Dhaka, Bangladesh (BBN)- Standard Chartered Bank has recently signed an agreement with Agrani Bank Limited for extending US$ 60 million foreign currency facility from London to support its trade finance activities.
This is the first ever structured foreign currency facility extended to a state owned bank in Bangladesh. This foreign currency facility will support country's overall growth in trade finance. This will also have a positive impact on the foreign currency flows to Bangladesh.
Mr. Jim McCabe, Chief Executive Officer (CEO) Standard Chartered Bangladesh said "I'm really glad that we have yet again set a first of its kind example in Bangladesh through this deal. This is the first foreign currency funding transaction to a bank in Bangladesh from Standard Chartered headquarters and we hope to give more support to Bangladesh banking sector considering the growth potential. This has been a strong testimony of Standard Chartered's commitment to Bangladesh market and reiterates that we are 'Here for good' in Bangladesh.'
Khondoker Bazlul Hoque, Chairman of Agrani Bank said "This has opened a new avenue where we are being able to bring foreign currency to Bangladesh to support the growing financial sector in the country.
Syed Abdul Hamid, Managing Director and CEO of Agrani Bank also thanked Bangladesh Bank and Standard Chartered for extending their support to close this first structured foreign currency facility for Agrani Bank. He also mentioned that this will be a boost to Agrani Bank's growth strategies.
BBN/SSR/AD-17Sept12-12:35 pm (BST)
