Page 281 - A Banker Down the Rabbit Hole

82. Application of learning - Carpet

bombing of banks

O ur company Chairman desired that we needed to expand the

banking arrangements from existing one Bank so that business
could be scaled up with additional credit lines. He kept a high
target of doubling the turnover in 2 years. I started making
efforts commensurate with the ambitious targets. We were a Singapore
Company run by Indians. We were skeptical if we could get credit lines
from any foreign banks or local Singapore banks. But this was the way
ahead.

I prepared a forwarding letter with documents normally required by
banks including the audited Balance Sheet and Profit and Loss account
for the last 3 years. I sent in the application to 14 different banks like
carpet bombing, to hit almost every Indian, Singapore an or Foreign bank
in the near vicinity. Fortunately, five banks called us to discuss the credit
proposal. I requested the Chairman to follow my following suggestions
while meeting the bankers for the first time:

Suggestion 1
Please introduce me to the banker first and then give your introduction.
He immediately asked "I am the boss and you should normally introduce
me first to the bank". I told him "If you introduce me to the bankers,
they would be impressed that even being the owner of the company, you
so much value your professionals like CFO. They will feel that yours is a
professionally run company in spite of being a close knit family run
company." He agreed to this.

278 | A Banker down the Rabbit Hole