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  Volume: XX, Issue No. 02 September 1-15, 2010  
     
 
  BANKING & COMMERCE
  StanChart expects to double growth in Bangladesh in next 5 years

_A monitor report
Dhaka : Standard Char-tered Bank, a multinational financier which has a hundred years long presence in Bangladesh is planning to double its business in the country in next five years riding on the country's growing domestic economy external trade. The country's huge workforce and ever mounting small and medium scale businesses will help achieve the goal for sure as per the bank's head for South Asian region Neeraj Swaroop who recently paid a short visit in Dhaka.

Neeraj said the bank is aiming for a 100 per cent growth in its current revenue in Bangladesh by 2014-15, as in current conditions, target is to double the revenue and profit in this market in every half decade and the main driver in this growth would be the consistent development in the country's trade and business activities, while a large emphasis would also be put on channeling investment in local corporate and especially the SMEs.

SCB is currently the oldest foreign bank working in Bangladesh started its operation in Bangladesh back in 1905. The UK-based multinational has operation in 70 countries around the world and 90 per cent of its turnover comes from Asia, Africa and the MiddleEast.

The multinational financier having Bangladesh its second biggest market in South Asian region after India, is currently operating through 25 branches across the country while the recent focus has also been shifted on setting up more ATM booths, SME centres and financial kiosks to reach more clients. The remarks came as the Bangladesh arm of the global financial giant posted a net profit of Tk 4.88 billion in 2009, while its total investment during the year stood at Tk 21.90 billion.

Neeraj said that Bangladesh's growing export and overseas trade volume in line with its ever increasing globalisation also offers ample opportunities for tapping growth in overseas transaction and businesses. He mentioned Bangladesh's potential to attract huge foreign investment in IT sector.

Neeraj said that Bangladesh can potentially attract huge investment in knowledge and business process outsourcing utilising its large human resource while the IT and service industry here also has huge potential to grow. Also the capital market in Bangladesh has scope to have more companies enlisted and can have easy access to finance through bourses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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