We are pleased to inform that in June this year Norfund disbursed a USD 10 million senior loan to support BRAC Bank, a leading SME bank in Bangladesh.
BRAC Bank is a portfolio investment of Norfund since 2010 and the only commercial bank in which Small and Medium sized Enterprises (SME) comprise the core target markets of the Bank.
-SME growth is an important engine for job creation and poverty reduction in developing countries, says Kjell Roland, CEO in Norfund. BRAC Bank is considered the market leader within SME- financing in Bangladesh and is an important partner for Norfund.
A main strategic focus of the bank is to supply bank products and services to areas of the country where smaller companies today have no access to finance. 60 million enterprises are believed not to have access to finance in Bangladesh.
“This deal marks the beginning of a long lasting partnership with Norfund. The loan of Norfund will certainly enable us to onward finance and support our export oriented local enterprises. With our extensive distribution network, we would like to extend financial services to our SME segment who are the driving force of our economic growth,” says Syed Mahbubur Rahman, Managing Director & CEO, BRAC Bank.
About BRAC Bank
BRAC Bank started its journey in 2001 and in just 14 years proved to be country's fastest growing bank. Today, the bank has 166 Branches, SME Service Centers, SME/Krishi Branches and 458 SME Unit offices across the country.
BRAC Bank has more than 1.5 million customers and more than 100,000 SME borrowers, with around USD 1.5 billion in loan assets.
BRAC Bank is also a majority shareholder of bKash, one of the world’s most dynamic mobile banking payment platform with around 10 million active users.