Customer service and foreign exchange operation at Standard Bank Limited

Abstract

In the age of modern civilization bank is playing a vigorous characterby its spending role to keep the economic development wheel moving. It’s a combination of various economic activities those are meting out not only inside of the bank but also with some external operations. In fact there is hardly some aspects of development activity to inspire the state where bank do not have role to play. Standard Bank Limited is a third generation bank in Bangladesh. Standard Bank has incorporated on May 11,1999 in head office at 122-124 Motijheel ,Chamber building, Dhaka, Bangladesh as a public limited company with the permission of the Bangladesh Bank. The founder of SBL committed with the goal that “setting a new standard of banking”. The Authorized capital of the bank is BDT 15000(million) and its Shareholders equity is BDT 9289(million) in 2013.The bank provides a broad range of financial services to its customers and corporate clients in retail banking, corporate banking, and international trade. The whole banking activities are divided into 3parts,General banking, Loan & Advances and Foreign Exchange. One of the largest businesses carried out by the commercial bank is foreign trading. The trade among variouscountries falls for close link between the parties dealing in trade. The situation calls for expertise in thefield of foreign operation. I have worked as an Intern in the Standard Bank limited, Gulshan Branch which is known as a Corporate Branch. Basically, I served in the department of Foreign Exchange so I have instructed to prepare my report based on the “Foreign Exchange” operations. The foreign exchange department divides into three parts export, import and remittance. The export department deals with export L/C, Amendment of L/C, Transfer of L/C,EXP issue charge. When the L/C amounts have to be changed, then the amendments of L/C are needed. The expense sectors of export are –Courier/mailing cost, Stationary cost, Parenting cost, Salary of the employees. Salary of the employees is the administrative cost. But here to analyze the actual earning of export, I’ve to find out the total expenses to operate export department. Import sector is the most profitable sector in foreign exchange department of SBL.. The import earning sectors are commission for L/C opening, Amendment of local L/C Service charges, Collection of credit report of the beneficiary. From commission for L/C opening and service charge, import department earns most. the expense of export, import, and remittance is almost the same. The remittance earning consists from-Issuance of cash and endorsement of passport, remittance by TT, Cash incentives handling charge etc.The ratio of foreign exchange 5 earnings from total earning is also pleasing and profitable. So Standard Bank Limited is one of the best leading bank in Bangladesh and this bank have to remain its performance and have to find out the ways how it can perform its operations in more profitably and customer oriented.