Selim RF Hussain, managing director and CEO of BRAC Bank PLC, emphasised that the availability of foreign exchange liquidity through offshore banking enhances the efficiency of foreign trade financing, leading to cost-effective and greater economic efficiency.
Selim RF Hussain, also chairman of the Association of Bankers, Bangladesh, in a recent interview, noted that as customers deposit foreign currency, Offshore Banking Unit (OBU) balances can significantly boost banks’ foreign exchange liquidity.
This, in turn, facilitates a broader range of foreign trade financing options.
He stated, ‘By offering tax benefits and a more favourable regulatory environment, offshore banking can attract more individual savings and investments in foreign currencies, providing a stable source of foreign exchange liquidity and support for the country’s reserves.’
Selim highlighted the strengths, security, and unique benefits of BRAC Bank’s offshore banking services, positioning them as highly attractive for both individual and institutional investors.
He underscored that BRAC Bank maintains the highest standards of governance and compliance, making it a secure option for depositors.
The bank boasts the highest credit ratings in Bangladesh, both domestically and internationally, which bolsters customer confidence in the safety of their investments.
Additionally, BRAC Bank offers the most competitive interest rates for offshore banking fixed deposits, further enhancing its appeal to potential investors.
A key feature of BRAC Bank’s offshore banking service is its flexibility and ease of access.
Customers can begin saving with as little as $500, with no upper limit on deposits at BRAC Bank.
The bank offers accounts in three major currencies—USD, GBP, and EUR—allowing expatriates and foreign investors to diversify their holdings.
Funds are easily repatriable, simplifying management for international investors.
There are no account maintenance fees, and customers benefit from exemptions on withholding taxes on earned interest and excise duties.
Additionally, BRAC Bank provides a range of premium services for offshore account holders, including airport meet-and-greet services and complimentary access to the Balaka Lounge.
The account opening process is streamlined through an online portal, and dedicated offshore banking teams assist clients via WhatsApp and email.
Selim RF Hussain highlighted the bank’s leadership in institutional deposits, noting that BRAC Bank currently holds the largest portfolio in this sector.
Companies registered abroad and foreign institutional investors can take advantage of the bank’s expertise by opening Offshore Banking Unit (OBU) fixed deposits.
Addressing concerns about cybersecurity and fund safety, Selim emphasised the need for collaboration among government bodies, the central bank, and commercial banks to enhance regulatory compliance and transparency.
He highlighted that BRAC Bank’s longstanding reputation for upholding high standards of security and stability makes it a trustworthy choice for depositors.
Selim also noted that the Offshore Banking Act 2024 includes several customer protection measures, such as exemptions from income tax and other charges on interest earned from offshore fixed deposits.
This regulatory framework, coupled with BRAC Bank’s adherence to capital adequacy, anti-money laundering (AML) regulations, and know-your-customer (KYC) standards, ensures robust protection for customers’ interests.
He further emphasised the broader economic benefits of offshore banking.
