Internship report on “Foreign exchange activities of Standard Bank Limited”
Ahmed, Nimmi Nowshin Navila
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This internship report has been prepared as a requirement of BBA program. This report contains the facts related to a particular organization in which the student was authorized to do internship on a three months basis. Supervisors, both from the university and from the organization, guided the student in writing this report. I was assigned for doing internship in Standard Bank Limited for the time period of three Months. Standard Bank Limited (SBL) was incorporated as a public limited company on May 11, 1999 under Companies Act, 1994 and started its commercial operation on June 03, 1999 as a private sector commercial bank. The motto of the Standard Bank Ltd. is to explore a new horizon of innovative modern banking. One of the main objectives of the bank is to be a provider of high quality products and services. The bank also caters to the needs of its corporate clients and provides a comprehensive range of financial services to national and multinational companies. My project was to identify and analyze “Foreign Exchange Activities of Standard Bank Limited.” Both the primary and secondary sources of data have been used in preparing this report. The rationale behind this study is to explore foreign exchange activities of Standard Bank Limited and to provide some recommendations to improve its foreign exchange business. The analysis includes the export, import and remittance operation of Standard Bank Limited of last seven years from 2009 to 2013. Export-Import Activities are the most crucial part of the report as foreign exchange activities of the bank mainly deals with these two departments. Export- Import activities include how Standard Bank Limited operates their export-import operation in their day to day activities. There are numerous scopes where the bank can contribute by introducing modern technologies to ensure efficient and timely services to the clients. During my internship period in addition to many other things I have learned how to open LC, which types of documents are needed and what are the reasons involved for discrepancies. Statistical analysis shows that even though income from foreign exchange activities has increased over time the fluctuations in earning growth rate is noticeable. The bank must work to ensure a constant growth of income. Surprisingly income from remittance section is very poor and its stake to total earning from foreign exchange activities is reducing over time. It’s an alarming indication. At the end of the report some recommendations are made on the basis of both quantitative and qualitative findings. In brief, this report contains the essential information related to the foreign exchange activities of Standard Bank Limited and recommendations on the basis of findings of analysis. It can also serve as basis for further extensive analysis of foreign exchange activities of Standard Bank Limited.
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