Report on managing BOE in Bangladesh: a study on Citibank N.A
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Trade is one of the oldest forms of business. People are engaged in trade from thousands of years. Bank has included trade in its service by providing different facilities. They are offering different type of products to make trade more easy and less risky for their customer. Citibank N.A is one of the world largest bank and renowned for their trade service and cash operation management. Citi has started its journey in Bangladesh not a very long time but within a very short time it has captured the market of Bangladesh with its high quality service and transparency. They mainly do corporate banking in Bangladesh. Their one of the main service in Bangladesh is trade service; they also provide cash management service and also have other services for their corporate clients. We can divide the trade into import and export. Bill of Entry managing is the end point of import. After the payment is done the bank has to report the BOE within 120 days otherwise it will be counted as overdue and the customer will not be able to open any new LC. Bangladesh Bank has regulations of managing BOE. Citi manage the BOE according to the regulations and also according to the global standard. Processing BOE is a complex work as there are different types of BOEs in Bangladesh and no uniform regulations regarding the number of BOE for one bill. Automating the overall process can reduce the complexity and make the process easier.