Brac Bank and Singapore's DBS Bank reaffirm mutual cooperation
Brac Bank and Singapore's DBS Bank have reaffirmed cooperation in international trade, remittance and financial services.
The mutual partnership of the two banks received new impetus as their CEOs met in Dhaka on 27 February 2023.
Piyush Gupta, DBS CEO, paid a visit to Brac Bank's head office in Dhaka and had valuable discussions with the leadership team of Brac Bank, including Selim R. F. Hussain, MD and CEO, Brac Bank.
The two CEOs shared perspectives on the uniqueness of their respective markets and discussed exploring new cooperation areas. The opportunity for greater mutual cooperation has increased with the opening of DBS' representative office in Dhaka, Bangladesh.
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In 2022, Brac Bank and DBS entered into a partnership to enable Bangladeshi migrants in Singapore to send real-time, no-fee remittances. For remittances to Bangladesh, DBS Remit provides guaranteed exchange rates, has no service fee charges and ensures real-time automated deposits to Brac Bank accounts and any other bank account in Bangladesh. Customers are also able to use DBS Remit to transfer funds to Bangladesh's leading mobile wallet bKash, a subsidiary of Brac Bank, which has an estimated 55 million users.
The DBS management team comprising Group Head of Institutional Banking Tan Su Shan, Dhaka Chief Representative Tahsina Banu, India CEO Surojit Shome, Head of International Centres (ex UK and US) Tien-Ann Lim, and Group Head of Product Management, Global Transaction Services Sriram Muthukrishnan accompanied the DBS CEO in the visit to Brac Bank.
Selim RF Hussain, MD and CEO of Brac Bank, said, "We joined hands with DBS Bank, the leading digital bank in the world, because they, like us, offer their customers the best service experience, backed by the most advanced technologies. This visit would further cement our relationship and open up opportunities. This is just the beginning of our partnership, and we look forward to expanding our partnership scope with DBS in future."
