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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4419
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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i wont to up a bank and buy branchs or buy land and higher

Customer Question

i wont to up a bank and buy branchs or buy land and higher construction workers to build branchs on the land how many branchs do i need when i open up my business and how much money do i need i wont to offer credit cards and debit card and i know that all banks make 16 billion dollars a year alone of credit and debit card how much money do i need in start up capital and how much money i need to hold my business over for six months or a year until my business can make a profit.
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

rakhivasavada :

Dear Friend, hello and welcome....

rakhivasavada :

Though this is a difficult prepostion, it s of impossible tough. Opening community banks offer good opportunity.

rakhivasavada :

Generally banks need about $12 to 20 million in capital to get started. Many community banks are able to raise that money locally.

rakhivasavada :

You can create the board of directors made of up of business leaders from within the community that can include big law firms, construction companies, accounting firms, etc.

Once capital is assembled, the process is hardly finished. The application to the regulatory agencies is an arduous process, especially in the aftermath of the financial crisis. Community bank applications have slowed since the recession.

rakhivasavada :

If you are able to raise capital, buying up existing branches is a better idea as it can reduce your gestation period dramatically.

rakhivasavada :

I hope this helps...

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rakhivasavada :

Warm Regards...