Page 177 - A Banker Down the Rabbit Hole

52. Challenging the status quo -

Foreign cheques collection system

Some sleepless nights at Hong Kong for customers'
cheques sent for collection to US

It was the middle of the year and I joined Hong Kong branch as an
expatriate Manager. We had four layers of hierarchy. The branch was
headed by a Chief Manager working with three Expatriate Senior
Managers from India. There was a cadre of Junior Managers recruited
from Hong Kong population mainly of Chinese origin with working
knowledge of Banking and English language. Junior Managers used to
supervise the work of local employees assisting them. They were a link
for communication for expats with the other Chinese local staff who only
spoke Cantonese language and did not speak or understand English well.

The work load was huge for four Expatriate Managers in spite of 8 Junior
Managers and 42 local assistant and attendant staff. We used to leave
past 7 pm almost every day from Monday to Friday and between 4 to 5
pm on Saturdays being half working day. Main reason for late working
was that each and every transaction had to be checked and countersigned
by the Expatriate Managers and the local Junior Managers had no
discretionary powers delegated to them to handle or sign any transaction
independently. I was Head- Trade Finance-Exports Department, Outward
Remittances and Collections. There was a large number of collection
instruments like outstation cheques and other export collection
documents to be processed and couriered to our correspondent banks
in other countries daily.

There were export documents to be discounted under Letter of Credit.
The Letter of Credit is an undertaking by the issuing bank of the buyer

174 | A Banker down the Rabbit Hole