BRAC Bank

BRAC Bank PLC is a private commercial bank headquartered in Dhaka, Bangladesh. It was established on 4 July 2001 within the BRAC family of organizations, founded by Fazle Hasan Abed, with a mandate to serve entrepreneurs and other customers who were poorly served by conventional banking channels. Small and medium-sized enterprise finance has remained the bank's defining business focus, although its activities have expanded to include retail banking, corporate and wholesale banking, deposits, loans, credit and debit cards, foreign-exchange services, custodial services, remittance banking, agent banking and digital financial products. The bank was created against the background of a large population and business sector with limited access to formal finance. Its SME model used dedicated SME offices and field-oriented distribution to reach businesses outside the conventional branch network. Over time, BRAC Bank developed a broad national distribution platform comprising conventional branches, sub-branches, SME unit offices, ATMs, cash deposit machines, retail cash deposit machines, agent outlets and remittance delivery points. The exact size of the network has changed over time; figures cited in reference material include more than 190 branches, approximately 446 SME unit offices, hundreds of ATMs and more than 1,000 agent banking outlets. BRAC Bank has also built a wider financial-services ecosystem. Its related businesses and investments have included BRAC EPL Investments, BRAC EPL Stock Brokerage, BRAC Saajan Exchange, BRAC IT Services and Astha. The bank has been associated with bKash, Bangladesh's prominent mobile financial-services provider, although the legal and ownership status of each related entity should be checked against current corporate disclosures. The bank has supported shared payments infrastructure through the OMNIBUS network and has offered online banking, mobile banking and e-wallet-related services alongside traditional accounts and cards. The institution's history includes regional and capital-markets expansion. It established BRAC Afghanistan Bank as a greenfield venture in 2006, acquired a majority stake in GSP Finance Company in 2008, and acquired majority interests in Equity Partners and Equity Partners Securities in 2009. Those securities businesses were subsequently renamed BRAC EPL Investments and BRAC EPL Stock Brokerage. In 2011, BRAC Saajan Exchange was formed through the acquisition of a United Kingdom-based money-transfer business, strengthening the group's remittance capabilities. BRAC Bank has used partnerships, development-finance borrowing and capital-market instruments to support growth. Reference material records a US$30 million International Finance Corporation facility in 2021, a plan to raise BDT 6 billion through bonds in the same year, and a US$50 million borrowing from the German Investment Corporation in 2023. These figures are historical, transaction-specific amounts rather than measures of current assets or revenue. The bank's 2022 assets were reported in reference material at approximately BDT 611 billion, while its distribution network and product mix continued to evolve. The brand has positioned itself around inclusive finance, entrepreneurship and technology-enabled convenience. It has sponsored national cricket, including Bangladesh men's, women's and under-19 teams, and has supported initiatives associated with financial inclusion and social development. At the same time, it has faced operational and regulatory scrutiny, including a 2014 branch robbery, litigation connected with the wrongful detention of Jaha Alam, and a 2022 Bangladesh Bank directive concerning profits from foreign-exchange trading. BRAC Bank remains an active listed Bangladeshi banking brand, but current leadership, ownership percentages, product availability and network figures require verification from the latest annual report and regulatory filings.

BRAC Bank was founded on 4 July 2001 in Bangladesh as part of the BRAC organizational family. Its founding rationale was to bring formal banking to a large population of customers and entrepreneurs excluded from traditional financial institutions. The bank's central commercial idea was to make small and medium-sized enterprises bankable through specialized products, field-based service and a distribution model that could reach businesses beyond the main urban banking centers. Fazle Hasan Abed, the founder of BRAC, is identified in reference material as the person who founded BRAC Bank. During its first years, BRAC Bank developed a model combining conventional commercial banking with dedicated SME unit offices. Its activities expanded from business loans and deposits into retail banking, cards, corporate banking, foreign exchange, wholesale banking, custodial services and remittance-related offerings. In 2006, it established BRAC Afghanistan Bank as a greenfield venture. In 2008, it decided to acquire a majority stake in GSP Finance Company (Bangladesh) Limited. The same year, chief executive officer and managing director Imran Rahman died in Canada, creating a significant leadership event in the bank's early history. Muhammad A. (Rumee) Ali, a former deputy governor of Bangladesh Bank who had joined BRAC in 2007, was appointed chairman in 2008. The bank expanded into investment banking and securities services in 2009 by purchasing 51% of Equity Partners Limited and Equity Partners Securities Limited. These companies were later renamed BRAC EPL Investments Limited and BRAC EPL Stock Brokerage Limited. In 2011, BRAC Saajan Exchange was established through the purchase of Saajan Worldwide Money Transfer Limited, a money-transfer company founded in Great Britain in 2009. These moves extended the BRAC Bank ecosystem into capital markets and international remittances. BRAC Bank also took an interest in payments infrastructure, acting as lead arranger for the OMNIBUS shared ATM and point-of-sale network, which was designed to provide member institutions with access to a neutral centralized switching platform. Brand-building activities included sponsorship of mountaineer Wasfia Nazreen's Seven Summits expedition and sports sponsorship. The bank served as official kit sponsor of Bangladesh's national cricket teams, including the men's, women's and under-19 teams, for a period covering 2018 to 2020, following an earlier partnership as kit partner. These activities connected the bank's public identity with national achievement, youth and participation. The bank also experienced operational and legal challenges. In September 2014, a robbery occurred at its Joypurhat District branch. Rapid Action Battalion subsequently arrested suspects and recovered some of the stolen funds. In August 2019, Ahsan H. Mansur became chairman, replacing Sir Fazle Hasan Abed after Abed retired from the chairmanship. Reference material also records a decline of approximately 50% in half-yearly profit around that period, although the precise reporting period and accounting basis require confirmation from the relevant financial statements. In 2020, BRAC Bank appealed a High Court ruling concerning Jaha Alam. Alam had spent three years in wrongful detention in a case filed by BRAC, and the High Court had ordered the bank to pay him BDT 1.5 million. The appeal made the matter one of the bank's most prominent legal and reputational issues in the available reference material. The 2020s brought continued reliance on institutional funding, digital channels and agent distribution. The bank received US$30 million from the International Finance Corporation in 2021 and planned to raise BDT 6 billion through bonds. In 2022, Bangladesh Bank directed it to allocate 50% of profits from foreign-exchange trading to corporate social responsibility programs after characterizing those profits as unethical. The bank also reported a 15% dividend for shareholders, increased salaries for junior-grade officers by 50%, and launched the Shubidha digital loan application. Reference material placed total assets at BDT 611 billion in 2022 and recorded the opening of the bank's 800th agent banking branch in September of that year. In January 2023, BRAC Bank borrowed US$50 million from the German Investment Corporation and donated BDT 40 million to the Ashrayan-2 project associated with the Government of Bangladesh. It opened its 1,000th agent banking outlet in February 2023. Available descriptions of the network include more than 190 branches, hundreds of SME unit offices, several hundred ATMs and more than 1,000 agent outlets, but the precise current figures should be taken from the latest official disclosure. BRAC Bank's continuing identity is that of an active listed Bangladeshi commercial bank whose strongest historical specialization is SME finance, supported by retail, digital, remittance, agent and capital-markets capabilities.

1. 2023Agent network reaches 1,000 outlets

   The bank opened its 1,000th agent banking outlet in February 2023.

   Source
2. 2022Digital lending and agent-network expansion

   BRAC Bank launched Shubidha and opened its 800th agent banking branch, while reported total assets reached BDT 611 billion.

   Source
3. 2021Institutional financing and planned bond issue

   Reference material records a US$30 million IFC facility and a plan to raise BDT 6 billion through bonds.

   Source
4. 2019Ahsan H. Mansur becomes chairman

   Ahsan H. Mansur replaced Sir Fazle Hasan Abed as chairman on 27 August 2019.

   Source
5. 2011BRAC Saajan Exchange is established

   The group formed BRAC Saajan Exchange through the acquisition of a United Kingdom-based money-transfer company.

   Source
6. 2009BRAC EPL securities businesses are created

   The bank acquired 51% of Equity Partners and Equity Partners Securities; the businesses were later renamed BRAC EPL Investments and BRAC EPL Stock Brokerage.

   Source
7. 2008Expansion into finance and leadership transition

   BRAC Bank decided to acquire a majority stake in GSP Finance Company, while Muhammad A. (Rumee) Ali became chairman after the death of chief executive Imran Rahman.

   Source
8. 2006BRAC Afghanistan Bank is established

   The bank established BRAC Afghanistan Bank as a greenfield venture.

   Source
9. 2001BRAC Bank is founded

   BRAC Bank was established on 4 July 2001 to extend formal financial services to underserved customers and to focus on small and medium-sized enterprises.

   Source

An inclusive, SME-centered commercial bank combining relationship-based business finance with nationwide distribution and digital banking.

• SME BankingBusiness banking2001

  SME banking is BRAC Bank's signature business area. It provides financing and related banking services to small and medium-sized businesses, supported by dedicated SME unit offices and field-oriented distribution. The model is intended to reach entrepreneurs who may not fit the underwriting or service patterns of larger corporate banks.

• Retail BankingPersonal banking

  Retail banking includes personal deposit accounts, loans and day-to-day banking services for individual customers. It complements the bank's original SME orientation and provides a consumer-facing platform across branches, digital channels and agent locations.

• CardsPayments

  BRAC Bank offers credit and debit card services as part of its retail and transaction-banking portfolio. Cards are supported by the bank's ATM and payment infrastructure and are integrated with its broader account and digital-banking services.

• Digital BankingDigital financial services

  Digital banking services include online banking, mobile banking and e-wallet-related functionality. In 2022, the bank launched Shubidha, a digital loan application, extending its technology-led approach from account access into credit applications.

• Agent BankingFinancial inclusion

  Agent banking extends BRAC Bank's reach through third-party outlets outside the conventional branch network. The bank reported opening its 800th agent banking branch in 2022 and its 1,000th agent banking outlet in February 2023.

• Probashi and Remittance BankingRemittance services2011

  Probashi banking and remittance services serve Bangladeshis working abroad and recipients in Bangladesh. The wider BRAC financial-services group includes BRAC Saajan Exchange, established through the acquisition of a United Kingdom money-transfer business.

• 2018Bangladesh cricket kit sponsorship

  Bangladesh

  The bank served as official kit sponsor for Bangladesh's national men's, women's and under-19 cricket teams during a term running through 2020.

  Outcome. The sponsorship increased the brand's visibility through the country's most prominent national sport.

  Source
• 2016Bangladesh national cricket team partnership

  Bangladesh

  BRAC Bank became a kit partner of Bangladesh cricket teams, linking the brand with national sport and public participation.

  Outcome. The partnership was renewed and later developed into an official kit sponsorship covering national teams.

  Source
• 2011Wasfia Nazreen Seven Summits sponsorship

  Bangladesh · International

  BRAC Bank sponsored Bangladeshi mountaineer Wasfia Nazreen's Seven Summits expedition.

  Outcome. The sponsorship associated the bank with exploration, achievement and international representation of Bangladesh.

  Source

• 2022Launch of Shubidha digital loan applicationProduct launch

  BRAC Bank was increasing its use of digital channels to make banking and credit access more convenient.

  What changed. The bank launched Shubidha as a digital loan application.

  Aftermath. The launch strengthened the bank's digital-lending proposition, although subsequent adoption data is not provided in the reference material.

  Source
• 2021Planned bond financingOther

  The bank sought additional long-term funding for its banking operations.

  What changed. BRAC Bank planned to raise BDT 6 billion through bond issuance.

  Aftermath. The reference material does not establish whether the planned issuance was completed on the stated terms.

  Planned bond issuance. BDT 6 billion planned (August 2021)

  Source
• 2009Acquisition of Equity Partners businessesM&A

  The bank was developing securities and investment-banking capabilities alongside commercial banking.

  What changed. BRAC Bank purchased 51% of Equity Partners Limited and Equity Partners Securities Limited.

  Aftermath. The entities were later renamed BRAC EPL Investments Limited and BRAC EPL Stock Brokerage Limited.

  Source
• 2008Majority investment in GSP Finance CompanyM&A

  BRAC Bank was broadening its participation in Bangladesh's financial-services sector.

  What changed. The bank decided to purchase a majority stake in GSP Finance Company (Bangladesh) Limited.

  Aftermath. The transaction expanded the bank's group-level financial-services interests.

  Source
• 2006Establishment of BRAC Afghanistan BankStrategy

  The bank sought to extend its financial-services model beyond Bangladesh through a greenfield venture.

  What changed. BRAC Afghanistan Bank was established.

  Aftermath. The move represented an early international expansion of the BRAC banking platform.

  Source

• 2022Regulatory action over foreign-exchange trading profitsControversy

  Bangladesh Bank ordered BRAC Bank to allocate half of its foreign-exchange trading profits to corporate social responsibility programs after deeming the profits unethical.

  Source
• 2020Jaha Alam wrongful-detention litigationControversy

  BRAC Bank appealed a High Court order requiring it to pay BDT 1.5 million to Jaha Alam, who had spent three years wrongly detained in a case filed by BRAC.

  Source
• 2014Joypurhat branch robberyControversy

  A robbery occurred at the bank's Joypurhat District branch. Authorities arrested suspects and recovered some of the stolen money.

  Source

• 2023BRAC Bank reaches 1,000 agent banking outlets

  The bank opened its 1,000th agent banking outlet in February 2023, extending access beyond its conventional branch network.

  Other
  Source
• 2023BRAC Bank borrows US$50 million from German Investment Corporation

  The bank entered into a US$50 million borrowing arrangement with the German Investment Corporation, according to the cited reference material.

  Other
  Source
• 2022BRAC Bank launches Shubidha digital loan application

  The bank introduced Shubidha, a digital loan application intended to support technology-enabled borrowing.

  Product launch
  Source
• 2021BRAC Bank receives IFC financing

  The bank received a US$30 million facility from the International Finance Corporation, according to the cited reference material.

  Other
  Source
• 2021BRAC Bank plans BDT 6 billion bond issuance

  The bank announced plans to raise BDT 6 billion through bond issuance.

  Other
  Source
• 2019Ahsan H. Mansur becomes BRAC Bank chairman

  Ahsan H. Mansur was appointed chairman on 27 August 2019, succeeding Sir Fazle Hasan Abed after Abed's retirement from the role.

  Leadership change
  Source
• 2014Robbery reported at BRAC Bank's Joypurhat branch

  A robbery occurred at the Joypurhat District branch. Bangladesh's Rapid Action Battalion later arrested suspects and recovered part of the stolen money.

  Other
  Source
• 2009BRAC Bank acquires majority interests in Equity Partners businesses

  BRAC Bank purchased 51% of Equity Partners Limited and Equity Partners Securities Limited; the businesses were later renamed BRAC EPL Investments and BRAC EPL Stock Brokerage.

  M&A
  Source
• 2008BRAC Bank takes majority stake in GSP Finance Company

  The bank decided to acquire a majority interest in GSP Finance Company (Bangladesh) Limited as part of its broader financial-services strategy.

  M&A
  Source
• 2006BRAC Bank expands beyond core SME banking through financial-services investments

  The bank established BRAC Afghanistan Bank as a greenfield venture, marking an early expansion beyond its Bangladesh-centered operating model.

  M&A
  Source

1. BRAC Bank
2. BRAC Bank official website