BRAC Bank launches 'Probashi Biniyog' for NRB investors

FE Report

BRAC Bank Limited officially launched a new service whereby the Non-Resident-Bangladeshis (NRBs) can invest into the capital market of Bangladesh.

The service, named 'Probashi Biniyog', was unveiled through a formal ceremony at a local hotel recently.

'Probashi Biniyog' is a new financial solution from BRAC Bank whereby that will enable NRBs open BO accounts, buy and sell stock in both primary and secondary markets, and repatriate the profit to their country of residence.

BRAC EPL Securities Ltd, a concern of BRAC Bank, will provide the stock-exchange related services while the solution will be available to all NRB customers of BRAC Bank.

Sir Fazle Hasan Abed, Founder Chairman of BRAC Bank Limited was present at the event as the Chief Guest to unveil this new product with the presence of Mr. Muhammad A. (Rumee) Ali, Chairman and Mr. A. E. A. Muhaimen, Managing Director & CEO, BRAC Bank Limited and Mr. Saiful Islam, Vice Chairman, BRAC EPL Stock Brokerage Limited.

Currently, no other bank is providing this kind of a service. The Stock Market in Bangladesh has seen surge of investment, but the percentage of NRBs in the market has remained negligible as there was no formal solution for them to invest into secondary market from abroad. Through 'Probashi Biniyog', the NRBs can operate their accounts online from abroad. All share related services such as NITA, BO and stock broking accounts are being offered under one umbrella of 'Probashi Biniyog'.

In expression of launching 'Probashi Biniyog', Sir Fazle Hasan Abed said, "I am proud to inaugurate Probashi Biniyog which will provide one-stop solution to NRBs for investing in Bangladesh Capital Market from abroad. I believe this will strengthen the investment at the Stock Markets."

In the ceremony, Mr. Muhammad A. (Rumee) Ali said, 'This was a long awaited product by NBRs for performing online transaction to buy and sell shares from abroad. Together, BRAC Bank and BRAC EPL has made this solution possible."

Probashi Biniyog exclusively provides Non-Resident Bangladeshis (NRBs) the opportunity to invest in the Bangladesh Capital Market from anywhere in the world through a Beneficiary Owner's (BO) account, which will be funded by a Non Resident Investor's Taka Account (NITA). Both BO account and NITA will be held with BRAC Bank Limited.

Under the Probashi Biniyog, NRBs can apply for IPOs as well as buy and sell shares in the Secondary Market through BRAC Bank Limited. They can use e-mail, fax or phone to issue trade orders to BRAC Bank Limited.

There will be 100 per cent repatriation of capital, dividend and investment profits.

Stock market investors and operators hailed the BRAC-EPL move.

They said such a move will help the stock market grow further.

Market operators said a huge number of NRB investors will be benefitted with the new product.

“I believe the new product will help the Bangladesh market go wide through the international services,” a local ionvestor said.