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In line with our vision to have an international presence and to reduce our dependency on any single country, we have managed to successfully enter new markets. The quest for new markets is an on-going exercise receiving much top management time and effort. Although an imposing, time consuming and expensive task, evaluation of new markets is
on-going and receives top priority.
The Bank is currently represented in 10 countries either through a fully-fledged branch, a BPO, an agent or an Exchange House. In addition, it has a network of 48 correspondent banks in 24 different countries and is linked to global ATM networks enabling customers to perform ATM transactions across the world.
Some of the key markets in which the Bank has explored the possibility of establishing branches are: Cambodia, India, Nepal, Seychelles, Qatar and Vietnam. However, overly restrictive regulatory regimes for foreign banks or high capital requirements have made a fully-fledged banking operation not feasible in these countries. We have not however, completely abandoned the prospect of entering these markets.
The Bank in Bangladesh
The Bank commenced its business in Bangladesh by acquiring the banking business of Credit Agricole Indosuez, a French multi-national Bank, in
November 2003.
Having commenced operations with two branches and two booths in 2003, today the Bank has expanded into a six-branch operation augmented by three booths, two SME Centres and 13 ATM locations, including four off-site locations. The impressive growth record of our operations in Bangladesh from inception to date is shown below.
| Year |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
| Total Assets (Rs. Mn.) |
9,203.5 |
11,076.2 |
13,104.7 |
16,555.3 |
19,243.7 |
23,442.6 |
| Contribution to Total Assets (%) |
8.35 |
8.00 |
7.28 |
7.39 |
7.17 |
8.33 |
| Gross Income (Rs. Mn.) |
589.4 |
1,151.9 |
1,591.3 |
1,884.1 |
2,379.9 |
2,874.1 |
| Contribution to Total
Gross Income (%) |
5.86 |
9.37 |
9.88 |
7.70 |
6.76 |
6.54 |
| NPLs (Rs. Mn.) |
– |
– |
– |
– |
– |
3.8 |
| No. of Staff |
129 |
125 |
148 |
181 |
193 |
211 |
Within a period of five years the Bank has established itself as one of the leading foreign banks and was last year rated as the ‘Best Foreign Bank’ by Credit Rating Information Ltd.
In 2007 the Bank partnered with Dutch Bangla Bank Ltd.
(DBBL) and now shares DBBL’s 330 plus ATM network.
Our customers can now access their accounts through this network as well. The Bank has also entered into agreements with Prime Bank and
Islami Bank of Bangladesh to carry out cash management services and remittances disbursement through
their branch networks.
In 2009 the Bank in Bangladesh will:
- Increase the number of branches
from 6 to 9.
- Introduce Credit Cards within the
1st Quarter, 2009.
- Increase the number of ATM machines in the existing network.
- Increase SME Centres.
The Maldives
The Bank has supported the tourism industry in the Maldives by contributing to improving the tourism infrastructure facilities and assisted to diversify investments in other countries.
Remittances
The Bank pioneered a simple yet sophisticated web-based money transfer system in 2003. This was launched under the brand name ‘Com Bank e-exchange’. The system was launched in London with a single exchange house and over the years we have established a strong presence in Europe and the Middle East.
Last year remittances channelled through the Bank grew at 44.82%
and 62.83% in terms of volume and value respectively.
The Bank has six business promotion officers stationed in Jordan, Kuwait, Qatar and Oman to promote the Bank’s instant money transfer facility and other deposit products.
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Future Strategies
- Exploring opportunities to establish operations in other countries.
- Expanding the reach of the remittance operations to the Far East, Middle
East and Europe under the brand
name ‘Commex’.
- Further expansion of the Bangladesh operations with special emphasis on the SME sector and expanding the
ATM network.
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