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27th Virtual Annual General Meeting
ANM Mahfuz promoted as Deputy Managing Director of Prime Bank
ANM Mahfuz has recently been promoted as Deputy Managing Director of Prime Bank Limited.

Mr. Mahfuz, having started his career with Standard Chartered Bank, Bangladesh in 1999, served in multiple leadership roles across different functions of Consumer Banking division.

Mr. Mahfuz joined Prime Bank in May 2018, as Senior Executive Vice President and Head of Consumer Banking. Since then, he has played a pivotal role in transformation of Consumer Banking business with launch of Call Center, Agent Banking, “Neera”- A Prime Bank initiative for women and also championed in introduction of various innovative products and services leveraging on digital capabilities.

Mr. Mahfuz has completed Honors and Masters in Economics from the University of Dhaka. He has also attended various local and overseas trainings and workshops throughout his career.
Prime Bank introduces the smartest Chatbot platform “PrimeAssist” in the country
Dhaka, Wednesday, March 31, 2021: Prime Bank has launched artificial intelligence and machine learning based Chatbot ‘PrimeAssist’ to provide simpler, faster and smarter services to the customers anywhere anytime.

‘PrimeAssist’ is powered with cognitive intelligence capabilities that offers financial transactions, information services, customer onboarding, sales, promotions and many more services.

The launch of this service will give Prime Bank customers another convenient option of accessing their bank accounts. The tech-savvy bank has once again made a step forward and enabled the customers to bank conversationally from their preferred mobile messaging app.

This smart platform uses Artificial Intelligence (AI), Machine Learning (ML) and Natural Language Processing (NLP) technology to make everyday banking easier, faster and secure.

PrimeAssist is available over multiple channels such as Facebook Messenger, Viber and WhatsApp to make banking convenient. PrimeAssist also supports multi language option such as Bangla, English and a combination of Bangla and English (Banglish). PrimeAssist will be able to facilitate mobile top-up, balance query, mini statement, deposit, loan credit card application and many more. In near future, this very platform will be able to offer all other internet banking services that include instant account opening, fund transfer, bill payment, card block & unblock and many other services.

Prime Bank’s Managing Director and CEO Hassan O. Rashid, said: “Prime Bank has always been at the forefront of technological innovation in the banking industry. PrimeAssist is another testament to our commitment to making banking easier and simpler for our valued customers. It gives more freedom, flexibility and control over financial management.”
Faisal Rahman promoted as Additional Managing Director of Prime Bank
Faisal Rahman has been promoted as the Additional Managing Director of Prime Bank Limited.

Prior to this new role, Faisal Rahman has been serving as Deputy Managing Director and Chief Business Officer (CBO), Corporate and Institutional Banking, since May 30, 2019.

Mr. Rahman has more than 25 years of diversified experience in financial sector with senior leadership positions in Standard Chartered Bank and Eastern Bank Limited. He worked in Eastern Bank as Senior Executive Vice President and Head of Relationship and Structured Finance Unit, Corporate Banking Division. He started his career in Credit Agricole Indosuez, Dhaka as Credit Analyst, Corporate Banking in 1995.

Mr. Rahman completed his B.Sc in Business Management and BA in Economics from East Stroudsburg University of Pennsylvania, USA. He is an Omega Certified Credit Professional as well.
Hassan O. Rashid joins Prime Bank as the new Managing Director and CEO
Hassan O. Rashid has joined Prime Bank Limited as the new Managing Director and Chief Executive Officer.

Prior to joining Prime Bank, Mr. Rashid was Additional Managing Director at Eastern Bank Limited. In his eight-year stint, he is lauded for his leadership role in achieving balance sheet growth and driving transformation journey of Eastern Bank.

Mr. Rashid brings in more than 27 years of experience in banking industry both in local and multinational banks in senior positions in Corporate, Risk Management, SME and Retail Banking. He started his career with Credit Agricole Indosuez and later moved to HSBC and Standard Chartered Bank (SCB) in different senior leadership positions.

Mr. Rashid is a Graduate of Capital University of USA in Economics and Business Administration and done his Master’s degree in International Management from Garvin School of Management, Thunderbird, USA. He is also certified "Credit Professional" of Omega, UK.
Prime Bank Announces Partnership with AGAM International
Prime Bank Limited, one of the country’s leading bank, announced partnership with AGAM International, a fast-growing fintech platform based in the United Kingdom, with a view to introducing digital lending facility to low-income group. This asserts Prime Bank’s ongoing drive for digital transformation.

The objective of the partnership is to create a digital lending platform powered by Prime Bank’s innovative products and AGAM’s innovative digital platform for the low-income community of Bangladesh. Both parties also agreed to work together in other areas of collaboration.

Founder and CEO of AGAM International, Ms. Shabnam Nida Wazed said: “Our unique innovation is designed to reach out to every underserved individual and allow them access to banking services. We aim to enhance their experience in every aspect of financial interactions and through our partnership with Prime Bank, a long-time leader and pioneer in digital banking industry, Bangladesh will reach a new height of financial inclusion and discover first-hand our contribution to shaping this bright, dynamic sector in future.”

About this partnership, Prime Bank’s Deputy Managing Director and Head of Consumer Banking, ANM Mahfuz said: “We are excited to partner with AGAM International, an innovative technology and service provider. As the leader in digital innovation, we have the mission to continuously deploy game-changing solutions to ensure better service to our customers and facilitate financial inclusion by taking financial services to the unbanked population. Partnerships like these are instrumental to achieve our mission in digital banking frontiers.”
Mrs. Bakhtunnessa Chowdhury, Mother of Mr. Azam J Chowdhury, passes away
Mrs. Bakhtunnessa Chowdhury, mother of Mr. Azam J Chowdhury, renowned industrialist and former Chairman of Prime Bank Limited, and grandmother of Mr. Tanjil Chowdhury, Chairman of Prime Bank Limited, passed away Tuesday night at Square Hospital, Dhaka (Inna Lillahi Wa Inna Ilaihi Rajiun).

Her Namaz e Janaza was held on March 03, 2021 at Hosenpur Shahi Eidgah, Kadipur Union, Kulaura.

The Prime Bank Family is deeply mourning the sad demise of their revered guardian. We pray to the Almighty for the salvation of the departed soul and convey our deepest condolences to the bereaved family.
Prime Bank issues Bangladesh’s first ever LC under Export Credit Guarantee Program of USDA
Prime Bank has become the first bank in Bangladesh to issue a letter of credit (LC) under Export Credit Guarantee Program of United States Department of Agriculture (USDA).

Last year, the Commodity Credit Corporation of the United States enlisted Prime Bank as Approved Foreign Financial Institution from Asia Region under GSM-102 for smooth import of agricultural commodities from USA.

Recently, Prime Bank successfully transmitted the first ever LC under the said program on account of Square Textiles Limited for import of raw cotton from the United States.

As an Approved Foreign Financial Institution, Prime Bank would be able to support its valued customers for import of US food and agricultural commodities like cotton, soybeans, grains, cereals, woods, nuts, fruits etc. under the Export Credit Guarantee Program administered by USDA.

This new capability of Prime Bank would help facilitate the country’s trade with the United States being a major Trade Financing bank in the country and offer value proposition for the businesses having major supply chain in the US agricultural sector for their necessary inputs in textiles, foods, edibles and allied industries in the country.

Commenting on the occasion, Prime Bank’s Acting Managing Director and CEO Faisal Rahman said, “USDA has enlisted Prime Bank for long track record of conducting international business with compliance, transparency and accountability. This will help us support our clients in agricultural commodity import better and also will boost our international trade portfolio. This first transmission of LC is just the beginning of new chapter in our international trade services.”
Prime Bank and International Islamic Trade Finance Corporation (ITFC) Sign US$15 million Murabaha Financing Facility Agreement
Prime Bank has signed a Murabaha Agreement with International Islamic Trade Finance Corporation (ITFC) - a member organization of Islamic Development Bank (IsDB). The arrangement will support growing trade finance business of Prime Bank for SME and Corporate segment. Under this agreement, ITFC will provide trade financing facility against Letter of Credit issued by Prime Bank. This is the first time Prime Bank is availing the Trade Financing facility from ITFC under a Murabaha Agreement.

Prime Bank’s Acting Managing Director and CEO Faisal Rahman and ITFC’s CEO Eng. Hani Salem Sonbol led the agreement signing ceremony on behalf of respective organizations held on 26th January 2021.

ITFC’s Chief Operating Officer Nazeem Noordali, General Manager- Trade Finance Abdihamid Aweis Abu, and Prime Bank’s SEVP – Transaction Banking & Structured Finance Shams A Muhaimin, EVP & Head of International Division Hassanul Zahed, Vice President Masud Uddin Ahmed were present along with other senior executives from both parties in the occasion.

“We are proud to partner with Prime Bank Limited and provide financing to the bank to support SME growth and the import of raw materials in Bangladesh. Private sector development is key for the country’s economic growth and supporting SMEs gain access to financing is a central tenet of the ITFC strategy, which also helps SMEs to participate in global value chains. As such, we are contributing to the development of intra-OIC trade flows and ultimately leading to socio-economic development in our member countries.” said Eng. Hani Salem Sonbol, CEO of ITFC.

“We are very delighted to conclude the Murabaha Trade Financing agreement with International Islamic Trade Finance Corporation which will expand our trade finance capacity. The support from ITFC has strategic value and significance as it comes at a time when businesses are striving to make a comeback from the fallout of the prevailing pandemic. The arrangement will be greatly beneficial for our SME and Corporate segments. This unique solution will strengthen the existing bilateral relationship with ITFC and other member organizations of Islamic Development Bank.” said Faisal Rahman, Acting Managing Director and CEO of Prime Bank.
Prime Bank launches real-time remittance service, RemitPrime, for expatriate Bangladeshis in Singapore and the UK
Prime Bank has recently launched a state-of-the-art real-time remittance service- RemitPrime- for the customers of its subsidiaries in Singapore and the United Kingdom (UK). This is the first real-time, online platform launched by a Bangladeshi Bank abroad.

Through RemitPrime, the expatriate Bangladeshis can transfer remittance in real-time to any account of Prime Bank and to any bKash wallet across the country. For all other banks, remittance will be transferred instantly as per the BEFTN* transaction cycle. Along with the remittance, the new service also ensures payment of 2% incentive instantly*. RemitPrime also provides real-time information on the transaction to its users.

The expatriates from Bangladesh, India, and the Philippines, residing in Singapore, can now send money to their respective home countries through RemitPrime services by downloading Prime Bank’s Interment Banking mobile app ‘Prime Bank App’ from ‘Apple’s App Store’ and ‘Google’s Play Store’ or by logging in Prime Bank has plans to extend its online remittance payment services to major remittance corridors likeUS, EU, Gulf Countries, Japan, Korea, Malaysia and so on.

Prime Bank's Acting Managing Director and CEO Faisal Rahman said, “Our customers maintaining account with Prime Bank will enjoy real-time fund transfer against their remittance from abroad. We also can make transfer to bKash Accounts in real-time with RemitPrime. With this new service, our customers are enjoying the convenience of receiving remittance at their doorsteps round-the-clock. We believe these services will inspire expatriate Bangladeshis to send more money through legal channel and boost up the flow of remittance into the country. The remitters from other major corridors like KSA, Malaysia, and other countries will also receive similar facilities soon."

Highlighting the capabilities of the RemitPrime mobile applications, Shams Abdullah Muhaimin, Prime Bank's Head of Transaction Banking, said: “RemitPrime platform is built on a machine learning technology which has automated majority of manual activities. The system can process thousands of transactions in minutes with real-time fund transfer to beneficiary accounts 24X7. The mobile app version of the application is first of its kind launched by a local bank into overseas. The system can now be offered as a white-label solution to different overseas remittance service providers working in Bangladesh corridor.”

Prime Bank has two remittance subsidiaries, one is in Singapore - Prime Exchange Co. Pte Ltd- which has 3 branches located at Desker Road, Jurong East and at Joo Koon. Another is in the UK named PBL Exchange (UK) Ltd having three branches in London, Birmingham and Oldham and 35 agent locations well distributed throughout the UK. This new service has already gained huge popularity among the expatriates in Singapore who are relying on the online service to send money to their near and dear ones in Bangladesh quickly, especially at this time of COVID-19.

* As per terms and conditions set by Bangladesh Bank. BEFTN is a service of Bangladesh Bank
Prime Bank’s Former Director Capt. Imam Anwar Hossain passes away
Capt. Imam Anwar Hossain, Former Member of the Board of Directors, Prime Bank, passed away on Thursday, January 7, 2021.

He was undergoing treatment at a hospital in Singapore. He was 71.

The entire Prime Bank Family is mouring the demise of the revered guardian. He left hehind his wife Ms. Nasim Anwar Hossain, also a former member of the Board of Directors, Prime Bank, a son, two daughters and a host of relatives and admirers. Prime Bank Family prays to the Almighty for the salvation of the departed soul and expresses deepest condolences to the bereaved family.
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