Dhaka, Bangladesh (BBN)– Eastern Bank Ltd (EBL), a leading private commercial bank, has celebrated the opening of its fully-owned subsidiary in Hong Kong to make EBL customers’ foreign trade easy and simple.
EBL Finance (HK) Ltd, the EBL subsidiary, was formally launched in Hong Kong on January 31 this year to facilitate cost-effective and hassle-free foreign trade.
Bangladesh Bank (BB) Governor Atiur Rahman was the chief guest while Deputy Chief of Mission at Embassy of China in Bangladesh Qu Guanghou and EBL Chairman M Ghaziul Haque were the guests of honour at the celebration at a city hotel on Thursday, addressed by EBL Managing Director and CEO Ali Reza Iftekhar.
“Trade operation of EBL is considered a ‘role model’ in the Bangladesh banking industry. EBL’s latest endeavour is seen as its commitment to contribute trade- related services in the ever-expanding trade and supply chain across the world as it has been doing in Bangladesh since 2003,” the BB governor said.
Lauding innovative and industrial capabilities of the country’s entrepreneurs and their hard work, Dr Atiur said: “Our trade has been expanded several times in the last 10 years.”
Until now, Bangladesh is the number one in terms of growth achievement in South Asia, he said and forecasted that Bangladesh would be an upper middle-income country within a certain period of time.
“Currently, Hong Kong is the third largest destination of LCs from Bangladesh China and India. Yearly, about 15,000 Hong Kong-bound LCs are issued by different banks in Bangladesh. Opening of EBL Finance (HK) Ltd in the Asia’s world city of Hong Kong follows a mission to make foreign trade ‘simple’ for our customers,” Mr Iftekhar said.
EBL has a diverse portfolio of products and services in its repertoire which are suitable for the market. Having a strong alliance with the leading global banks, EBL’s correspondence relationship has been the strongest ever.
EBL is enjoying regular guarantee and credit lines from IFC (International Finance Corporation), ADB (Asian Development Bank), FMO — the Dutch Development Bank — and DEG — German Investment and Development Corporation — to support its trade finance transactions.
BBN/SSR/AD-20Apr13-2:18 pm (BST)