How to attract depositors from foreign countries?
Hi guys, I work in a bank in Mongolia and one of my responsibilities is to attract deposits. I want to attract clients from outside of Mongolia but dont know how to do it. Are there any tips where or how I can contact potential clients? Or where I should look for? etc.. One of the advantages of Mongolian banks is they offer very high savings rates (6-7%) compared to more developed countries. I know it is naive to post such threads here but i will give it a shot. Any tip is welcome.
I hope you're asking this as a serious question.
It's gonna be difficult. Is this 6% - 7% per annum on an MNT deposit or a USD one? Does Mongolia have bank deposit protection schemes and what are these schemes backed by?
One possible avenue for you could be to leverage your bank's other activities. For example, let's say your bank invests/participates in funding various mining or other projects in Mongolia. Can you get in touch with the people/corps involved and see if they wanna use your bank for managing their liquidity needs? Just a thought...
Good luck!
Yeah I am serious. 6-7% is the rate for 1-year USD term deposit. For 30-day term deposit rate would be around 2%, 60-day rate would be around 3%. I am thinking to offer short-term deposits for new clients to let yhem test the water and see what is Mongolia about and after few months offering them more long-term deposits. Rates for MNT are much higher, around 15-16% pa. We do have state guarantee for deposits up to MNT 20 mil. which is about 12,000 USD.
Sure, but the state guarantees are MNT-denominated, right? So I still run the ccy risk if I deposit USD w/a Mongolian bank... Also, what assets does the state deposit protection fund hold? You might want to look at the Icelandic experience, as that's what I am thinking of as relevant precedent.
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