http://www.thedailystar.net/newDesign/news-details.php?nid=118886
BRAC Bank to open exchange houses abroad
Star Business Report
BRAC Bank, a fast growing bank, plans to open exchange houses in Malaysia, Singapore and Italy, aiming to attract more remittance through its own channel.
The board of directors of the bank at a meeting on Monday took the decision in principle to set up the exchange houses, subject to regulatory approval.
The bank will apply to concerned authorities soon for the green light, BRAC Bank Chairman Rumi Ali told The Daily Star yesterday.
With a strong marketing policy, the bank can bring more remittance in through its own channel from these countries, where a large number of Bangladeshis live, he said.
“Besides, if we have our own exchange houses, we can offer attractive exchange rates, as transfer costs will be lower,” he said.
The bank also decided in principle to set up an asset management company to manage funds, including mutual funds.
The asset management company, subject to regulatory approval, will be set up with participation from four institutions — BRAC Bank, BRAC, BRAC EPL Investments and BRAC EPL Brokerage.
BRAC Bank will hold a 25 percent share of the asset management company, while BRAC will hold 26 percent, BRAC EPL Investments 25 percent and BRAC EPL Brokerage 24 percent.
