Managing Director and CEO, SBAC Bank Golam Faruque says

Entrepreneurs should now go for services, tourism, IT sectors

- A Monitor Report 01 Oct, 2018 | 403 Views | - +
Dhaka : Entrepreneurs should now go for services, tourism, information technology (IT) and industries relying on agricultural raw materials.

They should give importance to diversification and to adding value to products. These sectors are slowly emerging as alternatives to readymade garments.

Md Golam Faruque, Managing Director and CEO, South Bangla Agricultural Commerce (SBAC) Bank Ltd, said this while talking to The Bangladesh Monitor about which sectors the entrepreneurs of the present days should turn to.

Golam Faruque said, of course, it all depends on the ability of the entrepreneurs to gather equity, his or her experience, demand for their products and his or her analysis of the risks involved.

Sixth year

Giving a background, Golam Faruque said, the fourth-generation South Bangla Agricultural Commerce (SBAC) Bank Ltd started its journey in April 2013. Since its launching the bank has kept marching ahead and has stepped into its sixth year.

SBAC Bank has been able to achieve the highest profit among the new generation banks.

Golam Faruque termed 2018 as the year for success and progress, as during this year, the bank is launching new divisions like - Digital Banking, Merchant Banking, Retail Customer Division, Corporate Division, Marketing and Business Development Division, he said.

This year we are giving much importance to digital banking. Online banking will help us in opening a new dimension and will provide speedier transactions with confidence.

SBAC is serving over 1.5 lakh customers across the country through our 64 branches, across the country with world class products and services.

Sitting in our branches in remote areas of the country, the customers are able to conduct transactions not only with our other branches across the country, but also with branches of other banks through RTGS.

Real Time Gross Settlement (RTGS) is an electronic form of funds transfer where the transmission takes place on a real time basis.

SBAC would soon launch web-based products. We have digitalised facilities including online banking. Foreign trading business can be conducted through the bank's Central Processing Unit.

Unbanked areas

The bank is progressing rapidly by giving importance to unbanked areas. We give top priority to industries, based on agro-products, as we do to women entrepreneurs, SMEs and Green Banking.

He said, SBAC wants to be known in the society as a compliant and IT-reliant bank. We want to implement a cashless society through innovative products.

SBAC's international footprint is getting larger. Our international business network is increasing with every passing day. We have RMAs and credit lines with renowned banks abroad.

Silent revolution

A silent revolution has taken place in agriculture. Bangladesh has become the fourth largest fish producer in the world. None can deny the role played by banks in these two sectors.

Just as banks had created entrepreneurs, they have also played a role in creating employment and harnessing foreign remittance.

The role of banks in implementing government's social safety nets is very important. Banks are also contributing to the growth of information technology (IT) sector and "green financing" for green growth, said Golam Faruque.

And the banks will continue to be associated with the plans of the government to achieve developing country status.

Also on Bangladesh Monitor