duke wrote:
............Wouldn't it be great if you go for credit cards from the local banks? There are lots of choices. And the offers are just the same or much better.
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No one should do it for “greatness”.
Evaluate the rate of interest , charges . Even service vise, compare and see which service is beneficial cost-wise. Minimum interest/charges ( including the cost of services ) should be the only criteria , when you decide on a credit card provider. Why should you consider any other criteria in financial transactions ?
If you do that you're helping your banks to grow. Why pay your fees, interest to foreign banks? Just the same, use savings accounts of local banks? More deposits mean they don't have to go for loans. This will help your banks either private or government. Why should you HELP local BANKS ? Whether local or foreign , the fundamental objective of every BANK is to maximize the return to shareholders. Shareholders appoint directors to do that, and compensate them accordingly. Directors appoint CEO and other employees to do that and remunerate them with salaries bonuses, share options etc.
Your decision in banking transactions should be return on your investment and the lower cost ( including services ). Nothing else.
Banks, whether local or foreign , don’t need your HELP. They only need your money ....... to make more bonuses to employees, more dividends /capital gains to shareholders. That’s all.
If you really want to HELP some “Institutions “, there are enough LOCAL charities . Most of you read, quote, follow ( yet some worship ) a person called Warren Buffett . Why don’t you follow him in charitable work also ?
Remember the hedging deal fiasco? Two or three of those international banks and one of the international banks which some of you may have savings accounts or credit cards sued your government. Sri Lankan banks withdrew. Why give those international banks more profits? International banks did not sue the Government. They sue Ceylon petroleum corporation, because CPC entered into a legally enforceable contract with them and CPC failed to honor the contract . Shouldn't rule of law prevail ? .
Sri Lankan banks withdrew because of political pressure, not for any other reason.
Yes, we clearly remember the role of politicians including cabinet of ministers ( with head of state at chair ), cabinet sub committee, minister in charge of CPC. Also we are clearly aware the role of Central Bank Governor, Treasurer Secretary, Attorney General, CPC -chairman, finance director. Do I have to mention who appointed those beaurocrats to those positions, ( and the education qualifications of chairman CPC) ?
Forgetting all these, should we withdraw savings accounts from international banks, just because they sue OUR government ?.
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............... Move your money to Sri Lankan banks. Someday these banks will be operating all over the world not just one or 2 countries, just like those international banks are.This is interesting.
As you have predicted suppose someday Sri Lankan Banks set up operations in countries all over the world. Whenever that day,“ truly patriotic “ people will be there in every country, ( they won’t disappear) and suppose they decide to act as you suggest , (ie withdraw savings and credit cards). Then these international /Sri Lankan banks will suffer and the share prices of those banks ( at CSE) will drastically come down.
Forum members......those who hold Bank shares for long term ......be aware !!!!!