Foreign exchange (Letter of Credit) of Mercantile Bank Limited
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This is a project that contains the working experiences of different responsibilities in Mercantile Bank Limited (MBL). My research was aimed to identify the main factors that affect Mercantile Bank Limited. Oobjectives and goals, structure, Functions, L/C of foreign exchange Mercantile Bank Limited was analyzed by me. Being one of the best financial institutions Mercantile Bank Limited enters in the business field with an objective to progressively become the top bank. This report covers a thorough analysis about foreign exchange and credit section of Mercantile Bank Limited. First part of the reports is about the organization. On the other hand, second part about main part of the report includes the detail analysis. We know that, Banks are financial institutions those offer the widest range of financial services - especially credit, savings, and payment services and perform the widest range of financial functions of any business firm in the economy. In other words, Banks are financial service firm, producing and selling professional management of the public's funds as well as performing many other roles in the economy. The principal reason Banks are chartered is to make loans to their customers. Loans known as sources of funds are asset items in a Bank's Report of Condition, which are made to generate income for its stockholders, pay interest to its depositor, and compensate the Bank's employees for their labor and skill. Most of the Bank's largest asset item is loans generally accounts for half to almost three quarters of the total value of all Banks’ assets. MBL has decided to implement ‘go slow strategy’ first up. It offers different sorts of accounts which have distinctive properties. Customers open the different type of accounts that fit with their needs. The transaction flow differs from account type to type depending on many relevant matters it papers shows overall Procedures of Mercantile Bank Limited.