Grameen Bank, UCB partner on payroll banking, cash management services

United Commercial Bank PLC (UCB) has entered into a strategic partnership with Grameen Bank by signing a memorandum of understanding (MoU) to provide tailored financial solutions to the latter’s employees while exploring broader opportunities for institutional banking services.

Adnan Masud, chief executive officer (current charge) of UCB, and Sarder Akhter Hamed, managing director of Grameen Bank, signed the MoU at the latter’s head office in Dhaka’s Mirpur recently, according to a press release.

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Under the partnership, Grameen Bank employees will have access to UCB’s payroll banking facilities and integrated cash management solutions, offering greater banking convenience and value through tailored financial services.

The initiative marks another milestone in UCB’s ongoing efforts to strengthen its payroll banking services and expand the reach of its banking solutions.

Grameen Bank, globally acclaimed for pioneering the microcredit model in Bangladesh, operates through more than 2,500 branches across the country. It serves over 10 million borrower members, positively impacting the lives of nearly 45 million people, including their family members.

The institution employs more than 17,000 permanent employees and disburses approximately Tk 100 crore in salaries each month.

The scale of Grameen Bank’s operations and its financial strength present significant opportunities for UCB to expand its presence in payroll banking, retail banking, transaction banking and corporate banking.

Among others, Md Abdullah Al Mamoon, deputy managing director of UCB; Mohammad Shafiqur Rahman, deputy managing director; Sufia Akter, deputy managing director; Syed Motiur Rahman, deputy managing director of Grameen Bank; AKM Sazzad Hossain, deputy managing director; and Md Rezaul Karim Chowdhury, deputy general manager, were also present.