BRAC Bank, BIDA to provide One Stop Banking Service to foreign investors

Photo: Courtesy

BRAC Bank has embarked on a strategic partnership with the Bangladesh Investment Development Authority (BIDA) to provide a One Stop Banking Service to foreign investors. 

The collaboration aims to facilitate foreign direct investment and foster economic growth in the country.

A Memorandum of Understanding (MoU) was signed between BRAC Bank and BIDA at the BIDA office in Dhaka on July 23, 2023. Tareq Refat Ullah Khan, Deputy Managing Director & Head of Corporate Banking, BRAC Bank, and Engr. Jibon Krishna Saha Roy, Director General, BIDA, signed the agreement, solidifying their commitment to the joint initiative.

The signing ceremony was graced by the presence of Lokman Hossain Miah, Executive Chairman (Senior Secretary), BIDA; Dr. Khandoker Azizul Islam, Secretary (Additional Secretary), BIDA and Ms. Mohsina Yasmin, Executive Member (International Investment Promotion), BIDA, who emphasized the significance of this collaboration in attracting foreign investments to Bangladesh. Representing BRAC Bank were Md. Sabbir Hossain, Deputy Managing Director & Chief Operating Officer (COO); Jabedul Alam, Head of Transaction Banking; and Mahabubur Rashid, Unit Head, Public Team, Transaction Banking, were also present to witness the occasion.

Through this strategic partnership with BIDA, BRAC Bank will offer foreign investors the most modern and efficient banking services. Among the array of services, investors will have the convenience of availing of an online bank account and temporary bank account opening with BRAC Bank through the streamlined One Stop Service (OSS) Platform administered by BIDA.

The One Stop Banking Service will provide foreign investors a seamless experience, eliminating hurdles and reducing processing time. By leveraging BIDA's OSS Platform, BRAC Bank aims to ensure a hassle-free process for foreign investors, allowing them to focus on their investment objectives while leaving the banking-related procedures to the expert financial institution.

"We are excited to join hands with BIDA in this endeavour to attract foreign direct investment to Bangladesh," said Tareq Refat Ullah Khan, Deputy Managing Director & Head of Corporate Banking, BRAC Bank. "Our partnership with BIDA reflects our commitment to contributing to the national economic development by facilitating the inflow of foreign investments through comprehensive and expedited One Stop Banking Services."

Engr. Jibon Krishna Saha Roy, Director General, BIDA, expressed equal enthusiasm about the partnership, stating, "This collaboration with BRAC Bank will play a pivotal role in bolstering the investment landscape of Bangladesh. By providing foreign investors with advanced banking services through BIDA's One Stop Service platform, we are confident that more investors will be enticed to explore the vast opportunities in our growing economy."

BRAC Bank's dedication to supporting the economic development of Bangladesh through enhanced financial services aligns perfectly with BIDA's mission to foster an investor-friendly environment in the country. Together, they endeavour to fortify Bangladesh's position as an attractive destination for foreign direct investment.