A bank for NRBs
Should it be an existing bank or a new bank that is now the question. Why? Because a) Vast numbers of NRBs are investing overseas through many different vehicles - from banking to real estate, from mutual funds to individual stock portfolios, from pension plans to retirement homes and much more. Yet, due to the lack of an established and secure infrastructure in Bangladesh this money is going to fill the monetary reserves of other countries. Therefore, Bangladesh is losing large amounts of foreign investments (foreign currencies); b) NRBs are no different from resident Bangladeshis and they are not PBOs (people of Bangladeshi origin) who may think differently. How? Consider that most NRBs left Bangladesh when they were adults; therefore, their views regarding money management are similar to local Bangladeshis'. Confidence levels for small community banks (such as Williamsburg Savings Bank) far exceed those for giant investment companies (like Prudential Bache Securities). In fact, they also feel more comfortable investing with Chase Manhattan Bank's Investment Banker over its parent company JP Morgan Chase, (a leading global financial services firm with assets of $1.6 trillion). This is probably one of the main reasons why local investment firms have had very limited success in bringing NRB investments to Bangladesh. A bank in Bangladesh established for the NRBs, of the NRBs and by the NRBs would go a long way in attracting many non-resident Bangladeshis to invest in their homeland.
The following are a few features, advantages and benefits (“FAB”) of having an NRB Bank in Bangladesh:
Features:
* Investment banking opportunity. * NRB Bank will streamline money transfers.* NRB Bank will be a bank "of the NRBs, for the NRBs and by the NRBs". Advantages for the government:
* Proof that the government cares about the NRBs. * Foreign currencies could be utilized for development. * Total investments will increase tremendously enhancing reserve of foreign currencies. * Better control over illegal money laundering. Benefit for the NRBs:
* There is a bank in Bangladesh to cater to their needs, through this bank (each branch will have an investment banker) they can purchase/invest in mutual funds, stocks, bonds and other investment vehicles, * NRBs will no longer build those empty mansions in rural Bangladesh which generate no income. After all, NRBs send close to seven billion US dollars a year to Bangladesh and this can easily be tripled.
* Investment banking opportunity. * NRB Bank will streamline money transfers.* NRB Bank will be a bank "of the NRBs, for the NRBs and by the NRBs". Advantages for the government:
* Proof that the government cares about the NRBs. * Foreign currencies could be utilized for development. * Total investments will increase tremendously enhancing reserve of foreign currencies. * Better control over illegal money laundering. Benefit for the NRBs:
* There is a bank in Bangladesh to cater to their needs, through this bank (each branch will have an investment banker) they can purchase/invest in mutual funds, stocks, bonds and other investment vehicles, * NRBs will no longer build those empty mansions in rural Bangladesh which generate no income. After all, NRBs send close to seven billion US dollars a year to Bangladesh and this can easily be tripled.
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