Transferable Letters of Credit in foreign trade from BRAC Bank’s export department

Abstract

I completed my internship in the Trade Operations department of BRAC Bank PLC. Over this 3- month journey I was placed within the export processing unit of the trade department. My primary responsibilities included managing Transferable Letters of Credit (TLCs) by ensuring a compliant and accurate documentation. Also, I analyzed the workflow if TLC processing to identify inefficiencies and compliance risk for my internship report. The opportunity to work in BRAC Bank’s Export Department has given me valuable insights of their business. Through this report, we can better understand the performance, quality, and service standards that distinguish BRAC Bank in this sector. The organizational study examines various practices that includes the operational workflows, financial strategies, compliance measures, and customer satisfaction. Through conducting a detailed analysis, the findings aim to shed light on how the Bank strengthened its role through a more optimized operations through innovative strategies. A major highlight of my internship was researching the role of TLCs in supporting buying houses within the RMG sector for my project part. I examined how BRAC Bank’s innovative “Buying House Solutions” team addressed challenges like commission delays and ensured confidentiality in TLC transactions. My research revealed that BRAC Bank PLC is committed to exceling growth in the foreign trade sector. From 2021 to 2023 the foreign trade income showed significant growth due to the focus on this particular market. However, challenges such as regulatory constraints and documentation error remains as hurdles in the path of seamless efficiency. Addressing these issues will strengthen BRAC Bank’s role even more in the foreign trade sector. My aim of this enriching experience was to bridge the gap between academic and industry wide practices. I gained insights into international trade, financial compliance and corporate culture. This opportunity enhanced my professional skills. Based on my learnings I recommend digitizing TLC processes further. By focusing on these changes, the bank will improve both operational efficiency and financial performance.