BRAC Bank PLC[4] is a private commercial bank in Bangladesh, founded in 2001. The bank is a subsidiary of BRAC, a leading development organization in the country. BRAC Bank is known for its focus on small and medium-sized enterprises (SMEs).[5]
The bank has a network of over 187 branches, 457 SME unit offices, and over 329 ATMs, 10 CDMs, 68 RCDMs across the country. In addition to traditional banking services such as deposits, loans, and card, BRAC Bank also offers digital banking, including online banking, mobile banking, and e-wallet services.[6]
BRAC Bank was founded on 4 July 2001 to reach the large number of unbanked people which were not covered by traditional bank.[7] The main concept of the bank was to facilitate Small and Medium Enterprises.[7] BRAC Bank was found by Fazle Hasan Abed, the founder of BRAC and BRAC University.[8][9]
In 2005, BRAC Bank established BRAC Afghanistan Bank in 2006 as a greenfield venture.[10][11][12]
In February 2008, the CEO and managing director of BRAC Bank, Imran Rahman, died in Canada.[13] In May 2008, the bank decided to purchase a majority stake in GSP Finance Company (Bangladesh) Limited.[14] Muhammad A. (Rumee) Ali was appointed chairman of BRAC Bank Limited.[15] Muhammad A. (Rumee) Ali was a deputy governor of Bangladesh Bank and had joined BRAC in 2007.[15]
In August 2009, BRAC Bank purchased 51 per cent of Equity Partners Limited and Equity Partners Securities Limited.[16] They are later renamed to BRAC EPL Stock Brokerage Limited and BRAC EPL Investments Limited.[17] BRAC Saajan Exchange Limited was established in 2011 through the purchase of Saajan Worldwide Money Transfer Limited, established in 2009, in Great Britain.[18] BRAC Bank sponsored Wasfia Nazreen seven summit expedition.[19]
In September 2014, a robbery took place at the Joypurhat District branch of BRAC Bank Limited.[20] Rapid Action Battalion arrested the suspects and recovered some of the stolen money in September.[20]
Ahsan H Mansur was appointed chairman of BRAC Bank on 27 August 2019 replacing Sir Fazle Hasan Abed after he retired.[21] Its half yearly profit saw a 50 per cent decline.[22]