Kazi Zahidul Hasan :
Scam-hit Farmers Bank and NRBC Bank have launched an advertisement campaign in an effort to repair their damaged reputation.
Reputation of the banks hit rock bottom following discovery of their large loan scandals and corruption by the central bank.
The campaign begins on Thursday through print media, focusing their activities, financial state, rating and products and services.
“The new campaign has launched to re-build clients’ trust,” a NRBC Bank official told The New Nation yesterday, seeking anonymity.
He said the bank had no choice, but to invest in public outreach campaign when its reputation hit rock bottom as a result of financial scandals.
When asked, he said, “Definitely it will increase our spending
and put us into further financial stress”.
“If they do spend, they may be accused of wasting money,” “But if they don’t spend, they will be accused of not doing everything to regain customers confidence.”
Recently, a parliamentary body had asked Bangladesh Bank (BB) to investigate the loan scandals and corruption in the Farmers and the NRBC Banks further in order to ensure exemplary punishment to those who masterminded the crime.
The parliamentary standing committee on finance recommended also that the two banks should be rescued from bankruptcy and measures for restoring stakeholders’ confidence.
The Farmers Bank Limited, owned by former minister Mohiuddin Khan Alamgir, has created a systematic risk’ for Bangladesh’s entire financial sector due to large loan scandal and corruption, the Bank and Financial Institutions Division (BFID) says in a report.
The report on NRBC Bank it says the bank made minutes of meeting of its board by forging signature of absentee directors.
It lent money to an organisation related to Mercantile Bank Chairman AKM Shaheed Reza in breach of banking rules.
The other allegations against the bank include irregularities in drawing capital during formation, selling shares to people staying in Bangladesh instead of Non-Residential Bangladeshis (NRBs), and disbursing loans violating rules.
The bank’s Managing Director Dewan Mujibur Rahman and other directors were involved in the irregularities, the report says.
“We go for the ad campaign to regain clients’ trust, confidence and satisfaction afresh. We hope this campaign will attract greater attention from clients,” an official of Farmers Bank told The New Nation yesterday.
He said that damaged reputations could be repaired. There’re numerous examples of companies bouncing back from the doldrums after launching such campaigns.
“Though the campaign is expensive, we have to follow the strategy to rebuild clients’ confidence and trust,” he added.
Scam-hit Farmers Bank and NRBC Bank have launched an advertisement campaign in an effort to repair their damaged reputation.
Reputation of the banks hit rock bottom following discovery of their large loan scandals and corruption by the central bank.
The campaign begins on Thursday through print media, focusing their activities, financial state, rating and products and services.
“The new campaign has launched to re-build clients’ trust,” a NRBC Bank official told The New Nation yesterday, seeking anonymity.
He said the bank had no choice, but to invest in public outreach campaign when its reputation hit rock bottom as a result of financial scandals.
When asked, he said, “Definitely it will increase our spending
and put us into further financial stress”.
“If they do spend, they may be accused of wasting money,” “But if they don’t spend, they will be accused of not doing everything to regain customers confidence.”
Recently, a parliamentary body had asked Bangladesh Bank (BB) to investigate the loan scandals and corruption in the Farmers and the NRBC Banks further in order to ensure exemplary punishment to those who masterminded the crime.
The parliamentary standing committee on finance recommended also that the two banks should be rescued from bankruptcy and measures for restoring stakeholders’ confidence.
The Farmers Bank Limited, owned by former minister Mohiuddin Khan Alamgir, has created a systematic risk’ for Bangladesh’s entire financial sector due to large loan scandal and corruption, the Bank and Financial Institutions Division (BFID) says in a report.
The report on NRBC Bank it says the bank made minutes of meeting of its board by forging signature of absentee directors.
It lent money to an organisation related to Mercantile Bank Chairman AKM Shaheed Reza in breach of banking rules.
The other allegations against the bank include irregularities in drawing capital during formation, selling shares to people staying in Bangladesh instead of Non-Residential Bangladeshis (NRBs), and disbursing loans violating rules.
The bank’s Managing Director Dewan Mujibur Rahman and other directors were involved in the irregularities, the report says.
“We go for the ad campaign to regain clients’ trust, confidence and satisfaction afresh. We hope this campaign will attract greater attention from clients,” an official of Farmers Bank told The New Nation yesterday.
He said that damaged reputations could be repaired. There’re numerous examples of companies bouncing back from the doldrums after launching such campaigns.
“Though the campaign is expensive, we have to follow the strategy to rebuild clients’ confidence and trust,” he added.
