Non-resident Bangladeshis (NRBs) have become one of the major targets for many commercial banks those are desperately looking for expanding their business beyond domestic squire to secure sustainable liquidity position.

Offering many products and services with lucrative returns on deposits, remittance and other banking services, the banks are trying to fetch as much business as they can from the expatriate Bangladeshis.

The products include different types of savings and investment schemes and bonds.

Many banks have opened exchange houses in different countries to take their services at the doorsteps of the Bangladeshi people living overseas.

According to Bangladesh Bank (BB), there are 63 exchanges houses of Bangladeshi banks in different countries when some banks are awaiting BB’s approval.

Besides, some banks are regularly sending their senior executives to the major labour markets abroad to showcase their products and services to the NRBs and motivate them to be their clients.

The bankers are encouraging the NRBs open accounts and send money home through the banking channel.

The countries those are getting major attention from the banks are Saudi Arabia, United Arab Emirate (UAE), Japan, Singapore, Malaysia, Kuwait, Qatar, Bahrain, the United Kingdom and the United States.

“It is good for the country’s economy if banks can get as much deposit as they can from external resources,” former governor and economist Dr Mohammad Farashuddin said.

He said banks are taking many steps besides introducing innovative products and services for NRBs, which would certainly bring a good yield for the country’s economy.

“Banks are virtually competing with each-other to collect deposit from expatriate Bangladeshis, which is good for maintaining a sound foreign exchange reserve,” Association of Bankers Bangladesh (ABB) Chairman Nurul Amin said.

Amin, also managing director of National Credit and Commerce Bank (NCC Bank) believes that the innovative products of different banks would also increase the flow of remittance through formal channel.

Executive Director of Bangladesh Bank (BB) M Ahsan Ullah said the central bank is now processing the application of banks for opening of exchange houses overseas at faster phases than before.

Besides, drawing arrangements are being made between local and foreign banks for brining remittance from the countries where exchange houses are not allowed.

The BB official expects that the banks’ drive to get more deposit and remittance from NRBs would help the country to build the foreign exchange reserve up to US$ 1.3 billion by the end of the forthcoming 2012-13 financial year.

The reserve already reached at US$ 1.2 billion in the past 11 months of the out-going 2011-12 financial year.

Managing Director of Expatriate Welfare Bank CM Koyes Sami said his bank is planning some products to help increase manpower exports to the global labour market. This public sector specialised bank has already opened five liaison offices in middle-east to render special banking and financial services to NRBs.

“We (bankers) should help people explore the opportunity in the overseas job markets instead of focusing only on taping deposit from NRBs,” he said. Managing Director of Islami Bank Mohammad Abdul Mannan said his bank so far introduced 14 schemes for NRBs, which got good response from them.

The bank, the top despot and remittance earners of this country, also launched a special centre for protecting the interest its overseas clients.

He observed that the special attention of banks to NRBs reduced the inflow remittance through different unofficial channels including hundi.

The Independent/Bangladesh/ 24th June 2012