The banks, just like other international institutions, offer services both to corporations, medium and small companies, but also to the retail clients. For all the clientele groups, the principal services offered by banks are opening and closing accounts, deposits, credits, cards, and credit lines. For those services, besides the classical services (interests, banking extras, investments), the people are also looking for safety, rapidity, convenience and reliability. This is why clients that are not happy about the current services of the local banks could easily apply for the services offered by banks in other countries. This kind of servicing is called banking international and it is a new trend in the banking business. Of course, when it comes to relationships between banks from different countries, the banking ethics are also important.
The main characteristics of the banking international services
The banks are trying to give important information to foreign clients. Some corporations need to have opened accounts in hundreds of countries, and they are working with several banks at a time. Those banks must unite their efforts to give reliable services to those clients, as the commissions for the international banking services are significant and the clients expect quality for their money.
The banking international ethics implies giving valuable information to the clients about their operations, commissions and investing options. The relationships between a bank and a corporate client are different from the relationships of a bank with a retail client. A corporation will not be satisfied with the incomes brought by simple deposits, so they will require advanced investment techniques such as hedging funds, stock investments, and future options. The banking international ethics implies that the bank must give all the relevant information to the client about the possible investments and the most profitable money placements.
The banking international ethic principles:
The banking legislation was developed by the central banks of the countries with accents on transparency. This is why the banks are used with those practices, but when it comes to international banking, the relationship between the bank and the client are different. The information about the clients is kept secret from other clients, and even from other employees of the bank. Even if the national banks will try to obtain information about those companies, the banks working on the international financial markets are trying to keep them hidden. Let’s face it: why should a bank care about the unpaid taxes of a corporation in another country, as long as the company pays the interests and the commissions owned to the bank in time?
Tips and comments:
The banking international ethics refer to an environment where the information circulate free as long as the interests of the clients are not affected, the decisions are accessible to all the parts involved and they are also understood by all the participants to the market. The method used to present the information to the public refers to the process and the methodology used by the banks to present the data to the clients. The banks also have the responsibility to present the information required by authorities in case the company is under investigation, but in the majority of cases, the bank tries to protect that information.
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