Analysis of Recent Worker Remittance Operations of Citibank in Bangladesh
Introduction
Bangladesh is a developing country with a population size of around 140 million. 3.28% of its population, working at various foreign destinations mainly as economic migrants has made it one of the major manpower exporting country of the world. Kingdom of Saudi Arabia is the single biggest overseas job market for Bangladeshis. Citibank N.A. Bangladesh, being the correspondent bank of SAMBA, a well-known financial group of Kingdom of Saudi Arabia (KSA), has been offering remittance services to Bangladeshi Nationals residing in Saudi Arabia for the last 13 years.
1.1 Origin of the report
This report is the outcome of the study conducted as a term paper requirement for the course “Managerial Communication” in the 1st semester of the MBA program at Institute of Business Administration.
1.2 Problem and Purpose
• Analysis of the remittance trend in Bangladesh to understand current remittance scenario.
• Analysis of the illegal money transfer channels to better understand its effect on the formal money transfer channels
• Analysis of the entire remittance process and structure of Citibank N.A. Bangladesh
• Developing recommendations to add more dimensions to the remittance process of Citibank based on analysis and findings.
1.3 Scope
The study covered mainly the remittance from Saudi Arabia and has been conducted within the Citibank N.A. officials through in-depth interview.
1.4 Limitations
It was not possible to get accurate information on the illegal money transfer through illegal channels.
1.5 Background
Citigroup is the world’s largest, most global and most diversified financial services providers with millions of customer accounts in more than 100 countries. Citibank N.A., the banking arm of Citigroup, established its presence in Bangladesh in 1987 through a representative office. Citibank N.A. has been successfully offering remittance services since 1995. However it has been only catering to the need of
Bangladesh is a developing country with a population size of around 140 million. 3.28% of its population, working at various foreign destinations mainly as economic migrants has made it one of the major manpower exporting country of the world. Kingdom of Saudi Arabia is the single biggest overseas job market for Bangladeshis. Citibank N.A. Bangladesh, being the correspondent bank of SAMBA, a well-known financial group of Kingdom of Saudi Arabia (KSA), has been offering remittance services to Bangladeshi Nationals residing in Saudi Arabia for the last 13 years.
1.1 Origin of the report
This report is the outcome of the study conducted as a term paper requirement for the course “Managerial Communication” in the 1st semester of the MBA program at Institute of Business Administration.
1.2 Problem and Purpose
• Analysis of the remittance trend in Bangladesh to understand current remittance scenario.
• Analysis of the illegal money transfer channels to better understand its effect on the formal money transfer channels
• Analysis of the entire remittance process and structure of Citibank N.A. Bangladesh
• Developing recommendations to add more dimensions to the remittance process of Citibank based on analysis and findings.
1.3 Scope
The study covered mainly the remittance from Saudi Arabia and has been conducted within the Citibank N.A. officials through in-depth interview.
1.4 Limitations
It was not possible to get accurate information on the illegal money transfer through illegal channels.
1.5 Background
Citigroup is the world’s largest, most global and most diversified financial services providers with millions of customer accounts in more than 100 countries. Citibank N.A., the banking arm of Citigroup, established its presence in Bangladesh in 1987 through a representative office. Citibank N.A. has been successfully offering remittance services since 1995. However it has been only catering to the need of
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