BRAC Bank bags best cash management award

BRAC Bank has been named the Best Cash Management Bank in Bangladesh by the Asian Banker.

The announcement was made at the Asian Banker Transaction Finance Virtual Awards 2021, held on August 4, 2021, a press release said.

Every year, the Asian Banker recognises successes in the key business and operational areas of the financial services industry. The Transaction Finance Awards, previously called The Transaction Banking Awards, evaluate financial institution’s achievements in cash management, payments, and trade finance.

“In the digital age, scopes and possibilities have been broadened in the banking business. To become the most preferred corporate banking partner in the country, BRAC Bank will continue to improve its core technological competitiveness and develop the advantages in resources and capability,” said Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking, BRAC Bank.

The Asian Banker appreciated that BRAC Bank can provide tailored and comprehensive cash solutions for its clients, with a digital as well as a physical focus, which makes a strong case for BRAC Bank to be a notable cash management service provider in Bangladesh.

Based on their analysis, publicly available information, AB500 APAC Rankings, and inputs from the advisory council, Asian Banker recommended BRAC Bank as the Best Cash Management Bank in Bangladesh.

“I would like to thank all our customers for their unwavering trust in us. Eventually, we are working to achieve a win-win situation in which industry and finance integrate with a more open ecosystem,” Khan added. While naming as the winner, the Asian Banker praised BRAC Bank’s ability to achieve a reduction in the cost of funding and keep a better revenue contraction compared to banks with other scales and sizes.

Further to this, the Asian Banker also recognised that BRAC Bank has continued to pursue its digitalisation strategy, investing heavily in acquiring multiple digital solutions, including a robust platform for cash management.

Notably, around 50 per cent of BRAC Bank’s, corporate clients are routing their payment transactions through CORPnet, the bank’s corporate internet banking platform that reflects the trust and convenience of its clients in the digital channel. CORPnet also reduces operational costs for the bank while providing greater satisfaction to the clients- in a market plagued by heavy dependence on paper and geographical fragmentation.

BRAC Bank Limited traded as ‘BRACBANK’ on Dhaka Stock Exchange has been one of the country’s leading banks since its inception in 2001 with a particular focus on the SME segment. With 187 branches, 374 ATMs, 461 SME Unit Offices, 541 Agent Banking Outlets and a diverse workforce of more than 8,000 people, BRAC Bank also serves customers across corporate and retail segments.