INTERNSHIP REPORT ON

‘Export Import Bank of Bangladesh Limited’

BUS-498
Sec: 118
SUBMITTED TO,

Shahran Abu Sayeed

Lecturer,
Department of Finance
North South University.

Presented by:

Name ID
Mohammad Tanvir Ahammad 1512285030

Date of Submission
17 January 2021

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 Letter of transmittal

17th January, 2019

Mr. Shahran Abu Sayeed

Lecturer,

Department of Finance,

North South University, Bashundhara, Dhaka.

Subject: Submission of internship report

Dear Sir,

This letter is regarding the submission of my internship report, “Export Import Bank of Bangladesh
Limited” being the organization I was attached to during the period of my internship. The purpose of
this report is to learn about the activities and operations of Exim bank General Banking and
investment department and relate my experiences there with the theories I have learnt in the
Duration of my educational program.

I would like to thank you for supervising and helping me throughout my internship program for the
completion of my BBA degree. The internship program has given me the opportunity to explore the
company and their business culture in context of Bangladesh and expand my knowledge thereby. I
have found the experience of working towards the completion of this report to be both challenging
and interesting. I feel that the skills I gained in working on this project in an organizational context
will be helpful for me in my career, and I am grateful to you for granting me permission to work on
this project.

Please feel free to contact me if you have any inquiries. I would be very happy to provide you with
any clarification regarding the project.

Sincerely yours,

Mohammad Tanvir Ahammad

ID: 1512285030

Major- Finance

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 Acknowledgement
Alhumdulillah, as a matter of first importance I need to express appreciation to the all-powerful
Allah, who give me the superiority to finish this report effectively. Without him, nothing is possible.
Every successful completion of any work needs guidelines, inspirations, mental and logical support
from others. To prepare this report, different person give their hands to help me. It would not have
been possible to prepare this report without their helping hand. I am grateful to these experienced
people who always give me guidelines and supervision for preparing this report. First of all I would
like to express my indebtedness and deep sense of gratefulness to my teacher Shahran Abu Sayeed
(ASY), for his brilliant and excellent guidance and assistance to complete this report.

My sincere gratitude go to Manager Dr. Md. Saiful Islam of Export Import Bank of Bangladesh
Limited, Narayanganj Branch, for giving the outstanding opportunity and support me to complete
my internship report.

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 Executive Summary

This internship report focuses on the work experience I gathered while working as an intern in
Export Import Bank of Bangladesh Limited. In this report I tried to cover almost all the necessary
topics as per guideline. It includes a profile summary of the company. To know in details of the
company it also includes the product categories, departments of the company.

Export Import Bank of Bangladesh Limited, better known as EXIM Bank Limited started its journey
in 1999 under the leadership of Late Shahjahan Kabir (Founder Chairman). It is a private
commercial bank and operates under the Islamic Shariah Law. The bank was incorporated on 2nd
June 1999 as a banking company in the private sector under the Company Act 1994. The bank
carries out all forms of commercial banking operations by maintaining the Islamic Shariah Law and
also finances export and import businesses. The commercial banking activities consist of services
such as providing interest facilities, mobilizing deposits, conducting money transfers, issuing
guarantees, foreign exchange transactions, safe keeping, acceptances and letters of credit, etc. It also
provides services related to local and foreign remittances, personal credit and other product related
services. The core business comprises of trade finance, term finance, working capital finance and
corporate finance.

The main objective of this report was to describe my job responsibilities at Exim Bank Limited. I
have talked about the overview of Exim Bank, my work experience and assigned tasks, the valuable
lessons which I have learnt from my supervisor and seniors, the experience of working in real life
situations, dealing with the clients, brief details about the working environment and about my
interactions with the supervisor, co-workers and many more.

In addition to that, I have mentioned the difficulties I faced during these three months of working
and being present at an organization five days a week, and also the differences I realized between
my expectation and the real picture of working for an organization.

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 Table of Contents
Page Number
Company Overview
Assignment and Contributions
Learnings and Experience
Interactions
Dealing with difficulties
Expectations vs. Experience
Internship influencing career plans
Redoing the Internship
Conclusion
References

Appendix
Journal
Employee satisfactory survey

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 Company Overview
Export Import Bank of Bangladesh Limited, better known as EXIM Bank Limited started its journey
in 1999 under the leadership of Late Shahjahan Kabir (Founder Chairman). It is a private
commercial bank and operates under the Islamic Shariah Law. The bank was incorporated on 2nd
June 1999 as a banking company in the private sector under the Company Act 1994. After the
demise of the honourable founder chairman, Mr. Nazrul Islam Mazumder became the honourable
chairman who is also the chairman of Bangladesh Association of Banks (BAB). The initial paid up
capital was Tk. 225 million which was subscribed by 28 people. Initially the bank was known as
BEXIM Bank Limited (Bangladesh Export Import Bank Limited), but was renamed as EXIM Bank
Limited on 16th November 1999 due to some legal constraints. After obtaining the approval of
Bangladesh Bank, EXIM Bank converted its conventional banking operations into Shariah based
Islamic banking in July 2004.

The bank carries out all forms of commercial banking operations by maintaining the Islamic Shariah
Law and also finances export and import businesses. The commercial banking activities consist of
services such as providing interest facilities, mobilizing deposits, conducting money transfers,
issuing guarantees, foreign exchange transactions, safe keeping, acceptances and letters of credit,
etc. It also provides services related to local and foreign remittances, personal credit and other
product related services. The core business comprises of trade finance, term finance, working capital
finance and corporate finance. The vision of EXIM Bank is based on ‘Together towards Tomorrow’.
It believes in togetherness with its customers, which leads to growth and progress with service. Its
personalized services to customers with constant improvement will help to achieve operational
success.

The Bank also has several missions which give emphasis to accomplishing and ensuring success and
are:

 Provide quality financial services especially in Foreign Trade

 Continue a contemporary technology based professional banking environment
 Maintain corporate & business ethics and transparency at all levels
 Maintain sound capital base
 Ensure sustainable growth and establish full value to the honorable stakeholders

The number of branches for EXIM Bank is currently 118. Apart from the head office in Dilkusha
C/A, the first local branch was opened in Motijheel C/A. The current head office is located in
Gulshan Avenue. The narayanganj Branch of EXIM Bank is located near NADI Bandar,
Narayanganj which is in South Narayanganj. The branch started its operations from August 1999

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and the total number of employees in this branch is around 40 including the EVP and SVP who are
in charge of the general banking, investment and foreign exchange operations.

EXIM Bank has been successful in marketing its product design as it is able to fulfil the needs of the
various socio economic strata. The bank mainly consists of the following departments which cater to
its customers:

 General banking department

 Foreign exchange department
 Investment department

The above departments provide numerous services to its customers which are:

 Deposit Products
 Current Deposit – Al-Wadia Current Deposit
 Mudaraba Special Notice Deposit
 Savings Account – Mudaraba Savings Deposit
 Mudaraba Cash Waqf Deposit
 Term Deposits – Mudaraba Term Deposit, Mudaraba Education Deposit
 Deposit Schemes – Mudaraba Monthly Savings Deposit, Mudaraba Su-
Grehini Monthly Savings Schemes, Mudaraba Monthly Income Deposit
Scheme, etc
 Investment Products
 Corporate Finance
 Commercial Finance
 Industrial Finance
 Project Finance
 Lease Finance
 Modes of Investment Finance – Murabaha, Bai-Muazzal, Quard, Izzra Bil
Baia, etc.
 Foreign Exchange
 Correspondent Banking
 Import Finance – Murabaha Import Bills, Murabaha Trust Receipt, Murabaha
Post Import, Izara Bill Baia, etc.
 Export Finance – Pre shipment finance, Post shipment finance, etc.

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 Assignments and Contributions

Since I was not required to choose a particular topic, my supervisor was having a slight difficulty
choosing an assignment for me. After presenting an outline provided by my respected faculty, I
worked mostly in the General Banking Department during my internship period.

During my first weeks in the general banking department, I was tasked with dealing with Mudaraba
Savings Deposits (MSD), Al-Wadiah Current Deposits (AWCD) and Fixed Deposit Receipts (FDR)
forms. I was also required to check whether all the necessary documents required for availing a
particular scheme were provided by the clients. After a certain time, I was allowed to fill up the
account opening forms using the information from the documents provided by the clients. At the end
of the week, I had to submit all the filled up forms to my supervisor as he would enter the
information online. The client is given a unique account number which can identify what type of
scheme has been undertaken by the client. For example, from the account number 0071215511980,
the numbers 121 determine that the account is a MSD account and if the numbers were 111 instead
of 121, the account would be classified as an AWCD account.

After filling out the personal details of the account holder(s) and the nominee, it is necessary to
complete the transaction profile (TP). The TP is an important monitoring tool which determines the
number of times, the maximum amount in a month and the maximum amount at once the client can
either deposit or withdraw from his/her account. The maximum amount that can be either deposited
or withdrawn in a month cannot be greater than 4 times of the client’s monthly income. For
verifying the account holder’s address, a thanks letter is sent to the account holder. The salary of an
account holder is verified by collecting documents such as copies of job ID card, trade license, etc.
The personal details and the TP is used for carrying out the risk grading of the account. If the total
risk score is above 14, the client is identified as a high risk client and if the total score is less than 14,
the client is identified as a low risk client.

While I was working in the general banking, I was shifted to the Investment department where I was
assigned to complete tasks related to charge creation on securities. I acquired a lot of theoretical
skills as my supervisor briefed me about the different modes of investment which include Mudaraba,
Murabaha, Musharaka, Ijara and Istisna. I was also asked to fill out forms which included Bai-
Muajjal Agreements and Letter of Guarantee with the information which were already provided by
the clients. I also learned the significance of the Revenue Stamps and how, if the auditors ever
discovered these simply lying around, would have the right to penalize the employees. Further
insights about the four different methods of this process was also gained which included- pledge,
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hypothecation, mortgage and lien. Firstly, Pledge is simply the bailment of goods (mainly moveable
assets) that acts as a security of payment of a debt. Here, the ownership remains with the pledger or
the investment client. The pledger is also the person who can fix the repayment of the sale price.
This entire process widened my knowledge and provided me with an insight to how fixed assets/
moveable assets can be turned into collaterals while giving a client an investment.

Finally, I was shifted to the Foreign Exchange department for a week and gained knowledge on
certain concepts such as L/C (Letter of Credit), L/C Opening Procedures, Differences between
Export and Import L/Cs, Inward & Outward Remittance, Buying & Selling of Foreign Currency, etc.
The procedures concerning L/C’s were quite vague at the beginning of the internship. It was difficult
to compare my prior academic knowledge with the files I was provided with, since there were
different unfamiliar terms in the papers. There can be two types of clients when it comes to opening
Letter of Credit or L/C accounts:

i) Client with an existing account at the LC issuing bank.

ii) Walk-in Client.

Other than L/C related activities, I had also gained a lot more about the remittance facilities. For
instance, previously I was only familiar about the use of Western Union and by the word remittance
I believed it was only the amount of money sent from a relative working abroad. However, after
working in this department my entire perception changed. There are two forms of remittance which
are Inward Remittance and Outward Remittance which can be used for other purposes such as
paying for tuition fees abroad, tourism purposes, to pay for admission fees, etc.

There were also different terms that I learned during my time at the Foreign Exchange Department.
This comprised of learnings about the KYC form (Know Your Customer form) which I, later, saw
put into use when I began my journey in the General Banking Department. I also learned about CDD
(Customer Due Diligence), CTR (Cash Transaction Report) and STR (Suspicious Transaction
Report).

Overall, I have now learned about how to open bank accounts and also gained a little insight about
risk grading methods. In addition to all these, as previously mentioned EXIM Bank is a Shariah
Based Islamic Bank, which gives rise to a lot of different definitions and terms that most of us are
rarely familiar with.

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 Learnings
General Banking
The general banking department is considered as the starting point of all banking operations and is a
direct customer service center. This is an essential department as jobs such as account opening,
deposit, remittance and cheque book issuance are done here.

Account Opening

Account opening acts as a gateway for a client to enter into business with the bank. Before opening
any account, various documents are collected while maintaining certain rules and regulations. The
types of accounts which I dealt with during my time here are the following:

 Al-Wadiah Current Deposit Account (AWCD)

 Mudaraba Savings Deposit Account (MSD)
 Mudaraba Special Notice Deposit Account (MSND)

Al-Wadiah Current Deposit Account (AWCD): The AWCD account is similar to a current
account of a traditional bank which is mainly used for business transactions. There are no
restrictions on the number and amount of deposits and withdrawals from an AWCD account if there
is enough money in the account. These accounts are also known as demand deposits as the bank is
obligated to pay the money. AWCD accounts are generally opened by businesses houses, joint stock
companies, public institutions and other organizations as they have numerous and frequent banking
transactions.

Mudaraba Savings Account (MSD): The MSD account is a savings account which is opened by
clients for saving their personal savings or salary. The account can be opened with a small amount
and withdrawal is limited to twice a week. There is a maximum limit for withdrawal in one time and
if withdrawal exceeds the maximum limit, a prior notice has to be given to the bank. Profit is
allowed on savings account on the remaining monthly balance on each half of the year. However, no
profit will be given if the withdrawal is frequent and withdrawal exceeds the normal rules of
savings. A charge is levied by the bank at the end of each year.

The general documents which are required for opening an MSD account are:

 2 passport size photographs of account holder attested by the introducer

 1 passport size photograph of nominee attested by account holder
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  Copy of national ID card/passport of both account holder and nominee
 Copy of job ID card/ trade license/ student ID card of account holder
 Copy of utility bill
 Copy of E-Tin Certificate
 Visiting Card

Mudaraba Special Notice Deposit (MSND): The MSND is a mode of deposit account under which
the client can withdraw money on short notice. The client is required to inform the bank before 7
days for cash withdrawal. The account may be opened with a minimum deposit of Tk. 1000. Profit is
given on a daily basis and weightage of MSND account holder.

The general documents which are required to open an MSND account are:

 Completed account opening form duly signed by the account holder

 2 passport size photographs of every operator duly attested by the introducer
 Photographs of national id card/passport/chairman certificates
 Introducer signature
 Passport size photographs and signature of nominee

Cheque book issue

A cheque book is an instrument which is used to withdraw money from the bank. If a client opens an
account, then he/she will apply for a cheque book on requisition slip. After an officer of the bank
verifies the signature of the account holder, the cheque book is issued. Then the officer will assign
numbers to the leaves of the cheque book and record the account number in the register book. The
cheque book is delivered to the client after he/she signs on the register book. Finally, the requisition
slip is sent to the IT section for entering the number of leaves into the account holder’s account.

Cheque Examination

A bank official must examine the following things before accepting a cheque:

 Whether the instrument provided is related to the branch

 The instrument has the correct date or not post dated
 The instrument bears the signature of the drawer

Deposit

The type of deposits which are accepted by EXIM Bank are:

 Demand Deposits
 Time Deposits

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Demand Deposits: These deposits are withdrawn without any prior notice. For e.g. current deposits.
EXIM Bank accepts demand deposits through the opening of current account, savings account and
call deposits from the fellow bankers.

Time Deposits: It is a deposit which is payable at a fixed date or after a period of notice is a time
deposit. EXIM Bank accepts time deposits through Fixed Deposit Receipt (FDR), Short Term
Deposit (STD) and Bearer Certificate Deposit (BCD), etc. While accepting these deposits, a contract
is made between the bank and the client. When the bank opens an account in the name of the
customer, a contract arises between the two and will only be valid when both parties are competent
to enter the contracts.

Investment:
As interest (riba) is prohibited in Islam, financial institutions such as banks make money through
profit and loss sharing. It is a form of financing where partners share profits and losses based on the
investment of capital and efforts. The types of financing techniques which have been approved by
Islamic scholars for attracting funds for financial institutions are the following:

Mudaraba: Mudaraba is a form of partnership where one party (Shaheb-e-mal) provides the capital
for a particular project or business while the other party (Mudarib) manages the investment.
Mudaraba is of two types which are:

 Mudaraba Mutlak
 Mudaraba Muqqayada

Murabaha: The bank supplies goods for resale to the customer at a price that includes a margin
above the costs, and allows them to repay in instalments. This might be used to provide a mortgage
on a property.

Musharaka: Musharaka/Shirkat is a joint venture in which the customer and bank provide funds to
an investment or purchase and agree to share the returns (as well as the risks) in proportions agreed
in advance. Musharaka is of four types which are:

 Shirkat-al-Inan
 Shirkat-al-Mufawada
 Shirkat-al-Wazuh
 Shirkat-al-Shanai

Foreign Exchange:
The foreign exchange department is an international department of the bank which deals globally. It
facilitates international trade with its various modes of services and acts as a bridge between
importers and exporters. As the Gulshan branch is an authorized dealer in the foreign exchange
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market, it can remit foreign exchange from local country to foreign country. This department mainly
deals in foreign currency. The department is divided into three major parts which are

 Import Business
 Export Business
 Remittance
• Inward Remittance
• Outward Remittance

INTERECTIONS

Most of the employees who supervised me during my internship were extremely supportive and
assisted me whenever I faced any difficulty. Even though I was just a new intern, I was not treated
as an outsider and rather was included among the various conversations with my supervisors and
other employees. During my first weeks in the General Banking department, the officers assisted me
and the other interns to get familiarized with the different banking terms and also helped us
efficiently perform the duties that were assigned. I also received assistance in the Investment
department and the Foreign Exchange department where the officers taught me about the different
modes of investment allowed by the Islamic Shariah Law and the procedures of opening an L/C
account respectively. In addition, the Vice President of the branch, gave me a brief overview about
the different departments and how each of the department functions.

My fellow interns at the branch where I was assigned to do my internship were extremely helpful
and supported me in getting adjusted to the environment initially. They were very friendly towards
me and guided whenever possible. Similarly, I continued to help out the interns who joined after me.

Lastly, interacting with the clients was a little bit challenging for me. My supervisors emphasized
that clients should be given the best treatment and in most cases deemed right. Hence, I tried to be
respectful towards them and help them if they had any concerns regarding the service they would
avail.

Besides these, many of the times I had to go to my University to consult with my faculty member
and the CPC program officers in order to consult with my report and documents I need to submit
during the internship period. They did not hesitate to give me a leave during the working days.

One of the most important aspects in any organization is communication with the people in the
corporate world. I was familiarized with the concepts of communication and corporate life as I had
already taken a mandatory course in my university curriculum titled ‘Business Communication’.
However, there were some slight differences between the practical world and the theoretical
knowledge which I gained during my university life.

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 Dealing with Difficulties
The difficulty I faced was when too many tasks were assigned to me at once. I kept calm, chalked
out a course plan and accordingly completed the tasks one after another. It seemed too much at first
but patience always clears the way out. I found my first few days in the bank to be a bit
overwhelming as I had no prior job experience and I was facing some difficulties understanding the
concepts related to banking. However, my supervisors helped me to get adjusted to life in the
corporate world. Then, I was struggling in time management while doing the task at first. Since, the
office work was a new experience for me I was nervous and worried about my tasks. Later on, I got
used to do the work environment and my pace of work improved gradually. I was able to deliver my
work on time and my quality of work also got better.

The interns were not provided with their own desk. In addition, I had to do most of the work
manually as we were not given any computers to work with at the bank. As a result, I was unable to
witness the actual banking activities and processes which were carried out using the computers. The
PC I got to do my work in was an old one. It used to take commands very slowly. While working in
excel, every time it used to take almost half an hour to make a single Pivot Table from with 5-8 Lac
data. I tried to exchange my PC for a better one for being more efficient, but as per company policy,
all the interns should have to work with this category of PC. I still remember a day when a 3 hours’
worth of work had to be redone because of an error in my PC. However, since I had no options of
changing it, I had to get adjusted to it.

Another difficulty which I personally faced was that the number of interns were low in Narayangonj
branch and therefore, extra responsibilities were put on my shoulders. However, due to the extra
responsibilities I was able to learn even more. On some days, the work load would be low and I had
to wait patiently before my supervisor could assign me any work.

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 Expectations vs. Experience
When I started my internship, the words that came to my mind were strictness, professionalism,
routine work, formal manners and what not. However, I must say that that there have been some
differences between the expectations and the actual experience during my time in EXIM Bank.

Firstly, the working environment was very friendly and harmonious instead of a rigid and workplace
hierarchy which I was expecting. Everyone was very friendly and respectful to one another and
helped each other in every way possible. Most of the employees referred to one another as
“Bhaiya/Apu” which I found quite interesting. However, the employees maintained their
professionalism when it came to the Executive Vice President, Vice President and the clients. I felt
that everyone in the branch were responsible for making it a homely environment where everyone
cold interact with one another.

Secondly, the interns were not reprimanded if they made any mistakes. Instead, our supervisors
would guide us and show us alternative ways to overcome a particular mistake such as cutting off a
word or sentence with a single line from a form. They also encouraged the interns to be truthful and
inform the supervisors if any mistake has been made.

Since internship was a simulation of the actual working environment, I thought that I would be
working in the bank from 10 am to 6 pm. However, it came to me as a surprise when I was told on
the first day that my shift would end after 2 pm or I could even leave early if I can finish my work
before time. Nevertheless, the work load was quite hectic as the number of interns were few in the
branch. I really had a versatile experience working at EXIM Bank. This internship experience gave
me an opportunity to experience what a corporate life actually feels like, which was way different
than what I expected it to be. I thought that I had to sit down for the whole day in my designated seat
at the office but in reality, that was not the case. I learned certain office works, built good networks,
got familiarized with the corporate customs. It enhanced my knowledge about jobs in my field and
also in the finance field.

Now I can proudly say that most of my expectations were wrong. I do not know about other
organizations, but doing the internship at Exim Bank was worthwhile and I got to learn so much
while working here. I was expecting to get a first-hand experience of the corporate culture, and I was

15
not disappointed. I would definitely say that it adds a lot of value to my portfolio and the knowledge
acquired will always come in handy.

Internship influencing career plan

Getting a chance to do my internship at EXIM Bank was a big opportunity for me. Prior to my
internship, I had almost no significant idea about the corporate lifestyle. Through my experience of
working as an intern, I got some idea about what it is like to work for a Bank. I always had the desire
to work for a well reputed organization after my graduation.

During my internship in EXIM bank, I was able to observe the actual lifestyle of the bankers.
Although they are always occupied with their daily work, the way they balance their professional
and personal lives was a great learning experience for me. In addition, the enthusiasm shown by my
supervisors acted as an inspiration for me and also made me feel very excited about the life that lies
ahead. I got a clear idea about what I like and dislike and it helped me prepare for the challenges that
I will face in the future. Beside these, EXIM Bank has given me the opportunity to not only work
with the department which I was assigned in, but I also got some insights on the works carried out
by other departments. All these experiences really influenced me to work in a position where I
would be able to work with different departments and to explore all the parts of an organization.
Applying for the position of a Management Trainee Officer in a well reputed organization will give
me the chance to do just that.

It has also taught me about what to expect from the corporate world which can be daunting at times.
Similar to our daily lives, there will certainly be ups and downs in this world. A job in the banking
industry can be intimidating and challenging, but after my internship experience I hope that I can
work in a bank as I also found the job to be appealing. Moreover, as I have been exposed to the
actual tasks and challenges, I think that I will be able to adjust to the corporate life.

Redoing the Internship

In case if I had to do internship again, there are not many changes that I would make to my
internship program. However, if I could redo it, I would interact more with the people from other
departments. Knowledge has no boundaries and I would have loved to know how the other
16
departments carried out their functions. For instance, how the Treasury or the Economic Analysis
and Policy department work, how the budgeting is done, etc., but I believe I can still learn those with
the help of my now established connections at EXIM Bank.

Conclusion

EXIM Bank Limited is a very good place for doing internship, especially if one is willing to work at
a Shariah based Islamic Bank. The supervisors are quite helpful as they guided me in every step. I
also found the working environment to be quite harmonious and lively. This internship program has
definitely groomed me and made me more courageous which encourages me to welcome challenges
of the corporate environment. It has also taught me about how to confidently interact with others in
the workplace. The efforts of each and every employee add value to attain something much bigger
and is essential when it comes to achieving a company’s goals. As a result, everyone needs to
cooperate with each other, abide by the rules and work amicably. The wonderful experiences and
lessons that I have gained from the internship will help me in the long run and I hope to implement
them in the future.

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 References

EXIM Bank Ltd. (n.d.). History of EXIM Bank. Retrieved December 14, 2019, from
http://www.eximbankbd.com/about/about_exim_bank

EXIM Bank Ltd. (n.d.). Vision, Mission, Corporate Philosophy. Retrieved December 14, 2019, from
http://www.eximbankbd.com/about/mission

Ross, M.L. (2007, February 21). Working With Islamic Finance. Retrieved December 14, 2019,
from https://www.investopedia.com/articles/07/islamic_investing.asp

Usmani, M. M. (2008). An Introduction to Islamic finance. Karachi, Pakistan: Quranic Studies.

El-Gamal, M.A. (2008). Islamic Finance: Law, Economics and Practice. Cambridge: Cambridge
University Press.

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APPENDIX

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