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29-Jul-2020
Prime Bank officials get important COVID-19 tips in exclusive Healthcare Talk with Dr. Anwarul Iqbal
Dhaka, Wednesday, July 29, 2020: In care of health and wellness of its employees, Prime Bank Limited has organized a Healthcare Talk on prevention and treatment of COVID-19 with special focus on hygiene during Eid-ul-Azha.

Renowned Epidemiologist and President of Thyrocare Bangladesh Dr. Anwarul Iqbal, MBBS (Dhaka), MSc. (Sweden) joined the session and shared important health tips to fight Coronavirus and other diseases.

In the two-hour session held on July 27, 2020, Dr. Anwarul Iqbal, who was previously Unit Head, Epidemic Control and Preparedness Programme at ICDDR,B, elaborated on how to effectively fight Coronavirus with focus on special preventive measures during Eid-ul-Azha. Dr. Anwarul Iqbal, shared important hygiene, lifestyle and health safety advices and dispelled a number of public misgivings about COVID-19.

He coverd whole gamut of awareness, prevention and treatment aspects of COVID-19. Dr. Iqbal shared important safety guidelines to deal with sacrificial animals, processing and distribution of meat during Eid-ul-Azha. He strictly advised not to visit cattle market which is highly risky place of spreading the virus and advised to resort to online cattle marketplace.

Dr. Anwarul Iqbal, who is an expert on contagious disease and epidemic in Bangladesh and a Member of World Global Task Force for Epidemics, WHO, emphasized on using mask while going outside of home or office, regularly disinfecting home and office, dwelt on occupational safety for bankers and office goers, caring the elders and children, doing daily indoor exercise to stay fit and avoid putting up weight, taking special care of mental health issue, consuming homemade food, safely handing pets.

It was an interactive healthcare consultation session with lot of questions from the social media which the physician addressed with much details and advices. Prime Bank, which was one of the early responders in the country to figtht the spread of the virus, believes such interactive healthcare consultation session with expert physician will help the employees and stakeholders to ensure health safety and security at this trying times.

Prime Bank undertook large scale awareness and safety measures since the very beginning of COVID-19. The bank’s early response and preparedness were instrumental to running uninterrupted banking operations even during the government announced holiday. The farsightedness of the management to tackle the global pandemic has earned the bank the most prestigious international recognition of “Excellence in Leadership in Asia 2020’’ Awards from Euromoney only recently becoming the only bank from South Asia to achieve the feat.

Commenting on the Healthcare Talk, Rahel Ahmed, Managing Director and CEO, Prime Bank, said: “At Prime Bank, health and well-being of our employees is of the highest priority. That’s why we started rigorous health and safety measures from the very onset of the pandemic. The bank has undertaken large scale health and safety initiatives including disinfection drive across the country, protective gears for employees and strict hygiene guidelines in line with WHO and IEDCR. We ran the branches with minimum staff without compromising service standard. We encourage work from home for our employees and provide them facilities to maintain the desired level of productivity. We are convinced we will overcome this unprecedented crisis and emerge as more stronger together.”

The Healthcare Talk was broadcast live on the bank’s Facebook Page. The bank organized the Healthcare Talk through virtual media to maintain social distancing amid COVID-19 pandemic.
23-Jul-2020
Prime Bank and Daraz Bangladesh partner for collateral free financing to e-commerce entrepreneurs
Dhaka, Thursday, July 23, 2020: Prime Bank Limited and online shopping marketplace, Daraz Bangladesh, have joined hands to facilitate MSME financing to e-commerce merchants without any collateral.

As per an alliance formed recently, the merchants of Daraz Bangladesh, a subsidiary of Alibaba Group, will avail easy access to MSME loan from Prime Bank. It will be a big boost for the country’s promising e-commerce sector as eligible marchants of Daraz can now enjoy collateral free loan up to BDT 50 lakh and other tailor-made financial solutions.

The merchants can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transactions. They will need two-year business experience and recommendation letter from Daraz Bangladesh. The MSME entrepreneurs can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for the valued marchants of Daraz Bangladesh.

Under the arrangement, the merchants will also get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc.

The alliance between Prime Bank and Daraz Bangladesh is aimed at encouraging MSME businesses to conduct business through digital platform alongside traditional method. Prime Bank and Daraz Bangladesh will work together to cater to banking needs of MSME businesses and facilitate their financial upliftment.
21-Jul-2020
Prime Bank and BCS join hands for collateral free MSME loan to ICT entrepreneurs
Prime Bank takes leadership role in ICT MSME financing in Bangladesh

Dhaka, Tuesday, July 21, 2020: Prime Bank Limited and Bangladesh Computer Samity (BCS) has joined hands to facilitate MSME financing to ICT companies without any collateral.

The partnership titled “Prime Bank-BCS Alliance to Facilitate MSME Financing to ICT Industry” will enable easy access to finance to the ICT hardware and accessory companies as they prepare for next step of expansion against the backdrop of the government’s vision of Digital Bangladesh. It will be a big boost for the country’s booming ICT/ITES industry as eligible BCS members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.

Under the arrangement, the IT firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from BCS. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued BCS members.

The partnership between BCS and Prime Bank will create a facilitating business ecosystem for thousands of MSME entrepreneurs in ICT industry, who are members of the trade association. Prime Bank is the only bank in Bangladesh to have formed financing alliance with key trade associations in the field of ICT and ITES – Bangladesh Association Software and Information Services (BASIS), e-Commerce Association of Bangladesh (e-CAB), Internet Service Providers Association of Bangladesh (ISPAB), Bangladesh Association of Call Center and Outsourcing (BACCO) and Bangladesh Computer Samity (BCS).

Prime Bank’s leadership in ICT financing coincides with a number of prestigious international accolades for the bank such as ‘Best Digital Digital Bank’ from AsiaMoney, ‘Excellence in Leadership in Asia 2020’ from Euromoney and ‘Best Bank in Bangladesh’ Awards from Global Finance all in 2020, the year that marks 25 years of fabulous journey of the bank.

Prime Bank Managing Director and CEO Rahel Ahmed and President of BCS Md. Shahid-ul-Munir formally launched alliance through a virtual press conference on July 21, 2020. Private Industry and Investment Advisor to the Hon’ble Prime Minister Salman F Rahman MP joined the program as the Chief Guest.

Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. ICT hardware and accessory industry holds immense potential for becoming a game changer for Bangladesh economy.”

He added: “We are so proud that we have been able to form partnerships with key trade associations in the field of ICT and ITES – BASIS, e-CAB, ISPAB, BACCO and now with BCS. This partnerships bear testimony to Prime Bank’s strong commitment to the growth journey of promising ICT and ITES industry.”

BCS Vice President Md. Jabedur Rahman, BCS Secretary General Mohammed Monirul Islam, Prime Bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
19-Jul-2020
Prime Bank recognized as Asia’s one of best in proactive COVID-19 response
Wins 'Excellence in Leadership in Asia 2020 Award' from Euromoney
Dhaka, Sunday, July 19, 2020: Prime Bank Limited has earned international recognition as Asia’s one of the best in its proactive response to COVID-19 pandemic.

London-based reputed media publication, Euromoney, has conferred 'Excellence in Leadership in Asia 2020 Award' to Prime Bank in recognition of the bank’s large scale initiative to safeguard interests of the customers and safety of the employees in the wake of COVID-19.

This is a unique feat for Prime Bank as it is the only bank from South Asia to earn the title in 2020. The honor has put Prime Bank in the exclusive echelon along with global heavyweights like Goldman Sachs and Royal Bank of Canada in the North America, BNP Paribas and Credit Agricole in Europe, HSBC in the Middle East, Citi NA and DBS Singapore in Asia who won the title in 2020.

This international award comes in 2020 which marks 25 years of fabulous journey of Prime Bank in the country’s economic development and national progress. In this very anniversary year, the bank has also won ‘Best Bank in Bangladesh Award’ from New York based Global Finance magazine. The bank’s digital banking initiatives has been recognized by Hong Kong based financial publication, AsiaMoney, with ‘Best Digital Bank Award in Bangladesh’.

Euromoney's Awards for Excellence are the awards that matter to the banks and bankers who matter. More than 1,000 corporate organizations from five continents vie for the international accolade.

In the award citation, Euromoney said: “Prime Bank has barely paused during the Covid-19 crisis. The Dhaka-based bank was an early mover on coronavirus in south Asia, raising awareness of the pandemic among employees as early as January 30. As the virus took a grip on the region, Prime Bank, under the leadership of managing director and CEO Rahel Ahmed, found new ways to help workers and customers alike. Since the start of the year it has joined forces in Bangladesh with five domestic NGOs, including the Bidyanondo and Jaago foundations, to raise much needed funds for under-pressure communities.”

“It has shown consistent willingness to be a leader in its home market in the last few turbulent months by promoting awareness of cybersecurity and fraud prevention, and by forming partnerships with hospitals and health centres in a country that struggles to meet the medical needs of its citizens at the best of times. Employees working from home have been given a free pass to speak – virtually, via Zoom and Webex – with health experts at 25 hospitals nationwide. Prime Bank has also been at the forefront of a national effort to support companies that drive invaluable export earnings. It has channelled a sizeable portion of a $590 million government stimulus package to customers in the apparel sector,” the Euromoney continued. On getting international laurels, Rahel Ahmed, Managing Director and CEO, Prime Bank, said: “It is a great honor and a matter of great pride for Prime Bank Family to be recognized as one of the best in Asia in COVID-19 response. From the day one of the outbreak, we put utmost priority on well-being and safety of our colleagues, our customers and the community. We took some proactive and quick measures to adapt to the evolving situation as COVID-19 crisis unfolded. We have been able to continue to provide uninterrupted services to the valued clientelle at the same time ensuring safety and security of the frontline staff. We allowed work from home for the majority of the employees while not permitting any compromise on quality of customer service.”

He added: “Our proactive approach to effectively implement the Business Continuity Plan at the very beginning of the outbreak was key in enabling us in providing seamless services to the customers all through the difficult time. This global recognition will inspire us to take bold steps in fighting global crisis and enable setting benchmark in practices in Bangladesh banking industry. We will continue to fight the virus together and we will emerge through this unprecedented crisis stronger together.”
15-Jul-2020
Prime Bank’s digital strides earn global pride
Crowned prestigious 'AsiaMoney's Best Digital Bank' Award
Dhaka, Wedneday, July 15, 2020: In a feat unique to a local bank in Bangladesh, Prime Bank Limited has clinched best ‘Digital Bank Award’ outshining local and international counterparts in this fiercely contested award category.

The timing of the international accolade could not have been better as the bank has started its digital transformation journey in full swing with a number of digital re-architecting and technology overhaul projects in the offing. Only recently, in a first for Bangladesh, Prime Bank has launched collateral free loan for ICT, BPO/outsourcing, Internet and e-commerce startups, that won whole-hearted appreciation from the government and industry.

Hong Kong-based AsiaMoney’s prestigious Best Bank Awards are seen as the benchmark for the leading firms in financial services in the region, and are fiercely contested across numerous markets and categories. The award was announced in AsiaMoney’s website:

https://www.euromoney.com/article/b1kr2x9gjb3qn1/asiamoney-best-bank-awards-2020-bangladesh#Digital

Past winners in this category in respective country include UOB in Singapore, Rakuten Bank in Japan, HDFC Bank in India and Standard Chartered in Hong Kong. Prime Bank’s unique digital proposition includes PrimeDigi which has been successful in wooing tech-savvy millennials, state-of –the-art Internet Banking – Altitude – which has witnessed overwhelming subscription during COVID-19, latest-technology enabled ATM and best in class Contact Center. The bank is about to embark on Agent Banking, exclusive financial initiative for women and Voice Banking, which all are be fully aligned with digital transformation roadmap.

Asiamoney has lauded the significant progress Prime Bank is making on the digitization across both service and cyber security frontiers. In the award citation, AsiaMoney noted, “Prime Bank launched PrimeDiGi platform, Bangladesh’s first-ever digital savings account and has all the associated credible cybersecurity bells and whistles. PrimeDiGi is the core of the bank’s strategy to stay at the forefront of an industry evolving at blistering speed.”

“There are myriad ways Prime is innovating. It introduced a real-time business to provide enhanced trade and cash-management options to corporate customers. The bank is keeping pace with the country’s digital growth and exploring the untapped potential of the digital landscape of Bangladesh. To win a bigger share of the local market, Prime Bank is constantly enhancing its self-service banking channel, Altitude, e-loans, e-credit and nano-lending,” AsiaMoney added.

On getting crowned with the coveted international laurels, Rahel Ahmed, Managing Director and CEO, Prime Bank, said: “The banking industry in Bangladesh continues to transform with a light physical and high digital strategy and we remain committed to giving our clients the best experience. Using digital, we are empowering our clients to bank through the channels they prefer and in a manner that is simpler, more convenient and easily accessible. Winning Asiamoney’s Best Digital Bank Award is great encouragement to us, and testament to the strides we’ve made in re-imagining future of banking.”

The MD&CEO; added, “We believe when it comes to digital banking it is more about mindset than about physical technology. That’s why we, at Prime Bank, encourages our people to embrace digital mindset enabling them with training and hands-on experience. We are future ready and ready for for digital disruption. Our digital transformation journey has been backed up the visionary Board of Directors who always inspire us to switch from tranditional to digital banking. Once our major infrastructure got deployed and projects completed, we hope to see tangible positive impact in the bottom line as well.”

Compared with Western World, Digital Banking is still at its infancy in Bangladesh, but industry experts believe that it is expecetd take full flight in few years time with paperless, signatureless and even branchless banking. E-KYC, biometric indentification, artificial intelligence, machine learning has sped up journey of digital banking.

With more than 160 million mobile subscribers and more than 100 million internet users, Bangladesh is a land of promise in the field of digital innovation. This remarkable digital penetration, which is one of highest in South Asia, epitomizes Digital Bangladesh vision of the government.
09-Jul-2020
Prime Bank holds first ever virtual AGM
Dhaka, Thursday, July 9, 2020: The 25th Annual General Meeting (AGM) of Prime Bank Limited was held on July 9, 2020 through digital platform instead of physical presence due to the worldwide effect of Coronavirus and risk of spreading among the participants of the meeting in pursuant to applicable regulatory directives.

Tanjil Chowdhury, Chairman of the Bank, presided over the meeting where Directors including Chairmen of all assistive Committees of the Board, representative of Statutory Auditors and almost 400 digitally connected shareholders joined the said AGM.

Managing Director and CEO Rahel Ahmed, Deputy Managing Director and CRO Md. Touhidul Alam Khan, Deputy Managing Director and CFO Mohammad Habibur Rahman Chowdhury, Deputy Managing Director and CBO Faisal Rahman and Company Secretary of the Bank were also present in the AGM. The Shareholders approved audited financial statements of the Bank for 2019, 13.50 per cent cash dividend (Tk.1.350 per share) for the year 2019, and appointed statutory and compliance auditors for the year 2020.

The AGM began at 11:00 a.m. on the virtual platform, where shareholders registered on the record date could join, propose or second or vote or oppose agenda following instruction earlier notified by the Bank.
08-Jul-2020
Prime Bank and BACCO launch alliance on financing to BPO/Outsourcing firms
Dhaka, Wednesday, Juy 08, 2020: Prime Bank Limited and Bangladesh Association of Call Center and Outsourcing (BACCO) have joined hands together to facilitate financing for the entrepreneurs in the field of call center and outsourcing.

Managing Director and CEO of Prime Bank Rahel Ahmed and President of BACCO Wahidur Rahman Sharif formally launched the alliance through a virtual press meet on July 8, 2020. Honorable Minister for Planning M A Mannan MP was present as the Chief Guest.

The partnership titled “Prime Bank-BACCO Alliance for MSME Financing Solutions” will enable easy access to finance to BPO/Outsourcing companies as they strive for market expansion locally and globally. It will be a big boost for the country’s BPO/Outsourcing sector as eligible BACCO members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions. The entrepreneurs can make more contribution to the country’s economy.

Under the arrangement, the BPO/Outsourcing firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from BACCO. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued BACCO members.

Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. BPO/Outsourcing sector holds huge potential as the developed countries resort to outsourcing the call center and other BPO services. We hope with the financing solution, the companies will be able to expand their services and grab more market share. Prime Bank is committed to be a part of the growth journey of this promising sector.”

Speaking on the occasion, President of BACCO Wahidur Rahman Sharif said: “BACCO has always been working to upturn the opportunities for member organizations and will continue to work for the development of the BPO industry by taking certain initiatives in the future. We will take all possible steps to ensure that the BACCO members are able to fully avail the financial incentives announced by the Government and also hope that other banks will also come forward to assist the organizations of this promising BPO industry.”

Senior Vice President of BACCO Md. Abul Khair, BACCO Director Rashed Noman, Head of MSME Banking of Prime Bank Syed M Omar Tayub, Head of Brand and Communications Nazmul Karim Chowdhury were also present. In view of the COVID-19 outbreak, BACCO and Prime Bank conducted the event through virtual media as part of their efforts to reinforce social distancing.
06-Jul-2020
Prime Bank and ISPAB launch alliance on financing solutions to Internet service providing companies
Dhaka, Monday, July 06, 2020: Prime Bank Limited and Internet Service Providers Association of Bangladesh (ISPAB) have joined hands to facilitate financing for entrepreneurs in Internet service.

Prime Bank Managing Director and CEO Rahel Ahmed and ISPAB President Md. Aminul Hakim formally launched the alliance through a virtual press meet on July 6, 2020. Honorable Minister for Post and Telecommunications Mustafa Jabbar was present as the Chief Guest

The partnership titled “Prime Bank-ISPAB Alliance for ISP-MSME Financing Solutions” will enable easy access to finance to Internet service providing companies as they strive for market expansion across the country. It will be a big boost for the country’s ISP sector as eligible ISPAB members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions. Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from ISPAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued ISPAB members. On the occasion, Minister for Post and Telecommunications Mustafa Jabbar said: “With this financing initiative of Prime Bank, the earlier distance between banking and ICT sector has been removed. We believe other banks will follow Prime Bank and extend financing to ISP entrepreneurs. Like immovable property in other business, the knowledge and intellectual property of an entreprener are valuable asset. Young and creative entrepreneurs are bringing in new innovation in ICT industry and injecting dynamism in the economy.”

The minister underscored the need for reducing cost of Internet and importance of making internet affordable for the students and educational institutions. He lauded Prime Bank for introducing the loan for the ISP entrepreneurs. He said Prime Bank would be one step ahead from others as it had launched the credit program as the pioneer.

Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. Internet service sector is instrumental to the vision of Digital Bangladesh and also key to growth in Digital Banking. We hope with the financing solution, the ISP companies will be able to expand their services to the unexplored areas and strengthen their presence across the country. Prime Bank is committed to be a part of the growth journey of this promising sector.”

Prime Bank’s Head of MSME Banking Syed M Omar Tayub, Head of Brand and Communications Nazmul Karim Chowdhury and ISPAB Secretary General Md. Emdadul Hoque were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
24-Jun-2020
Prime Bank and e-CAB partner for financing to e-commerce entrepreneurs
Dhaka, Wednesday, June 24, 2020: Prime Bank Limited and e-Commerce Association of Bangladesh (e-CAB) have joined hands to facilitate financing for e-commerce entrepreneurs.

Honorable Minister for Post and Telecommunications Mustafa Jabbar formally launched the alliance through a virtual press meet as the Chief Guest on June 24, 2020. Prime Bank Managing Director & CEO Rahel Ahmed and e-CAB President Shomi Kaiser were present.

The partnership titled “Prime Bank-e-CAB Alliance for e-Commerce-MSME Financing Solution” will enable easy access to finance to e-commerce companies as they strive for market expansion locally and globally. It will be a big boost for the country’s fledgling e-commerce sector as eligible e-CAB members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.

On the occasion, Minister for Post and Telecommunications Mustafa Jabbar said: “With this financing initiative of Prime Bank, the earlier distance between banking and ecommerce sector has been reduced significantly. Like immovable property in other business, the knowledge and intellectual property of an ecommerce entreprener are valuable asset. Young and creative entrepreneurs are bringing in new innovation in ecommerce industry and injecting dynamism in the economy. If we do not understand their business, we will fall behind. I think after this initiative of Prime Bank, a lot of understanding gap about ecommerce industrty will be dispelled.”

Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from e-CAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued e-CAB members. Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. E-Commerce sector holds immense potential for becoming a major contributor to Bangladesh economic growth. Many e-commerce startups are reshaping the secvice industry of the country and bringing much comfort and convenience to the consumers. Prime Bank is committed to be a part of the growth journey of this promising sector.”

e-CAB President Shomi Kaiser said: “This promising ecommerce has long been deprived of financing from banking sector. The sector needs government’s support to bounce back from the losses incurred due to COVID-19. We thank Prime Bank for standing beside ecommerce entrepreneurs with easy term loans.”

General Secretary of e-CAB Mohammad Abdul Wahed Tomal said: “Ecommerce sector has been expanding fast over the past few years. COVID-19 outbreak has necessitated use of ecommerce in our everyday life and proved its effectiveness. The increase in use of ecommerce services will help firms to bounce back after COVID-19 crisis. We were with our ecommerce colleagues during crisis period of lockdown period and advised them to continue with the online business. We will also be with them at this time of financing facilities.”

Prime Bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
16-Jun-2020
Prime Bank and BASIS join hands to financing for ICT & ITES entrepreneurs
Dhaka, Tuesday, June 16, 2020: Prime Bank Limited and Bangladesh Association of Software and Information Services (BASIS) has joined hands to facilitate financing for ICT entrepreneurs.

The partnership titled “Prime Bank-BASIS Alliance for ICT-MSME Financing Solution” will enable easy access to finance to the ICT & ITES companies as they prepare for next step of expansion against the backdrop of the government’s vision of digital Bangladesh. It will be a big boost for the country’s booming ICT/ITES industry as eligible BASIS members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.

Under the arrangement, the IT firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE - for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from BASIS. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued BASIS members.

Usually IT companies struggle to get bank loan due to existing credit assessment and mortgage issues. Now this partnership between BASIS and Prime Bank will create a facilitating business ecosystem for thousands of MSME businesses in ICT industry.

Prime Bank MD&CEO; Rahel Ahmed and BASIS President Syed Almas Kabir formally launched alliance through a virtual press conference on June 16, 2020. State Minister for ICT Zunaid Ahmed Palak MP joined the program as the Chief Guest. Speaking at the press meet, State Minister for ICT Zunaid Ahmed Palak MP said, “The banks have to continuouslly adopt new strategy and innovative technology. We are using digital technologies more at this time of Coronavirus. In this way, we have to enhance usage of ICT technology in our everyday life. Then we can make the Honorable Prime Minister Sheikh Hasina’s vision of Digital Banking a reality.”

The minister lauded the initiative of Prime Bank of providing up to BDT 50 lakh as collateral free loan to ICT companies at this time of great crisis. He reiterated the joint initiative by BASIS and ICT Division on five key areas: Idea, Model, Finance, Technology and Collaboration

Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. ICT industry holds immense potential for becoming a game changer for Bangladesh economy. With overwhelming growth over past two decades, the ICT entrepreneurs forecast ICT sector becoming second highest foreign currency earner next to RMG in next few years. Prime Bank is committed to be a part of the growth journey of this promising industry.”

Commenting on the partnership, BASIS President Syed Almas Kabir, said: “BASIS has been relentlessly working to promote and expand the country ICT industry and undertaken a number of initiatives in last two decades. ICT companies has faced huge financial losses due to COVID-19 outbreak. The companies could not fully avail the government’s stimulus package due to some complications. I thank Prime Bank for coming forward to offer financing solutions to the BASIS members at this difficult time. I am convinced our members will be greatly benefited for this alliance. We hope Prime Bank will continue the kind of financing support to ICT firms.”

Mentioning that 30 local banks in Bangladesh presently using Core Banking Solutions developed by local ICT firms in Bangladedsh, he requested banks and corporate companies to keep confidence on and use locally developed solutions and help the sector flourish even more. The users of the locally developed solutions will be able to save cost and get maintenance support swiftly.

Prime Bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury and Vice President (Admin), BASIS Shoeb Ahmed Masud were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
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