Sunday, September 20, 2020

FNB warns stake holders to be proactive on International Banking risks

First National Bank, one of the fore-front runners in the financial institutions in Botswana held an International Banking Seminar in Francistown as a way of awakening international bankers to be alert on the risks of international banking.

In his presentation, the Manager of FNB, International Banking, Chris Cocker indicated that it is very important that when bankers indulge in international transactions they understand the risks that can be incurred and take proper procedures.

“When you are importing and exporting you are taking risks because you do not know the other party that you are dealing a transaction with, you also deal with buyers or sellers of unknown standing,” he said.

He also gave example of the restrictions imposed by the laws in different companies indicating that there is need by stakeholders to take such into account as this can impact of the effort to export or import. Among other risks he mentioned the transport risks, where water can pose danger to transport as ships could damage the goods.

He mentioned that the banks play a vital part in making sure that international Bankers do not indulge in risks that will ultimately lead to loss and complications.

In a separate interview with Sunday Standard Coker pointed out being the second seminar FNB conducted in the country, it is essential that the business community takes into account the risks of International Banking with regard to importing of goods and exporting.

“The seminar drew the attention of the business community of the risks they are facing because a lot of them always fall victim to those risks,” he said.

He indicated that on realising that many of the clients always fall victim to those risks, they decided to be pro-active and be upfront to enlighten their clients.

The Seminar was hosted by the FNB Tresasury Division with the objective of educating clients on their vast offering, acquiring more business, increasing sales and enhancing the visibility of FNB treasury and Trade Services Division.

The seminar was targeted at Small to Micro Enterprises (SMMEs) and other FNB target clients.

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Sunday Standard September 20 – 26

Digital copy of Sunday Standard issue of September 20 - 26, 2020.