Dhaka, Bangladesh (BBN) - Nestlé Bangladesh Limited and Citibank N.A., Bangladesh have inked an agreement recently whereby Citi would cover majority of their distributor locations across the country to ensure more efficient cash cycle for Nestlé.
Terence K. Cuddyre, Managing Director and Cluster Head for Bangladesh, Brunei and Sri Lanka and Laurent Therond, Managing Director for Nestlé Bangladesh Limited signed the mandate on behalf of their respective organizations.
Rashed Maqsood, Managing Director and Citi Country Officer for Bangladesh; Md. Moinul Huq, Director and Head of Citi Transaction Services, Emeka Okonkwo, Citi Bangladesh's Head of Global Banking, Sudipta Dey, Finance and Control Director for Nestlé Bangladesh Limited and Imtiaz Malik, Senior Manager, Financial Accounting for Nestlé Bangladesh Limited were present among other senior officials.
Commenting on the mandate, Rashed Maqsood said, "Citi is delighted to partner with Nestlé in this initiative in line with our excellent global relationship."
Laurent Therond said, "We thank Citibank, N.A. for offering us a more efficient collection proposition. This will allow us to have better visibility and control over our collections.”
BBN/SSR/AD-27June12-11:30 am (BST)
