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Let's not exaggerate the impacts

A senior Citi official discusses European debt crisis with The Daily Star

Sajjadur Rahman
The present crisis in the European countries is a government debt crisis and it has not impacted people's purchasing power, says a Citi high official.
Peter B Eliot, Citi country officer in Thailand, who oversees Citi's Bangladesh and Sri Lanka businesses, speaks to The Daily Star in an interview recendy.
“Don't underestimate Bangladeshi businessmen. They know how to diversify and make their products competitive," Eliot says.
So the debt crisis will not affect Bangladesh's exports, he says.
According to him, Bangladesh has dealt with the 2007-08 global financial crisis quite well and the present one, which is a government debt crisis in some European countries, particularly Greece, will not impact Bangladeshi exports.
“Probably, Greece is a small market for Bangladesh...let's not exaggerate the impacts," says Eliot, who has been serving Citi for over 26 years in the US, Middle East and Asia.
The career banker spoke of a wide range of issues, including Bangladesh's growth potential, infrastructure constraints and how Citibank can help Bangladesh government in large project financing and advice.
He also focused on Citi's strengths and plans globally. Citibank is going to celebrate its 200th anniversary next year, but it is only 15 years old in Bangladesh.
Bangladesh is growing at a 6 percent plus rate, which most countries cannot think of. The country has huge human capital and competitive advantages. So, there is no reason why Bangladesh cannot grow further, says the banker.
"Infrastructure would be the key issue. You have to have your roads and highways," says Eliot. But he adds that infrastructure is a longterm project and takes time to build.
He says Citi is an experienced bank in project financing. Citi can play a role with its advisory services, expertise and financing, in the case of these large projects, he adds. Eliot cites examples from the Middle East where Citi was instrumental in providing assistance and services in building infrastructure.
"We know how to do it and we'll be more than happy to do it here,” he says.
Citi has a well-developed financial institutions business, supporting the cross-border transactions of nationalised and private sector banks in the country. Global Trans-
action Citi Bangladesh provides corporate, financial and public sector clients with cash management, trade services, agency and trust, and direct custody and clearingsolutions.
Citi is also the leading book runner of capital market solutions for its clients in Bangladesh.
Even though Citi considers Bangladesh as one of its growing markets, it has no retail and consumer banking in Bangladesh.
“It is under consideration. We are still studying, and when we launch, we want the product best in quality,” says Eliot.
He says things will improve next year when Citi Bangladesh will shift to modern premises.
sajjad@thedailystar.net