Sonali Bank is the largest commercial bank in Bangladesh. Founded in 1972 under the Bangladesh Banks (Nationalisation) Order, the bank is entirely state-owned. It was formed from the nationalisation and merging of Bank of Bahawalpur, National Bank of Pakistan and branches of Premier Bank in East Pakistan.
Sonali Bank UK is the only Bangladeshi bank based in the UK
Now, the bank has more than 1,200 branches, plus the USA-based Sonali Exchange Company and Sonali Bank UK, which facilitates foreign exchange remittances to Bangladesh. Sonali Bank UK was established in 2001 and has three branches; in London, Birmingham and Manchester.
Sonali Bank UK is the only Bangladeshi bank based in the UK. 51% of its capital is held by the Bangladeshi Government and the other 49% by Sonali Bank.
Sonali Bank UK Products and Services
Sonali Bank is primarily concerned with two business divisions; trade finance and remittances.
Bangladesh is one of the world’s fastest-growing economies, and therefore one of its most attractive emerging markets. This growth has largely been driven by exports and industry, most specifically textiles. The trade finance team at Sonali Bank can help clients to invest in the Bangladeshi market through its network of correspondent banks inside the country.
Acting as a correspondent bank for Sonali Bank inside Bangladesh allows Sonali Bank UK to facilitate trade finance across Europe, America and the Far East. Trade finance services available include letters of credit, post-import refinancing, documentary collections, bank to bank reimbursement, performance guarantees, bills discounting and assignment of proceeds.
Sonali Bank UK also allows customers to send remittances to friends and family living in Bangladesh. This is done via a branch network and telephone remittance service, available in both Bengali and English.
Sonali Bank UK Security
Sonali Bank UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.