BRAC Bank provides cash management solutions to City Group

BRAC Bank has signed agreements with City Group to offer advanced cash management solutions and supply chain financing to optimise working capital and financial operations for the leading corporate conglomerate in Bangladesh.

Tareq Refat Ullah Khan, deputy managing director and head of corporate and institutional banking at the bank, and Syed Abdul Momen, deputy managing director and head of SME banking, along with Mohammad Tanvir Hydar Pavel, director of finance and commercial at City Group, signed the agreement at the bank's head office in Dhaka recently, according to a press release.

As part of this collaboration, BRAC Bank will also provide customised financial solutions to strengthen City Group's supply chain, ensuring efficient working capital management and supporting suppliers with accessible and cost-effective financing.

This eliminates the need for manual processes, such as the CORPnet Maker module, reducing human error and ensuring secure, real-time data sharing.

Selim RF Hussain, managing director and CEO of the bank, and Md Hasan, managing director of City Group, attended the signing ceremony.

City Group will also benefit from real-time account statements integrated with their ERP system, enabling faster decision-making, automatic reconciliation, and improved efficiency in order processing and time to market.

Additionally, BRAC Bank will facilitate digital payments via CORPnet for RTGS and BEFTN channels, ensuring seamless reconciliation with City Group's ERP.

Other senior officials from both organisations were also present.