Brac Bank to collect sales proceeds of Asian Paints

Brac Bank has signed an agreement with Asian Paints Bangladesh Limited for collecting the company's sales proceeds across the country.

Tareq Refat Ullah Khan, the deputy managing director and head of corporate banking of Brac Bank, and Tarique Ahmed, head of finance and company secretary of Asian Paints signed the agreement on behalf of their respective organisations, read a press release. 

The signing took place at the Brac Bank head office on 4 February.

This agreement will enable Brac Bank to collect the sales proceeds on behalf of Asian Paints throughout the country by using its branch and agent banking networks in real-time. Asian Paints will benefit from leveraging Brac Bank's agent banking channel to avail banking services beyond stipulated banking hours.

Asian Paints is the first from the paint industry to avail Brac Bank's agent banking service and cash collection solutions. Brac Bank will also be the transaction banking partner catering to all their cash management needs and payments through CORPnet, Brac Bank's digital solution for corporate payment.

Asian Paints Bangladesh Ltd (APBL) started its journey in Bangladesh in 2002. It is the second-largest paint company in Bangladesh, with more than 1,500 dealer network to ensure a presence across all the 64 districts.

Brac Bank's Head of Alternate Banking Channels, Nazmur Rahim; Head of Transaction Banking, Jabedul Alam; Head of Agent Banking, Nazmul Hasan; and Team lead MNC & DO, Farhana Afrin Khan, were also present at the signing.