Offshore investors will get investment advice from Pubali Bank
The managing director and CEO of Pubali Bank PLC believes that when customers see their expert team’s suggestions lead to profits, even during market fluctuations, confidence will grow. Moreover, knowing they can withdraw their money after making profits will further boost their confidence
Pubali Bank aims to elevate offshore banking to a new height by not only offering digital banking services but also investment suggestions to expatriate customers.
Also, we plan to make Pubali Bank more attractive to customers by introducing various new facilities.
Firstly, we are forming multiple teams dedicated to providing investment advice to our customers. Many non-resident Bangladeshis are interested in stock market investments, so we are assembling an advisory committee of market experts to meet this demand. We already have a team in place to ensure Pubali Bank customers receive top-notch stock investment advice.
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When customers see their expert team's suggestions leading to profits, even during market fluctuations, customers' confidence will grow. Moreover, knowing they can withdraw their money after profits will further boost their confidence.
Additionally, many expatriate Bangladeshis are interested in investing in land or real estate. In these cases, banks need to have a panel of lawyers and experts to verify the correctness of documentation and arrange for certification. When we provide such suggestions and customers receive them free of charge, they will be more inclined to invest in real estate. We are currently building teams for real estate investment and panel lawyers
If a customer wants to buy a car for his or her father, the bank intends to support them in that as well. Pubali Bank will also offer investment suggestions to startups and limited companies.
We will form specialised teams with experts for each sector to provide tailored advice to our customers. By doing so, we expect to boost the confidence of expatriate Bangladeshis, their future generations, and foreign nationals.
Pubali Bank also aims to provide customers with a comprehensive digital banking experience. For foreigners or non-resident Bangladeshis living abroad, we want to offer products and services that make customers feel as though Pubali Bank is a digital bank in their country of residence.
This will enable customers to open and deposit into their bank accounts from home and conduct real-time transactions from any country. The bank has already begun working towards this goal.
Aside from opening International Banking (IB) accounts, Pubali Bank is currently focused on expanding a range of products. They are also working on developing the website and app, which is expected to be complete by July-August of 2024.
Many financial institutions charge taxes on deposits made abroad, but deposits in our offshore banking accounts are tax-free. In addition, we offer attractive interest rates on term deposits.
If you keep money in current and savings accounts, you will receive a separate platinum debit card, even though the interest rate is lower. This card can be used for all daily expenses, and customers can access airport lounges while travelling abroad. We are following the successful strategies of other countries with thriving offshore banking sectors. For instance, Mauritius, with a population of 1.6 million, received over $800 billion through offshore banking.
Given our population of 160 to 180 million, both domestically and abroad, we should be able to attract $1 trillion through offshore banking in the next few years. We believe that Pubali Bank's current portfolio will be surpassed by our offshore banking units within a few years.
