A WORKING REPORT ON IMPORT DIVISION OF BANGLADESH COMMERCE BANK LIMITED

By,

Habibul Alam
ID: 0920209

An Internship Report Presented in Partial Fulfillment of the Requirements for the Degree of Bachelor of Business Administration

INDEPENDENT UNIVERSITY, BANGLADESH (IUB)

December 08, 2011

A WORKING REPORT ON IMPORT DIVISION OF BANGLADESH COMMERCE BANK LIMITED

A WORKING REPORT ON IMPORT DIVISION OF BANGLADESH COMMERCE BANK LIMITED

By Habibul Alam ID: 0920209

Has been approved November, 2011

Md. Rajib Rahman Lecturer of School of Business (SB) Independent University, Bangladesh December 08, 2011

LETTER OF TRANSMITTAL
MD. Rajib Rahman Lecturer, Marketing School of Business Independent University, Bangladesh (IUB) Dhaka, Bangladesh.

Subject: Submission of the internship working report.

Dear Sir, With due respect, I would like to inform you that, it is a great pleasure for me to submit A WORKING REPORT ON THE IMPORT DIVISION OF BANGLADESH COMMERCE BANK LIMITED, as a requirement for BBA 499 program. While conducting the working report, I have gathered extensive knowledge on Foreign Exchange Department of Bangladesh Commerce Bank Limited (BCBL) and enjoyed working there.

Dated, Dhaka December 08, 2011 Sincerely Yours

. HABIBUL ALAM ID# 0920209

ACKNOWLEDGEMENT

First of all, I would like to thank to Almighty Allah to let me finish my internship report on time.

I would like to express my gratitude to my academic supervisor MD. Rajib Rahman from the core of my heart for his support, guidance, supervision, instruction, and advice for motivating me to do this report successfully.

I am also thankful to the Dilkusha Branch Vice-Presedent and Branch In-charge Mr. S.M. Waliullah and Senior Executive Officer Mr. Sudhir Chandra Sarker of Foreign Exchange Division of Bangladesh Commerce Bank Limited for giving me the opportunity to do the internship in Prime Bank Limited. I am also grateful to the employees of Dilkusha Branch specially import department, clearance department for their cordial acceptance.

They have been very helpful in showing me the work process and provided relevant information for my report whenever I approached. They never hesitated or did not feel disturbed when I asked questions. It was a great opportunity to do internship in such an organization. The experiences I have gathered will be very beneficial for building my career.

TABLE OF CONTENT

1. ABSTRACT
1.1 INTRODUCTION 1.1.1 ORIGIN OF THE REPORT 1.1.2 OBJECTIVE OF THE REPORT 1.2.1 GENERAL OBJECTIVE 1.2.2 SECONDARY OBJECTIVE 1.3 SOURCES OF INFORMATION 1.3.1 PRIMARY SOURCE OF INFORMATION 1.3.2 SECONDARY SOURCE OF INFORMATION 1.4 LIMITATIONS

01 02 02 02 02 02 02 02 03 03 04 04 04 04 04 04 04 05 05 05 05 06 06 06 06 07 08 09 09 09 10 11

2. COMPANY PROFILE
2.1 BACKGROUND OF THE BANGLADESH COMMERCE BANK LIMITED 2.2 CORPORATE VISION, MISSION, AND SLOGAN 2.2.1 VISION 2.2.2 MISSION 2.2.3 CORPORATE SLOGAN 2.2.4 LOGO

3. LATTER OF CREDIT: IRREVOCABLE L/C

3.1 APPLICANT OR IMPORTER APPLIES 3.1.1 PROFORMA INVOICE 3.1.2 INSURANCE COVER NOTE 3.2 SANCTION OF L/C AND PROPOSAL FORMAT 3.2.1 PROPOSAL FORMAT 3.3 LETTER OF CREDIT APPLICATION FORM, AUTHORIZATION FORM, AND IMP FORM 3.3.1 LETTER OF CREDIT APPLICATION FORM 3.3.2 LETTER OF CREDIT AUTHORIZATION FORM 3.4 ISSUING OF LETTER OF CREDIT 3.5 ACCOUNT TREATMENT IN CASE OF LETTER OF CREDIT OPENING 3.6 S.W.I.F.T 3.7 SUBMISSION OF NECESSARY DOCUMENTS BY EXPORTER TO THE NEGOTIATING BANK 3.8 THE DOCUMENTS SENT TO THE ISSUING BANK THROUGH THE NEGOTIATING BANK 3.9 MAKING THE PAYMENT OF FOREIGN BILL THROUGH THE REIMBURSING BANK

3.10 LODGMENT & RETIREMENT OF SHIPPING DOCUMENTS 3.11 THE LOCAL OFFICE PASSES THE FOLLOWING VOUCHERS AFTER NEGOTIATION 3.12 POST IMPORT FINANCING 3.12.1 LOAN AGAINST IMPORTED MERCHANDISE (LIM) 3.12.2 LOAN AGAINST TRUST RECEIPT (LTR) 3.13 AMENDMENTS TO A LETTER OF CREDIT

11 11 12 12 13 13 14 15 16 17

4. CONCLUSION 5. RECOMMENDATION
REFERENCE APPENDIX

LIST OF FIGURE:

FIGURE 3.1: OPENING OF LETTER OF CREDIT FIGURE 3.2: UTILIZATION OF LETTER OF CREDIT

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1. Abstract: The most important part of international trading is the dealing of foreign exchange issues. Undoubtly, it is a numero-uno for a countrys export import issue. In addition, Bangladesh maintains their global trade relationship specially import and export countries are China, India, Singapore, Australia, USA, and UK except Israel- with all over the countries of the world mostly in import items rather than export items. Here the financial institutions like Banks have so much contribution regarding countrys trade, and one of the most important and needful magical issue is Letter of Credit. Countrys lots of importer are depending on Letter of Credit with the help of these financial institutions and Banks. Here Bangladesh Commerce Bank Limited (BCBL) also provides the L/C issuing practice, and BCBL not unlikely follows the S.W.I.F.T process for instant transaction and transforming or update any information and data to attract and retain the customer with optimize the adequate service level and the motive to the desired service level with establishing the structural bond, social bond, financial bond. So the BCBL main USP for L/C issuance is the S.W.I.F.T technology. However my topic Import Division of BCBL will mainly cover the importing goods with the using of Letter of Credit where my practical learning and working experience are explained in a proactive way.

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1.1 Introduction 1.1.1 Origin of the report The BBA internship program is a required course for the students who are graduating from the School of Business of Independent University, Bangladesh. In the internship program, I was attached to a host organization Bangladesh Commerce Bank Limited (BCBL) for 12 weeks. During this time period I learned how the host organization works with the help of the internal supervisor name MR. Sudhir Chandra Saha, Senior Executive Officer of Foreign Exchange Department. He assigned me on BCBL Foreign Exchange (Export, Import, and Remittance) process especially in Import Department, to learn and look after the Letter of Credit processes proactively. The report on BCBL Import Division Service is prepared by the author Habibul Alam and finally, the final copy submitted on December 08, 2011. 1.1.2 Objective of the report 1.2.1 General objective To gain practical job experiences and to gather knowledge on the job about Letter of Credit (Irrevocable) and its procedure of Issuing, the L/C application process, Issuance of L/C, Lodgment & Retirement of L/C and Amendment, and finally Post Financing on Letter of Credit. 1.2.2 Secondary objective To know corresponding Bank activities.
To know about import financing activities

To improve the ways of the service standard that accommodates a rapid growing customer volume. 1.3 Sources of Information: 1.3.1 Primary Source of Information: a. Branch management of foreign trade and exchange was interviewed with informal questions b. Also interview with some selective customers regarding satisfaction of services, related information will be collected from the clients. c. With daily observation and working process

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1.3.2 Secondary Source of Information: Official records of the clients/Import File Customer Recording L/C File Annual report of Bangladesh Commerce Bank Limited Website of Bangladesh Commerce Bank Limited. www.bcbl-bd.com Different articles and websites regarding banking function 1.4 Limitations: Disclosure of customer internal record of Letter of Credit. Because of Strategic and Competitive position of the bank, it refuses to disclose sophisticated information which might make the report more worthy. As my assigned Branch is NAD so it was difficult to integrate and understand the entire L/C task, for half of the tasks are done in Branch and rest of the tasks are done in Principal Branch Office (AD Branch). Due to lack of sufficient time it was difficult to get through the overall L/C Operations. Like for L/C importer payments also need to go through with clearance if the importers issued cheque is A/C pay, PO etc. so the clearing knowledge is also sometimes required. Lack of Resources, like, technologically adverse, the Branch has no On Line Banking opportunity so doing task with the S.W.I.F.T is need to done by the Principal Branch which make me difficult to perceive about the S.W.I.F.T operation. Busyness of my fellow colleagues obstructed my learning process.

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2. Company Profile: 2.1 Background of the Bangladesh Commerce bank limited: Bangladesh Commerce bank limited (BCBL) was incorporated on June 01, 1998 as a public limited company under the Companies Act, 1994. The act 12 of 1997 provided that the paid-up capital of the bank would be TK. 920 million out of which the distribution of the paid-up capital is given below in a table format. 1. REPUBLIC OF BANGLADESH 2. NATIONALIZED BANK (SONALI, JANATA AND AGRANI BANKS LTD.) 3. BANGLADESH COMMERCE BANK LTD. DEPOSITOR 300 MILLION TAKA 100 MILLION TAKA 520 MILLION TAKA

The commercial operation of the bank started on September 16, 1999 with the slogan of A peoples Bank with A mission in kipping with the objective with witch the Bank was created by a statue. Initially the bank started its operations through opening of its principal branch and others 23 branches were opened by December 31, 1999. And till the month of November 2011 the Banks total branches are 27. So here is huge gap of services of the banks and deem of Business expansion however now in up year the Bank will open more new branches in the competition with the other banks in this banking industry. 2.2 Corporate Vision, Mission, and Slogan: 2.2.1 Vision: To become the first choice of the customers in banking and a socially responsible corporate citizen in Bangladesh. 2.2.2 Mission: Bangladesh Commerce Bank Limited concentrates on fulfilling the customer needs and satisfaction by providing quality and innovative banking service accompanied by continuous improvement in core banking system, operational and financial policies & procedures and adapting to advanced technology. 2.2.3 Corporate Slogan: 2.2.4 Logo: A Peoples Bank with A Mission

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3. Latter of Credit: Irrevocable L/C 3.1 Applicant or Importer applies for opening the L/C by following some procedures: Request to open L/C by submitting application to the branch Vice President Enclosed Proforma Invoice Import Registration Certificate (IRC) Taxpayers Identification Number (TIN) Insurance cover note with money receipt and TAX payment receipt Bank Account in BCBL (Current Deposit Account) And partially or inclusively the exporter account certificate photocopy of that particular countrys bank whom BCBL is dealing mentioning the name of the exporter company , nature of business, transaction frequency, business reputation, financial standing etc. 3.1.1 Proforma Invoice: Proforma Invoice is the sale contract between seller and buyer in import export business. Where mention the Exporter name, Consignee name, Carriage by Truck/ Ship, Place of receipt by pre carrier, vessel no. Port of lading, Port of discharge, Final destination, Proforma Invoice no & date, Country of origin or goods, terms of delivery and payment and mention the amount of goods with the multiplying the Foreign Currency by US Dollar. Here Proforma Invoice mainly submits by the importer which is mail or currier by the exporter. Importer after that submits the copy of Proforma Invoice at the bank by giving importer proprietor sell and sign. 3.1.2 Insurance Cover Note: According to the L/C terms and conditions an importer must arrange the Insurance to minimize the risk which good he/s is importing. In the insurance cover note premium value added, mention the good that will cover the insurance, mention the transit categories, voyage date of start to end, amount to insured, and the condition in which the insurance will apply with the period of validity. Although importer receives a receipt of payment of insurance premium value and VAT certificate for the payment of premium value to submit these in the BCBL branch or L/C issuing bank.

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3.2 Sanction of L/C and Proposal Format: After the application the branch office of BCBL fill out a proposal format for opening L/C. However my assigned branch of BCBL is a Non Authorized Dealer branch so the sanctioning of L/C is to follow two scenariosa. If the total amount of L/C worth above 30 Lac Taka the branch office of BCBL sent an application to the Trade division at head Office for the sanction of the particular L/C with enclosing the Proforma Invoice and the proposal format. And Trade Division, Head Office examine of the previous L/C records cause a client can open L/C maximum 13 times in a year but based on the client it varies, and then sanction to open the L/C if all the record is all right by sending a sanction letter with L/C terms & Conditions and rules and regulations. b. The second scenario is if the amount of L/C. less then 30 Lac Taka then the assigned Vice President of the branch sanctions the L/C. 3.2.1 Proposal Format: Basically it is requiring for official internal purpose to scrutinize the importer previous and present information is valid or not. Here Branch office mention in the subject line about the no. of L/C, amount of L/C in Dollar and in equivalent in Taka, Importer company name and address, Import goods, origin of the goods, details of the beneficiary, CD A/C number, mode of shipment, CIB information, amount of L/C opened in current year, IRC no. summary of past performance of the importer, mode of retirement of document, and recommendation from the branch manager where most importantly specified the rate of margin based on importer performance. 3.3 Letter of Credit Application Form, Authorization Form, and IMP Form: After sanction the L/C, branch office gives to importer to fill out the Letter of Credit Application Form, Letter of Credit Authorization Form, and IMP Form. 3.3.1 Letter of Credit Application Form: L/C Application Form is a sort of an agreement between customer and bank on the basis of which letter of credit is opened. A special adhesive stamp of Taka 150 in value is affixed on the form in accordance with Stamp Act currently in force. Usually the importer expresses his

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decision to open the L/C quoting the amount of margin in percentage. Usually the importer gives the following information Full name and address of the importer Full name and address of the beneficiary Draft Amount and availability of the client by sight payment / deferred payment Sales type Brief specification of commodities, price, quantity, PI Number Import License / LCAF Number CCI&E Registration Number Insurance company details with Cover Note 3.3.2 Letter of Credit Authorization Form: The Letter of Credit Authorization Form (LCAF) is the form prescribed for the authorization of opening letter of credit / payment against import and used in lien of import license. Here mainly in BCBL Dilkusha Branch fill up the LCAF by the importer and then send it to Principal Branch which is an authorized dealer to issue LCA Forms to Bangladesh Bank for registration where fund is purchased from Bangladesh Bank. After registration Bangladesh Bank forward the original and duplicate copy of LCA form to the Authorized Dealer, 3rd and 4th copy to CCI & E and keep the 5th copy as their office copy. Original copy of LCA is known as Exchange Control copy against which Authorized Dealer can open L/C at the request of the importer. And Duplicate copy is custom purpose to discharge the good from the port after shipment. Whether the partial shipment is allowed or not Whether allowed or not Last date of shipment & Last date of negotiation Other terms and conditions Whether the confirmation of the credit is requested by the beneficiary or not The L/C application filled in properly with sign of importer and Bank. the transshipment is

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3.4 Issuing of Letter of Credit: Now Branch office issue another application to the Vice President of Principle Branch with the mention the heading Attn: In charge Foreign exchange Department, for requesting to open L/C with the mention of Cash Margin. Here cash margin is determined by the branch office and the cash margin is minimum 10% and maximum 100% based on the client and business transaction. However bank also charge 0.40% commission rate for charging of L/C. Here branch office also enclosed An L/C Application Form Proforma Invoice no. with date 1 (one) set of L/C Authorization Form bearing No. Insurance Cover note no. Date, Company Name, Address which covering all the risk duly authenticated the genuineness of the cover note by the branch office which is issued by insurance company with money receipt. Photocopy of Import Registration Certificate (IRC) Photocopy of Taxpayers Identification Number (TIN) Photocopy of VAT registration certificate 1 set of IMP form
Exporter (Beneficiary) Contract of Sale (1)

Importer Dhaka (Applicant)

Forwards L/C to (4)

Applies for opening of L/C (2)

Negation Bank Opens L/C and sends it to (3)

BCBL (Issuing Bank)

Figure 3.1: Opening of Letter of Credit

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3.5 Account Treatment in Case of Letter of Credit Opening: Here at the mean time before issuing Letter of Credit bank asks the applicant to deposit Letter of Credit margin according to the terms of sanction and other necessary charges which includes commission, handling charges, foreign correspondence charge, telex/SWIFT charge etc. as per terms and conditions of sanction. L/C Applicant A/C or Customers A/C . Margin A/C Commission A/C Postage A/C ... Stamp A/C . F.F.C (foreign corresponding charge) A/C Telex charge A/C ... Other A/C .. Customers Liability A/C Bankers Liability A/C Dr Cr Cr Cr Cr Cr Cr Cr Dr Cr

3.6 S.W.I.F.T (Society for Worldwide Inter-bank Financial Telecommunication): When the application form delivered to the Principal branch office, The Letter of Credit is then sent to the negotiation bank. Here BCBL follows S.W.I.F.T of sending the Letter of Credits which SWIFT Stands for Society of World Wide Inter bank Financial Telecommunication. This is special format maintained round the world. Through this facility party can communicate within few minutes with other party staying any part of the world. BCBL provides this facility to the clients. The negotiation bank verifies the authenticity of the Letter of Credit. BCBL has corresponding relationship or arrangement throughout the world by which the Letter of Credit is advised. Actually the negotiation bank does not take any liability if otherwise not requested. One copy of the S.W.I.F.T sends to the branch office. 3.7 Submission of Necessary Documents By Exporter To The Negotiating Bank: Exporter when receives the credit and is satisfied that he can meet its terms and conditions, he is in a position to load the goods and dispatch them. The seller then sends the documents evidencing the shipment to the bank.

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Exporter will submit those documents in accordance with the terms and conditions as mentioned in L/C. Generally the documents observed in the foreign exchange department are: Bill of Exchange Commercial Invoice Bill of Lading Certificate of Origin Packing List Clean Report of Finding (CRF) Weight List Insurance Cover Note Pre shipment Certificate

Exporter (Beneficiary) Presents Documents and Obtains payment from (6) Ships Goods to (5)

Importer Dhaka (Applicant) Recovers amount from (8)

Negotiating Bank

Obtain Reimbursement From (7)

BCBL Dhaka (Issuing Bank)

Figure 3.2: Utilization of Letter of Credit

3.8 The Documents Sent To the Issuing Bank through the Negotiating Bank: The Negotiating Bank checks the documents provided by the exporter against the credit and if the documents meet all the requirement of the credit, the bank will pay, accept or negotiate in accordance with the terms and conditions of the credit. Then the bank sends the documents to the L/C opening bank.

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3.9 Making The Payment of Foreign Bill Through The Reimbursing Bank: Now negotiation bank inform the principal branch of BCBL, the L/C issuing Bank and also send the negotiation document of above. The L/C issuing bank getting the documents checks immediately and if they are in order and meet the credit requirements. It will arrange to make payment against L/C through reimbursement bank and will send the importer the document arrival notice. 3.10 Lodgment & Retirement of Shipping Documents: After scrutinizing the import negotiating document, if no discrepancy are found then it is treated to be accepted after the end of seven banking day following the day of receipt of the document under Article 1(b) of UCPDC 500. If any discrepancy is found then the banker informs the importer about it and whether to accept the bills with discrepancies or not. If the importer does not accept, the banker informs it to the negotiating bank within seven banking days from the date of receipt of the documents, otherwise it is treated to be accepted and the opening bank must bound to pay against the bill and no complain against the bill will be accepted more than 4 banking days following the date of receipt of the documents under article no K1 (d) & article no 14 (c) of the UCPDC 500. 3.11 The Local Office Passes the Following Vouchers After Negotiation: Accounting Treatment PAD A/C (Principal Branch A/C) .. Dr H.O. International Division A/C .. Cr The shipping documents then stamped with PAD number and entered in the PAD register. As soon as the above formalities are completed, the importer is served with PAD bill intimations for retirement of concerned import documents. On intimation the importer calls on the BCBL Dilkusha Branch requesting retirement of the shipping documents with NOC against payment to the debit of their CD account by the bill amount and other charges payable. Here Principal Branch of BCBL prepares FATE memo in printed form on account of the concerned party giving detailed rate of charges payable.

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Vouchers passed in retiring documents: Pr. Br. L/C margin A/C . Dr Party A/C Dr BLC A/C Cr Income A/C interest on PAD Cr Commission on PAD Cr Miscellaneous earning . Cr After the vouchers are passed, endorsement is made on the back of the bill of exchange as Received Payment & bill of lading is endorsed to the effect that Please deliver to the order of M/S under two authorized signatures of the bank officials. Then the documents are delivered to the L/C applicant (Importer). But if there is any discrepancy in the documents, the L/C issuing bank send message to the negotiating bank to rectify it under its risks and responsibilities. 3.12 Post Import Financing: The finance extended after arrival of the goods is termed as Post Import finance which may be in the from of (a) Loan against Imported Merchandise (LIM) (b) Loan against Trust Receipt (LTR) 3.12.1 Loan against Imported Merchandise (LIM): Importer who are not in position to retire the documents, maybe allowed to retire the PADs through LIM Account on retaining sufficient margin mostly 20%-60% in the landed cost of the goods or as prescribed by Bangladesh Bank. Even if importer is reluctant to provide aforesaid margin, goods may be allowed to be cleared through LIM account under forced circumstances to same the consignment form incurring demurrage, pilferage, and auction and to protect the interest of the Bank. Under such circumstances, goods are cleared only through approved Clearing Agent of the BCBL. The consignment after clearance is stored in Banks own go-down duly insured against all risks. The delivery of the consignment is made on the importers against payment only, without resorting to any borrowing from the Bank on that behalf.

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3.12.2 Loan against Trust Receipt (LTR): Importer when get late to pay the amount of L/C however need emergency to retire the the goods from the port, in that cases BCBL offer LTR based on same specific judgment and after that it will sanction from the Head Office Credit Division. Here in LTR the BCBL gives a limit of Loan, and also need to specify the purpose where 16% yearly interest if fixed. The mode of adjustment of LTR liability shall be liquidate from regular sales process and on demand from the importers own sources within a maximum period of 90 days for perishable product items and 120 days for other items from the date of criteria of LTR. 3.13 Amendments to a Letter of Credit: After issuance of a Letter of Credit, changes can be done through amendments subject to acceptance by the Exporter. Amendments to the Letter of Credit will be required when either the Importer or the Exporter is unable to comply with the terms of the sale agreement or the agreement has been changed. For example, an Exporter will ask for an amendment to extend the expiry date and the latest shipping date if they are unable to manufacture the merchandise according to the agreed upon time. An Importer may request an amendment to increase the value of the Letter of Credit if they subsequently decide to purchase a higher quantity of merchandise. The Importer must complete an amendment application listing all required changes and forward the request to the respective BCBL Branch office via the same route the original application was sent. Branch assigned officer forward amendments with the following the same track of L/C procedure. Although after sanction of amendment BCBL principal branch send a telex to the correspondent bank regarding about the amendment. Any amendments to the Letter of Credit must be accepted by the Exporter and where more than one change is included in an amendment, they must be accepted as a whole as opposed to accepting or rejecting individual items within the amendment. However this issue mainly does with bilateral understanding between the importer and exporter.

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4. Conclusion: BCBL banking system is not so standard in comparison to that of developed Banks in Bangladesh. Since ours is a least developed country, the banking sector is not free from the touch of backwardness. Management of foreign trade and exchange is a diverse and complicated issue in banking. The overall success of the management depends on its policy and strategy. A professional mind with effective policy and strategy can help to manage smooth flow of trade and exchange. However giving more knowledge about service quality, positive word of mouth and development of resources will elaborate the bonding of structure, financial, social. In this study I have attempted to highlight the issues and aspects relating to the management of foreign trade especially in Import division and exchange from the corporate level to the branch level of the Bangladesh Commerce Bank Limited. In the end we can say that since long the bankers have been considered in the society as trustworthy people and good citizens. The bankers earned the peoples trust through their sustained adherence to banking ethics. The bankers in their turn have to trust their clients. 5. Recommendation: This study proposes some policy recommendations for further improvement of BCBL specifically in its foreign trade and exchange business and also for imparting more efficiency in the management of foreign trade and exchange business. These are as follows: BCBL Branch executives must need the knowledge about marketing; that can attract more valued clients, which ultimately will help the bank to earn more profit by way of increasing trade and exchange of the bank. At present my assigned branch deals with L/C with to many SME clients rather deal with huge well known industrial clients cause this will make them more profitable with a period of timeline. In BCBL Dilkusha Branch and although in Principal Branch there is no complain management tools so BCBL need to introduce the complain management with the introduce of Complain Box or in the web site.

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If BCBL reduces the rate of margin then perhaps they can attract more customers. At the moment, parties with good relationship with the banks only benefits with lower margin level over others. Through prearrangement of credit facilities for the payment of L/C like LTR sometimes act as a very useful post import financing. Usually, the rates of interest on these credits are excessively high which actually discourages the customers. Reducing interest on such credit facilities would actually induce the clients to do more global trade thus increasing the banks profit as well as the well being of the countrys Economy.

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References: Bangladesh Commerce Bank Limited (BCBL) Annual Report 2009/2010

http://www.investorwords.com/10468/one_stop_banking.html (one stop banking) http://www.creditmanagementworld.com/glossary/letterofcreditglossary.html http://www.reportbd.com/categories/Annual-Reports/Financial-Institutions/ http://www.tdsecurities.com/tds/pdfs/TDS3.3.6.1PDF1.pdf?language=en_CA http://www.internetlc.com/MarketingMat/Trade%20Editoral11%20-%20SWIFT%20Message.pdf

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Appendix: Sample of Few Necessary Documents of LC

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