We reiterate that successful Remedial Requests is only dependent on the willingness of the senior Bank Management to fully co-operate, be open to mediation, negotiation, discussion and final approval, whether the Remedial Company is an external party and not contracted or empaneled with the Bank, but has the relevant Legal Representation documentation, to approve the communication.
This is still a problem with some Banks, unbeknown to those senior Bankers that the banking system is a cycle, that affects every employee, so the illusion that it will not affect them in the shorter or medium term, is a fallacy, where the proof over the past latter years, is mergers and redundancies. This lack of consideration and co-operation affects the bottom-line in all business, therefore will and can affect an economy.
The key is to recover the maximum of the Banks Assets and Losses and maintaining consistency, where that means any trusted entity that can generate an income for the Bank, by recovering long vintage outstanding liabilities, already in Legal with the Bank, should be encourage to be entertained, especially when they are not requesting any Commissions or Service Fees from those Banks. It makes no logical sense to refuse to co-operate, because it is assumed that a legally Notarized Power of Attorney is legally approved for representing any Client, yet, a few Banks have declined to co-operate to support their Client and in addition, the Client is never supported and within a few weeks, the Bank Representative opts to file Legal against the Client, who was a senior employee and independently approached the Bank when he was made redundant, but still opted to remain in the country, whilst seeking alternative employment.
Globally, not just in the UAE, evolution of people who are open to co-operate and fully support each other, is the new Gold and unless some of those senior Banking Representatives understand the dire consequences of not co-operating, the consequences for many could be dire.
For decades the Banking Industry has followed the routine-ridden protocol, where many are not open to very lucrative new initiatives that would not only expedite their employees productivity and performance, but also increase revenues and growth.
It is therefore imperative to start keeping an open mind to the many opportunities that could change the face of performance, because its not just following the standard protocol, filing cases, the Client exits, the case is sent to an Agency and maybe 12months later some value is recovered from the liability, maybe not, but the point is 12months prior, a payment plan could have been approved, the Client would have remained in the country and activated he’s payment plan the Bank would have recovered their losses.
How does this not make any logical sense?
There are very successful Entrepreneurs who are ex Bankers, also experienced in the banking system, therefore with their additional business experience and exposed to local and global markets, they can bring huge value to the table, but they are not entertained, which is sad.
