An overview of foreign exchange operation (export procedure) of Prime Bank & comparative analysis with other banks

Abstract

The business of foreign exchange is getting increasingly complex and intensely competitive. However, in the backdrop of phenomenal growth of Bangladesh’s external sector, foreign exchange business provides a challenge as well as an excellent opportunity to accelerate the growth of bank’s own business. A high degree of specialization is needed to carve for the bank a reasonable niche in this competitive environment. Commercial banks play very important role in international trade of a country by providing credit to the priority sectors and facilitating payment against trade with other countries. In this regard the Commercial Banks of Bangladesh are not the exceptions and the name of Prime Bank can be mentioned here as one of the top ranked bank. Prime Bank is a Bank with difference; this difference has been maintained throughout the passing years by ensuring highest customer care and maintaining competitive market price. For the Bank being different means- being the better bank in terms of operational excellence, unique customer focus, risk management, organizational advancement in terms of state-of-art IT implementation, expansion of branch network, new business development, implementation of standard operating procedures, training and retraining a pool of efficient and dedicated human resources and ensuring highest level of compliance and transparency in all spheres of operations and performance presentations. Prime Bank Limited is well positioned to meet the challenges of 2015 and will continue to strive to innovate and capture opportunity for growth and value creation. The Bank will focus on its large customer base to generate more business from existing customers. This strategy is supported by wide spectrum of product and services and level of customer service delivery. Here in this report I have tried to explore Prime Bank’s area of foreign exchange and their excellence in services along with the performance highlights during the past few years. An overall comparison also has been made with the total Export situation of Bangladesh and other competing Banks.