The transaction process Of Western Union Unit, Probashi Banking Operations, BRAC Bank & its performance analysis with ‘Other remittance Unit’ And a Comparative Study of the Industry

Abstract

This report has been prepared to fulfill the internship requirement. As per the instruction, I have completed twelve week internship program at BRAC Bank Ltd. (Head Office). This report is mainly divided into three parts; (1) The organization, (2) Job part and (3) Project. First part contains about BRAC Bank and its products and services. BRAC Bank has started operations from 04 July, 2001. Since inception in July 2001, the Bank's footprint has grown to 59 branches, 69 SME service Center, 392 SME unit offices and 100 ATM sites across the country, and the customer base has expanded to 4,50,0000 in the year 2007. Throughout the year 2009, it has a rising growth rate. BRAC Bank has four wings to reach its customers. These are - SME Banking, Retail Banking, Corporate Banking and Probashi Banking. BRAC Bank is the pioneer of the SME Banking in Bangladesh. BRAC Bank is offering huge line of products through its wings. With the high vision of “Building a profitable and socially responsible financial institution focused on Markets and Business with growth potential, thereby assisting BRAC and stakeholders build a "just, enlightened, healthy, democratic and poverty free Bangladesh”, BRAC Bank is growing bigger than before. Second part contains my job experience at BRAC Bank Ltd. I worked at the Western Union Unit of Tread & Remittance department. I was involved in processing the western union transactions. BRAC Bank remits money from all over the world and it uses BRAC NGO offices to transfer money in the rural areas. WU Unit transfers only the money which comes through Western Union. Third part of this report contains a project, where I discussed the transaction process of WU Unit, compared its performance with the ‘other remittance unit’ of BRAC Bank which has agreement with 26 exchange houses to transfer money. Finally in this part I have analyzed the remittance industry of Bangladesh and compared the BRAC Bank performance with it tried to analyze the industry for BRAC Bank and to find out new opportunities in the remittance industry.