Ensure transparency within banking sector

Ahsan Zaman Chowdhury
Managing Director
Trust Bank

The experience since launching our offshore banking unit has been positive and rewarding in terms of client acquisition and financial growth. By prioritizing compliance and operational efficiency, we have established our bank as a trusted provider of wealth management and cross-border financial services. While the ever-changing global economic environment, fluctuating exchange rates, and new regulatory changes in offshore banking jurisdictions present occasional challenges. However, we have effectively mitigated risks through timely and appropriate measures.

We offer a wide range of unique features to attract investors. Clients can open fixed deposit accounts in USD with attractive rates and flexible terms ranging from three months to five years. The deposit amount is freely convertible and transferable both locally and internationally.

For investors depositing $50,000 or more, we provide exclusive benefits, including personalized meet-and-greet services at Hazrat Shahjalal International Airport in Dhaka and access to international lounges through Priority Pass or Lounge Key facilities, ensuring a premium travel experience abroad.

Export-oriented manufacturing companies can secure loans in foreign currency at lower interest rates than those offered in Bangladeshi Taka accounts. This enables them to reduce borrowing and production costs, enhance cash flow management, and support growth and competitiveness in the global market. Additionally, the increased flow of foreign currency facilitates both export and import growth, encourages industrialization, and generates significant employment.

However, expatriate Bangladeshis often face trust issues with the new offshore banking products, primarily due to frequent policy changes, political instability, corruption, and rising non-performing loans (NPLs). These factors raise concerns about the overall financial health of the industry and complicate expatriates' ability to plan their investments with confidence. Furthermore, a lack of education and awareness about offshore banking services leaves many potential customers uninformed.

To address these concerns, relaxing account-opening restrictions for NRBs, eliminating corruption, and building brand credibility through targeted marketing can significantly improve trust and accessibility.

To ensure the long-term success of offshore banking, the central bank should encourage digital banking, making services more accessible to both local and international clients. Establishing a strong regulatory framework and increasing transparency within the banking sector will ensure that all financial institutions involved in offshore banking operate within clear, enforceable guidelines, ultimately helping to combat corruption and build trust.