Local operation process of trading department in CITI NA, Bangladesh
AuthorSabrina Binte Ahmed
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Among the most renowned banks in Bangladesh, Citi Bank NA is such a name what plays an important role not only in the investment banking and trade operations but also in the overall industrial development in Bangladesh. After starting of their business in Bangladesh it has been running with its financial strength, technological strength, customized products and dynamic employees. Citi’s Cash Management Department and Trading department are working successfully with wide product line, maintaining good customers relationship and strong MIS (management information System). In Cash management department Citi basically works with the accounts opening, inward remittance, outward remittance, receivable management, foreign currency exchange etc. Trade department works with the LC opening of import and export, LC amendment, advising, import bill and export bill processing system. In case of local operation process of trade department it concentrate on some specific areas like- dealing with only their listed customer, providing LC authorization form as that bank is the authorized dealer of Bangladesh Bank, LC issuance and amendment local import and export LC amendment advising, NULC (Not under letter of credit), delivery order and shipping guarantee and import and export bill. From the beginning of LC opening to product shipment and receiving payment, every thing uploaded in the international server TCS Eserve, local server Trim, and Central image system. They maintain different data storage system and different files of same elements to make dual control of the system. Citi’s successful trade operation is made through its excellent customer relation service, Audit system and internal management information system with their dynamic employees. Though trade department has been working successfully from the starting but their insufficient employees, too much work load makes the existing employees demotivated. So I think overcoming these two problems Trading Department of Citi will be unbeatable in the banking sector.