The International Finance Corporation (IFC), a company of the World Bank Group, has named BRAC Bank the Best Operations Bank in South Asia.
BRAC Bank has become the winner of the "9th IFC Trade Finance Awards FY 2019 – Operations," said a press release on Thursday.
The recognition is awarded to IFC's partner banks that were most active under its 2019 Global Trade Finance Program (GTFP).
BRAC Bank has been recognized for excellence in efficient use of innovative products, end to end operational support, and utilization of limits. The GTFP extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained.
IFC announced a total of 47 winners in various categories, selected based on a competitive process, amidst a total network of over 500 banks under the GTFP initiative and BRAC Bank was awarded for the Bank's 'Excellence in Trade Operations'.
"While we are well recognized for our Values-Based Banking agenda and SME focus, this award by the IFC reflects our growing capabilities in trade finance for both the Corporate and Commercial client segments," said BRAC Bank Managing Director and CEO Selim RF Hussain.
"We aim to become more and more customer-oriented every single day and offering the best trade finance experience is very much part of that journey. I acknowledge the contribution of our employees, especially the Trade Operations, Treasury Operations, and Financial Institutions team for their professional commitment, technical expertise, and the most positive mindset. This award from the IFC is an inspiration for us to continue providing innovative banking solutions", he added.
IFC is the largest global development institution focused on the private sector in emerging markets.