Forex Activities at National Bank Ltd, Bangladesh

Topics: Foreign exchange market, Bank, Export Pages: 33 (9575 words) Published: December 25, 2012
Chapter - 1

Organizational Overview

1.1: Rational
Banking sector is expanding its hand in different events every day. At the same time the banking process is becoming faster, easier, and the banking area becoming wider. As the demand for better service increases day by day, they are coming with different innovative ideas and products. In order to survive in the competitive field of the banking sector, all banking organization are looking for better service opportunity to provide their fellow clients. As a result, it has become essential for every person to have some idea on the bank and banking procedure. Apart from that, managing and developing the right kind of workforce is very important in a financial organization like bank. A poorly functioning bank can mean disaster to a countries society, business environment and economy. A crucial part of that is selecting the right kind of people to work and also train and develop them so that the bank can function well in the long run.

1.2: Background of National Bank Limited (NBL)
National Bank Limited has its prosperous past, glorious present, prospective future and under processing projects and activities. Established as the first private sector bank fully owned by Bangladeshi entrepreneurs, NBL has been flourishing as the largest private sector Bank with the passage of time after facing many stress and strain. The members of the board of directors are creative businessmen and leading industrialists of the country. To keep pace with time and in harmony with national and international economic activities and for rendering all modern services, NBL, as a financial institution, automated all its branches with computer networks in accordance with the competitive commercial demand of time. Moreover, considering its forthcoming future, the infrastructure of the Bank has been rearranging. The expectation of all class businessmen, entrepreneurs and general public is much more to NBL. Keeping the target in mind, NBL has taken preparations to open 10 new branches and 5 SME centers by the year 2012. In addition, further expanding its presence through developing and expanding the SME financing, Any Branch Banking and Off-shore bank facilities.

The emergence of National Bank Limited in the private sector was an important event in the Banking arena of Bangladesh. When the nation was in the grip of severe recession, the government took the farsighted decision to allow the private sector to revive the economy of the country. Several dynamic entrepreneurs came forward for establishing a bank with a motto to revitalize the economy of the country. National Bank Limited was born as the first hundred percent Bangladeshi owned Bank in the private sector. From the very inception, it was the firm determination of National Bank Limited to play a vital role in the national economy. NBL has determined to bring back the long forgotten taste of banking services and flavors. Also want to serve each one promptly and with a sense of dedication and dignity. The then President of the People's Republic of Bangladesh Justice AhsanuddinChowdhury inaugurated the bank formally on March 28, 1983 but the first branch at 48, Dilkusha Commercial Area, Dhaka started commercial operation on March 23, 1983. The 2nd Branch was opened on 11th May 1983 at Khatungonj, Chittagong. At present, NBL has been carrying on business through its 127 branches and 12 SME / Agri Branches (total 139 service locations) spread all over the country. Since the very beginning, the bank has exerted much emphasis on overseas operations and handled a sizable quantum of home bound foreign remittance. It has drawing arrangements with 415 correspondents in 75 countries of the world, as well as with 37 overseas Exchange Companies located in 13 countries. NBL was the first domestic bank to establish agency arrangements with the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign...
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