
Exam Roll020834
Department of Marketing
Date of Submission
24thoctober,2010
Department of Marketing
Comilla University
The History of Banking System in Bangladesh
The banking system at independence consisted of two branch offices of the former State Bank of Pakistan and seventeen large commercial banks, two of which were controlled by Bangladeshi interests and three by foreigners other than West Pakistanis. There were fourteen smaller commercial banks. Virtually all banking services were concentrated in urban areas. The newly independent government immediately designated the Dhaka branch of the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves. The Bangladesh government initially nationalized the entire domestic banking system and proceeded to reorganize and rename the various banks. Foreign-owned banks were permitted to continue doing business in Bangladesh. The insurance business was also nationalized and became a source of potential investment funds. Cooperative credit systems and postal savings offices handled service to small individual and rural accounts. The new banking system succeeded in establishing reasonably efficient procedures for managing credit and foreign exchange. The primary function of the credit system throughout the 1970s was to finance trade and the public sector, which together absorbed 75 percent of total advances.
The government's encouragement during the late 1970s and early 1980s of agricultural development and private industry brought changes in lending strategies. Managed by the Bangladesh Krishi Bank, a specialized agricultural banking institution, lending to farmers and fishermen dramatically expanded. The number of rural bank branches doubled between 1977 and 1985, to more than 3,330. Denationalization and private industrial growth led the Bangladesh Bank and the World Bank to focus their lending on the emerging private manufacturing sector. Scheduled bank advances to private agriculture, as a percentage of sectoral GDP, rose from 2 percent in FY 1979 to 11 percent in FY 1987, while advances to private manufacturing rose from 13 percent to 53 percent.
The transformation of finance priorities has brought with it problems in administration. No sound project-appraisal system was in place to identify viable borrowers and projects. Lending institutions did not have adequate autonomy to choose borrowers and projects and were often instructed by the political authorities. In addition, the incentive system for the banks stressed disbursements rather than recoveries, and the accounting and debt collection systems were inadequate to deal with the problems of loan recovery. It became more common for borrowers to default on loans than to repay them; the lending system was simply disbursing grant assistance to private individuals who qualified for loans more for political than for economic reasons. The rate of recovery on agricultural loans was only 27 percent in FY 1986, and the rate on industrial loans was even worse. As a result of this poor showing, major donors applied pressure to induce the government and banks to take firmer action to strengthen internal bank management and credit discipline. As a consequence, recovery rates began to improve in 1987. The National Commission on Money, Credit, and Banking recommended broad structural changes in Bangladesh's system of financial intermediation early in 1987, many of which were built into a three-year compensatory financing facility signed by Bangladesh with the IMF in February 1987.
One major exception to the management problems of Bangladeshi banks was the Grameen Bank, begun as a government project in 1976 and established in 1983 as an independent bank. In the late 1980s, the bank continued to provide financial resources to the poor on reasonable terms and to generate productive self-employment without external assistance. Its customers were landless persons who took small loans for all types of economic activities, including housing. About 70 percent of the borrowers were women, who were otherwise not much represented in institutional finance. Collective rural enterprises also could borrow from the Grameen Bank for investments in tube wells, rice and oil mills, and power looms and for leasing land for joint cultivation. The average loan by the Grameen Bank in the mid-1980s was around Tk2,000 (US$65), and the maximum was just Tk18,000 (for construction of a tin-roof house). Repayment terms were 4 percent for rural housing and 8.5 percent for normal lending operations.
The Grameen Bank extended collateral-free loans to 200,000 landless people in its first 10 years. Most of its customers had never dealt with formal lending institutions before. The most remarkable accomplishment was the phenomenal recovery rate; amid the prevailing pattern of bad debts throughout the Bangladeshi banking system, only 4 percent of Grameen Bank loans were overdue. The bank had from the outset applied a specialized system of intensive credit supervision that set it apart from others. Its success, though still on a rather small scale, provided hope that it could continue to grow and that it could be replicated or adapted to other development-related priorities. The Grameen Bank was expanding rapidly, planning to have 500 branches throughout the country by the late 1980s.
Beginning in late 1985, the government pursued a tight monetary policy aimed at limiting the growth of domestic private credit and government borrowing from the banking system. The policy was largely successful in reducing the growth of the money supply and total domestic credit. Net credit to the government actually declined in FY 1986. The problem of credit recovery remained a threat to monetary stability, responsible for serious resource misallocation and harsh inequities. Although the government had begun effective measures to improve financial discipline, the draconian contraction of credit availability contained the risk of inadvertently discouraging new economic activity.
Foreign exchange reserves at the end of FY 1986 were US$476 million, equivalent to slightly more than 2 months worth of imports. This represented a 20-percent increase of reserves over the previous year, largely the result of higher remittances by Bangladeshi workers abroad. The country also reduced imports by about 10 percent to US$2.4 billion. Because of Bangladesh's status as a least developed country receiving concessional loans, private creditors accounted for only about 6 percent of outstanding public debt. The external public debt was US$6.4 billion, and annual debt service payments were US$467 million at the end of FY 1986.
List of banks in Bangladesh
The commercial banking system dominates Bangladesh's financial sector. Bangladesh Bank is the Central Bank of Bangladesh and the chief regulatory authority in the sector. The banking system is composed of four state-owned commercial banks, five specialized development banks, thirty private commercial Banks and nine foreign commercial banks. The Nobel-prize winning Grameen Bank is a specialized micro-finance institution, which revolutionized the concept of micro-credit and contributed greatly towards poverty reduction and the empowerment of women in Bangladesh. The bank of our country are give n in the following list .
Central Bank
Bangladesh Bank
Pursuant to Bangladesh Bank Order, 1972 the Government of Bangladesh reorganized the Dhaka branch of the State Bank of Pakistan as the central bank of the country, and named it Bangladesh Bank with retrospective effect from 16 December 1971.
State-owned Commercial Banks
The banking system of Bangladesh is dominated by the 3 Nationalized Commercial Banks , which together controlled more than 54% of deposits and operated 3388 branches (54% of the total) as of December 31, 2004. The nationalized commercial banks are:
Specialised Bank of Bangladesh:
1. Karmosangesthan Bank
2. Bangladesh Krishi Bank
3. Sonali Bank
4. Janata Bank
5. Rupali Bank
Private Commercial Banks
Private banks are the highest growth sector due to the dismal performances of government banks (above). They tend to offer better service and products.
1. Agrani Bank Limited [2]
2. BRAC Bank Limited
3. Eastern Bank Limited
4. Dutch Bangla Bank Limited
5. Dhaka Bank Limited
6. Islami Bank Bangladesh Ltd
7. Pubali Bank Limited
8. Uttara Bank Limited
9. IFIC Bank Limited
10. National Bank Limited
11. The City Bank Limited
12. United Commercial Bank Limited
13. NCC Bank Limited
14. Prime Bank Limited
15. SouthEast Bank Limited
16. Al-Arafah Islami Bank Limited
17. Social Islami Bank Limited
18. Standard Bank Limited
19. One Bank Limited
20. Exim Bank Limited
21. Mercantile Bank Limited
22. Bangladesh Commerce Bank Limited
23. Mutual Trust Bank Limited
24. First Security Islami Bank Limited
25. The Premier Bank Limited
26. Bank Asia Limited
27. Trust Bank Limited
28. Shahjalal Islami Bank Limited
29. Jamuna Bank Limited
30. ICB Islami Bank
31. AB Bank Limited
32. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited)
Foreign Commercial Banks
1. Citibank
2. HSBC
3. Standard Chartered Bank
4. Commercial Bank of Ceylon
5. State Bank of India
6. Habib Bank
7. National Bank of Pakistan
8. Woori Bank
9. Bank Alfalah
Specialized Development Banks
Out of the specialized banks, two (Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank) were created to meet the credit needs of the agricultural sector while the other two ( Bangladesh Shilpa Bank (BSB) & Bangladesh Shilpa Rin Sangtha (BSRS) are for extending term loans to the industrial sector. The Specialized banks are:
1. Grameen Bank
2. The Dhaka Mercantile Co-operative Bank ltd
3. Bangladesh Krishi Bank
4. Bangladesh Development Bank Ltd
5. Rajshahi Krishi Unnayan Bank
6. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited)
7. Bangladesh Somobay Bank Limited(Cooperative Bank)
8. Ansar VDP Unnyan Bank
Bangladesh Bank
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, and named it Bangladesh Bank. This reorganization was done pursuant to Bangladesh Bank Order, 1972, and the Bangladesh Bank came into existence with retrospective effect from 16 December 1971.
Bangladesh Bank performs all the functions that a central bank of any country is expected to perform, and such functions include maintaining the price stability through economic and monetary policy measures, managing the country’s foreign exchange and the gold reserve and regulating the banking sector of the country. Like all other central banks across the globe, Bangladesh Bank is both the Government’s banker and the banker’s bank, a “Lender of the Last Resort”. Bangladesh Bank, like most of the central banks of different countries, exercises monopoly over the issue of currency and the banknotes. Except for the 1 and 2 taka notes, it issues all other denominations of Bangladeshi Taka.
The highest official in the bank is the Governor (currently Dr. Atiur Rahman). The Governor chairs the Board of Director. The Executive Staff, also headed by the Governor, are responsible for the day to day affairs.
Current Board of Directors
Chairman
Director
• Md. Nazrul Huda
• Dr.Mohammad Tareque
• Mr. M Musharraf Hossain Bhuiyan
• Dr. Nasiruddin Ahmed
• Dr. Mustafa Kamal Mujeri
• Dr. Sanot Kumar Saha
• Dr. Sadiq Ahmed
• Prof. Hannana
• *Md.Shafiqur Rahman Patwary
Former Governors of Bangladesh bank
• A.N.M. Hamidullah 1972-1974
• A.K.N. Ahmed 1974-1976
• M. Nurul Islam 1976-1987
• Shegufta Bakht Chaudhuri 1987-1992
• Khorshed Alam 1992-1996
• Lutfar Rahman Sarkar 1996-1998
• Dr. Mohammed Farashuddin 1998-2001
• Dr. Fakhruddin Ahmed 2001-2005
• Dr. Salehuddin Ahmed 2005-2009
• Dr. Atiur Rahman 2009-current
The Nationalized bank
Sonali Bank
Sonali Bank was established in 1972 under the Bangladesh Banks (Nationalisation) Order, through the amalgamation and nationalisation of the branches of National Bank of Pakistan, Bank of Bhowalpur and Premier Bank branches located in East Pakistan until the 1971 Bangladesh Liberation War. When it was established, Sonali Bank had a paid up capital of 30 million taka. In 2001, its authorised and paid up capital were Tk 10 billion and Tk 3.272 billion respectively. The bank's reserve funds were Tk 60 million in 1979 and Tk 2.050 billion on 30 June 2000.
Sonali Bank has a total of 1186 branches. Out of them, 488 are located in urban areas, 696 in rural areas, and 2 are located overseas. It also operates the Sonali Exchange Company Inc. in USA and Sonali Bank (UK) Ltd., United Kingdom, to facilitate foreign exchange remittances. Sonali Bank UK remits up to to 14 destinations across Bangladesh directly, these include Dhaka, Chittagong, Sylhet, Maulvibazar, Beanibazar, Balaganj, Biswanath, Jagannathpur, Sunamganj, Golapganj, Nabigonj, Habigonj, Kulaura or Tajpur. There are currently three branches in the UK, one located in Brick Lane, London, another in Small Heath, Birmingham and in Manchester.
Rupali Bank
Rupali Bank is a commercial bank in Bangladesh. It was established as a nationalised bank in 1972 under the Bangladesh Banks Nationalisation Order, through the amalgamation of the branches of Muslim Commercial Bank, Australasia Bank and Standard Bank that were operating in East Pakistan, following the 1971 Bangladesh Liberation War. The bank was denationalised in 1986, and reorganised as a limited company, with the Government of Bangladesh holding 51% shares. However, after the year 2000, the Government divested of its shares, and the privatization of the bank was complete.
Agrani Bank
Agrani Bank is a state-owned commercial bank of Bangladesh established in 1972 . Its headquarter is situated at Motijheel in Dhaka, the capital city of Bangladesh.
It started functioning as nationalized commercial bank taking over assets and liabilities of the erstwhile Habib Bank ltd and commerce Bank ltd. functioning in the East Pakistan. It has been privatized on 15th November 2007 and emerged as Agrani Bank Limited (ABL) taking over assets, liability and goodwill of Agrani Bank.The authorized capital of the Bank is Tk. 800 crore
The private Bank of Bangladesh
Dutch-Bangla Bank Limited
Dutch-Bangla Bank Limited (the Bank, DBBL) is a scheduled joint venture commercial bank between local Bangladeshi parties spearheaded by M Sahabuddin Ahmed (Founder & Chairman) and the Dutch company FMO. DBBL was established under the Bank Companies Act 1991 and incorporated as a public limited company under the Companies Act 1994 in Bangladesh with the primary objective to carry on all kinds of banking business in Bangladesh. DBBL commenced formal operation from June 3, 1996. The Bank is listed with the Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited.
DBBL is most widely recognized for its donations to social causes and its IT investment (largest ATM network). However it has recently stated that it will stop expansion on its ATM network as the current numbers have exceeded demand and hence diminishing returns (if any). Although it is widely believed it is a loss-making/subsidized unit which DBBL rationalizes as quasi CSR.The bank is often colloquially referred to as "DBBL", "Dutch Bangla" and "Dutch Bangla Bank".
Dhaka Bank Limited
Dhaka Bank Ltd. (DBL) is one of the pioneer of private Banking in Bangladesh. It was established on 5th july in 1995 .. With 51 branches and 10,068 staffs, DBL is the largest private banking network in Bangladesh
Islami Bank
Islami Bank Bangladesh Ltd. (IBBL) is one of the pioneer of Islamic Banking in Bangladesh. It became incorporated on March 13, 1983. It has 41.77% local and 58.23% foreign shareholders. With 251 branches and 10,068 staffs, IBBL is the largest private banking network in Bangladesh
As per Bankers' Almanac (January 2001 edition) published by the Reed Business Information, Windsor Court, England, IBBL's world Rank is 1771 among 3000 banks selected by them. This position was 1902 among 4500 selected banks as on January 1999 edition. IBBL's country Rank is 5 among 39 banks as per ratings made by the above Almanac on the basis of IBBL's Financial Statements of the year 2001
Pubali Bank
Pubali Bank is a private commercial bank in Bangladesh. It has more branches than any other private bank in the country.Pubali Bank Limited was initially established in East Pakistan as Eastern Mercantile Bank Limited in 1959, under the Bank Companies Act of 1913. Bangladesh became independent in 1972 Eastern Mercantile Bank Limited was nationalized and renamed as Pubali Bank. The bank was denationalized in 1983, and was renamed as Pubali Bank Limited. The People's Republic of Bangladesh handed over all assets and liabilities of Pubali Bank to Pubali Bank Limited. Since then Pubali Bank Limited has been involved in Commercial Banking services as the largest bank in the private sector of Bangladesh. Mr. Hafiz Majumder is the present Chairman of Pubali Bank.
Uttara Bank
Uttara Bank Limited (UBL) is a private commercial Bank in Bangladesh established in 1965 with the Head Office located at Motijheel in Dhaka, the capital city of Bangladesh.UBL has 207 branches in Bangladesh. More than 3500 employees work for the bank. It is also affiliated with nearly 600 financial institutions worldwide
IFIC Bank
IFIC was setup as a joint government-private finance company in 1976. The government held a 49% stake in the firm. On June 24, 1983, IFIC became a private commercial bank. While the bank is currently listed on the Dhaka Stock Exchange the government retains a 40% stake in it to this day.
National Bank (Bangladesh)
The National Bank LTD is the first private sector Bank fully owned by Bangladeshi entrepreneurs. The bank was opened on March 28, 1983 but the first branch at 48, Dilkusha Commercial Area, Dhaka started commercial operation on March 23, 1983. The 2nd Branch was opened on 11 May 1983 at Khatungonj, Chittagong.
At present, NBL has been carrying on business through its 106 branches spread all over the country. Besides, the Bank has drawn arrangement with 415 correspondents in 75 countries of the world as well as with 32 overseas Exchange Companies. NBL was the first domestic bank to establish agency arrangement with the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign exchanges earned by the expatriate Bangladeshi nationals. NBL was also the first among domestic banks to introduce international Master Card in Bangladesh. In the meantime, NBL has also introduced the Visa Card and Power Card. The Bank has in its use the latest information technology services of SWIFT and REUTERS. NBL has been continuing its small credit programme for disbursement of collateral free agricultural loans among the poor farmers of Barindra area in Rajshahi district for improving their lot. Alongside banking activities, NBL is actively involved in sports and games as well as in various Socio-Cultural activities. Up to September 2006, the total number of workforce of NBL stood at 2239, which include 1689 officers and executives and 550 staff.Total assets of the Bank was Tk. 123,441,855,653 on September 30, 2010, equivalent to 1.7 billion U.S. dollars.
The Bank invested 25% equity in Gulf Overseas Exchange Company LLC, a joint venture Exchange Company in Oman, operating since November, 1985 under the management of our Bank. The Bank received Riyal Omani 11875 equivalent to Tk.2.10 million as dividend for the year 2006.
Prime Bank Limited
Prime Bank Limited is a private commercial bank in Bangladesh. It was established on April 17, 1995. It is now one of the banks in Bangladesh which follows international standard in Banking and Finance.
Trust Bank Limited
Trust Bank Limited is a private commercial bank established in 1999 in Bangladesh. The bank is sponsored by the Army Welfare Trust (AWT). It is one of the leading private commercial banks having a network of 39 branches across Bangladesh and plans to open few more branches to cover the important commercial areas in Dhaka, Chittagong, Sylhet and other areas in 2008. The bank, sponsored by the Army Welfare Trust (AWT), is first of its kind in the country
In 2001, the bank introduced automated branch banking system. In the year 2005, the bank introduced ATM services for its customers.
In January 2007, Trust Bank launched Online Banking Services. Customers can now deposit or withdraw money from any branch of Trust Bank nationwide without needing to open multiple accounts in multiple branches.
The Foreign Commercial Banks in Bangladesh
1. Citibank
2. HSBC
3. Standard Chartered Bank
4. Commercial Bank of Ceylon
5. State Bank of India
6. Habib Bank
7. National Bank of Pakistan
8. Woori Bank
9. Bank Alfalah
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York. As of March 2010, Citigroup is the third largest bank holding company in the United States by total assets, after Bank of America and JP Morgan Chase.
Citibank has retail banking operations in more than 100 countries and territories around the world. More than half of its 1,400 offices are in the United States, mostly in New York City, Chicago, Los Angeles, the San Francisco Bay Area, and Miami. More recently, Citibank has expanded its operations in the Boston, Philadelphia, Houston, Dallas, and Washington, D.C., metropolitan areas.
In addition to the standard banking transactions, Citibank offers insurance, credit card and investment products. Their online services division is among the most successful in the field, claiming about 15 million users.
As a result of the global financial crisis of 2008–2009 and huge losses in the value of its subprime mortgage assets, Citibank was rescued by the U.S. government under plans agreed for Citigroup. On November 23, 2008, in addition to initial aid of $25 billion, a further $25 billion was invested in the corporation together with guarantees for risky assets amounting to $306 billion in this time, Citibank has repaid their government loans in full.
Specialized Development Banks
Grameen Bank
The Grameen Bank is a microfinance organization and community development bank started in Bangladesh that makes small loans (known as microcredit or "grameencredit" to the impoverished without requiring collateral. The word "Grameen" is derived from the word "gram" and means "rural" or "village" in Bangla language.
The system of this bank is based on the idea that the poor have skills that are under-utilized. A group-based credit approach is applied which utilizes the peer-pressure within the group to ensure the borrowers follow through and use caution in conducting their financial affairs with strict discipline, ensuring repayment eventually and allowing the borrowers to develop good credit standing. The bank also accepts deposits, provides other services, and runs several development-oriented businesses including fabric, telephone and energy companies. Another distinctive feature of the bank's credit program is that the overwhelming majority (98%) of its borrowers are women.
The origin of Grameen Bank can be traced back to 1976 when Professor Muhammad Yunus, a Fulbright scholar at Vanderbilt University and Professor at University of Chittagong, launched a research project to examine the possibility of designing a credit delivery system to provide banking services targeted to the rural poor. In October 1983, the Grameen Bank Project was transformed into an independent bank by government legislation. The organization and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize in 2006the organisation's Low-cost Housing Programme won a World Habitat Award in 1998.
Muhammad Yunus, the bank's founder, earned a doctorate in economics from Vanderbilt University in the United States. He was inspired during the terrible Bangladesh famine of 1974 to make a small loan of US$27.00 to a group of 42 families so that they could create small items for sale without the burdens of predatory lending. Yunus believed that making such loans available to a wide population would have a positive impact on the rampant rural poverty in Bangladesh.
The Grameen Bank (literally, "Bank of the Villages", in Bangla) is the outgrowth of Yunus' ideas. The bank began as a research project by Yunus and the Rural Economics Project at Bangladesh's University of Chittagong to test his method for providing credit and banking services to the rural poor. In 1976, the village of Jobra and other villages surrounding the University of Chittagong became the first areas eligible for service from Grameen Bank. The Bank was immensely successful and the project, with support from the central Bangladesh Bank, was introduced in 1979 to the Tangail District (to the north of the capital, Dhaka). The bank's success continued and it soon spread to various other districts of Bangladesh. By a Bangladeshi government ordinance on October 2, 1983, the project was transformed into an independent bank Bankers Ron Grzywinski and Mary Houghton of ShoreBank, a community development bank in Chicago, helped Yunus with the official incorporation of the bank under a grant from the Ford Foundation. The bank's repayment rate was hit following the 1998 flood of Bangladesh before recovering again in subsequent years. By the beginning of 2005, the bank had loaned over USD 4.7 billion and by the end of 2008, USD 7.6 billion to the poor.
The Bank today continues to expand across the nation and still provides small loans to the rural poor. By 2006, Grameen Bank branches numbered over 2,100. Its success has inspired similar projects in more than 40 countries around the world and has made World Bank to take an initiative to finance Grameen-type schemes
The bank gets its funding from different sources, and the main contributors have shifted over time. In the initial years, donor agencies used to provide the bulk of capital at very cheap rates. In the mid-1990s, the bank started to get most of its funding from the central bank of Bangladesh. More recently, Grameen has started bond sales as a source of finance. The bonds are implicitly subsidised as they are guaranteed by the Government of Bangladesh and still they are sold above the bank rate.
Bangladesh Development Bank
Bangladesh Development Bank Ltd is a state owned specialized development bank of Bangladesh. The bank came into effect with the merger of ailing Shilpa Bank and Shilpa Rin Sangstha, which were established in 1972 to provide loans and facilities to industrial units, help set up new industries and expand investment in Bangla
Bangladesh Development Bank Ltd
Type
State owned bank
Industry Development
Insurance Capital Markets and allied industries
Founded Dhaka, 3 January 2009
Products
Loans
Credi ,
Savings
Investment
SBI Life (Insurance) etc.
Total assets
$144.3 million
Rajshahi Krishi Unnayan Bank
Rajshahi Krishi Unnayan Bank is a state-owned bank in Bangladesh specialized financial institution for financing development of agriculture and its backward and forward linkage industries in the Rajshahi division of the country. The bank was established on 15 March 1987.[1]
The bank emerged as the government's plan of intensive care to agriculture of Rajshahi division providing livelihood to 35 million people of the area. The region is less developed compared to other parts of the country, yet full of potentials in agricultur
BRAC Bank
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.
Even though BRAC Bank is known as being the pioneers of SME Banking in Bangladesh, the company also provides services within Corporate & Institutional Banking, Retail Banking, as well as services specifically targeting non-resident Bangladeshis.BRAC Bank has been awarded as the Sustainable Bank of the Year 2010 at the FT Sustainable Banking Awards 2010. The award was jointly announced by Financial Times newspaper and IFC at the award ceremony on 3rd June 2010 in London.
The FT Sustainable Banking Awards is presented by the London-based international newspaper Financial Times and IFC, a member of the World Bank Group. Now in their fifth year, the awards recognize banks and other financial institutions that have shown leadership and innovation in integrating social, environmental and corporate governance considerations into their operations. BRAC Bank has been announced as the winner of the 2010 FT Sustainable Bank Award from Emerging Markets in Asia.
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