Bank Asia will provide wealth management advisory services to offshore depositors

At present, the initial feature that most banks are offering are offshore banking deposit accounts, but Bank Asia intends to help customers invest in wealth management funds. 

So we are already in discussion with various globally known and reputed international organisations.

With the help of this service, a customer can invest in any foreign stock or bond market from an offshore account. Besides, there are also opportunities to invest in the country's stock and bond markets. 

Our bank's stock market advisory team will assist customers by advising them in investing in the country's stock market. Customers can also withdraw and transfer the deposits anytime they want. Considering all of the facilities, Bank Asia is a better place to invest in than most institutions.

Bank Asia is a very strong, robust bank that enjoys good governance. We have relationships with many international organisations who have large lines with us in respect to our balance sheet, customer base and liquidity.

Infographics: TBS

And I would also like to add that in terms of other facilities like agent banking, corporate banking, and retail banking, we are present in Bangladesh in a significant way. Our footprint is quite extensive and we are working to enhance that.

Bank Asia also has overseas operations, having exchange houses in the UK and US, and it plans to expand abroad not only exchange house operations but also its overall presence.

Through the offshore banking initiative, the Bangladeshi diaspora in foreign countries should be able to invest in a bank of their choosing and Bank Asia hopes to offer them better opportunities in terms of interest rate, accessibility and other products which links their presence in Bangladesh as well as where they are currently residing.

Bangladeshi and non-Bangladeshi institutions and individuals can very easily open offshore banking accounts online at Bank Asia, within 10-20 minutes, by using our website with simple documents that can be sent via email. They can invest or place foreign currency deposits in the account. The only major requirement is that the remittance comes through a legal banking channel.

You can open various types of accounts, like savings and fixed deposits accounts for up to five years. At present the interest rate would be 7% to 8.8% (SOFR plus 1.5% to 3.5%). 

These rates are far better than the US, the Middle East, Europe, Australia or anywhere else, as per my knowledge. So the returns are extremely attractive here. You can even convert some of your deposits into taka. There are no taxes in offshore banking.

You can use internet banking and other channels to access your funds and transfer anytime, anywhere you want.

Bank Asia has an extensive, very large offshore banking unit. 

Bank Asia is very active in offshore banking and maintains a significant asset size that is supported by foreign credit lines and customer deposits. Through offshore banking deposits and investment funds, we will support domestic companies import as well as non-Bangladeshi companies. We even provide foreign currency term loans and hybrid products for them.

We've been in talks with various companies on expanding our presence and I'm confident that in a year or two we should be able to offer many other products and features, not just from here, but through our third-party strategic alliances abroad.