BRAC Bank has promoted its offshore banking deposit product ‘Bondhon’ among expatriate Bangladeshis in New York.
At the Offshore Banking Fixed Deposit Outreach Program in New York City on May 24, 2024, Selim R. F. Hussain, Managing Director and CEO of BRAC Bank, highlighted the lucrative benefits of the product, specially designed for expatriates.
Muhammad Imran, Ambassador of Bangladesh to the USA; Muhammad Abdul Muhith, Permanent Representative of Bangladesh to the UN; Kazi Sayedur Rahman, Deputy Governor of Bangladesh Bank, were present at the program at LaGuardia Airport Marriott attended by more than 350 expatriates.
Selim R. F. Hussain, Managing Director and CEO (MD&CEO) of BRAC Bank PLC.; Mashrur Arefin, MD&CEO of The City Bank PLC., Abul Kashem Md. Shirin, MD&CEO of Dutch-Bangla Bank PLC., Md. Murshedul Kabir, Chief Executive Officer of Agrani Bank PLC., were present.
BRAC Bank’s OBU product brings in a wide range of savings and investment opportunities with up to 8.57% interest. They will enjoy tax free benefits and a flexible tenor of 3 months to 5 years. The customers will enjoy easy repatriation and most importantly waiver from deduction of withholding tax on interest earning.
Savings can start with as little as 500 dollars. The expatriates will avail themselves of 24/7 digital banking and free account maintenance. The customers within particular deposit threshold will also enjoy membership in BRAC Bank Premium Banking, airport meet & greet service, free entry to Balaka lounge, etc.
With ‘Bondhon’, BRAC Bank is poised to expand the horizons of offshore banking by providing seamless banking and investment opportunities for the Bangladeshi diaspora across the globe. They can also choose from currency options of Pound and Euro for investment.
Selim R. F. Hussain, Managing Director and CEO of BRAC Bank, expressed his enthusiasm while participating in a session in New York, arranged to boost the foreign currencies through offshore banking, said, “The government has formulated epoch-making offshore banking act that will boost foreign investment. With Bondhon, we are not only providing lucrative savings and investment opportunities for expatriates but also contributing to the economic development of Bangladesh by attracting more foreign exchange. The expatriates can trust their hard-earned money with BRAC Bank, the highest rated bank by local and international credit rating agencies.”
“We believe this product will strengthen our relationships with our valued non-resident customers and foster a stronger connection with Bangladesh,” he added.
BRAC Bank brought US$250 million in long-term debt financing over the last one and a half years, which directly contributed to the country’s foreign exchange reserve. BRAC Bank has the country’s largest offshore banking book, with US$688 million in March 2024 based on external debt financing, with a year-on-year growth of 26%. Apart from the long-term debt, the bank also has US$40 million offshore banking deposits and US$283 million short-term borrowing. BRAC Bank will continue its effort to bring more foreign currency to Bangladesh through OBU to support its clients’ foreign currency trade and financing requirements. This OBU Deposit Account will also enable the bank to contribute more to bolstering foreign currency reserves.
