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Garment exporters get green signal to set up bank
Aug '11
Bangladeshi garment exporters will have a bank of their own now. After receiving the thumbs up sign from the Office of the Prime Minister, the exporters have started work on preparing and forwarding the formal application for setting up the bank.

Earlier in May-end, Mr. Shafiul Islam (Mohiuddin), President of the BGMEA had stressed on the need for a separate bank for the garments industry and added that the industry deserves special attention from the Government, if it is to expand further.

Speaking about advantages of a bank owned by the clothing sector, Mr Siddiqur Rahman, Vice President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told fibre2fashion, “The garment export sector accounts for 80 percent of overall export earnings. The banks too make a tidy profit from this sector.

“If BGMEA has a bank of its own for its members, the bank will charge lower commissions, since its motto is not to be a profit making organisation. These savings, in turn can be passed on to our members”.

He added, “Once we get the permission from the government, then setting up of the bank will not be a big problem because, all members of the Association are businessmen so everybody knows how to run a bank. The BGMEA members will manage the bank and the funds will be shared by the members only”.

Fibre2fashion News Desk - India

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