Wednesday, July 13, 2016

Have you ever had to deal with a Bank on your terms? Not in Sri Lanka Ha!

July 13th 2016
Ms XXXX – Business Development Executive
XXXX Bank – XXXXX Branch


Thank you very much for coming to meet me at my office with your manager XXXX at your request, to see what XXXXX could offer a business such as ours.

I was disappointed by your email which was a typical heavy handed start of proceedings, requesting information which really is NOT relevant at this stage until we can assess whether the bank can even be competitive in your offerings!

Our conversation was about the banks and their high handed attitude towards businesses, who need assistance. So in order to be competitive with others, your approach should have been Servant like and not that of a beholden Master.

I would have simply wanted to know that if we were a AAA borrower, what would be the best rate available and what my payment terms would be. I don’t want to give you all the details and then you tell me later that I don’t qualify for your best rates. If you can’t give me your best rates, I don’t want your business.

I simply don’t want to waste my time supplying you with a list of confidential details even prior to knowing what you can offer. So I simply cannot send you the information you want, except to say that the ball is in your Court if you want our business and you should do all in your power to make it easy for a potential client.

XXXX said the bank has to be competitive, then it is in your interest to approach the client on the Client terms rather than the Bank’s terms, as there are many lending institutions pitching for the same account.

Enough said, I just want to know the best rate possible for a private company to lease a machine costing Rs13XXM, where Rs10XXM is financed, and the machine resale value during the whole term of the lease will never drop below Rs10XXM. If you can lend on a car without requiring all the details you asked of me, why can’t you on a far more useful product for the Sri Lankan Economy to help it grow. After all you are supposed to offer Development Finance!

Yours sincerely

1 comment:

Anonymous said...

This is a good one. Sri Lankan Banks must learn the art of PROPORTIONALITY. I am sure they have not even heard that word.

To sum up they are trying to use a sledgehammer to crack a nut, and so turn away risk takers from adding value to the Economy. In short traitors to the Nation, not Bankers to the Nation!