Bank Asia, Apex Adelchi sign Euro 7m agreement
Wednesday, 25 November 2009
Bank Asia has become the first Bank to extend working capital facility from an Off-shore platform to an On-shore entity, Apex Adelchi, said a press release.
The facility agreement of Euro 7 (seven) million was inked by Syed Manzur Elahi, chairman of Apex Adelchi Footwear Limited and Erfanuddin Ahmed, president and Managing Director of Bank Asia at a simple ceremony held at a city hotel. RSA Capital, the sole arranger of the facility, hosted the ceremony.
Under the agreement, Apex Adelchi is being extended a Euro 7 million facility from the Bank's Off-shore banking unit for meeting its working capital needs such as Letter of Credit (L/C), Loan against Trust Receipt (LTR) and overdraft.
The interest rates have been calculated on the basis of Euribor (Euro Interbank offered rate) and will enable Apex to be competitive in the global footwear market.
Mr. Erfanuddin Ahmed thanked RSA Capital and Apex Adelchi for choosing the Bank, thereby, reconfirming confidence in the Bank and its capability in arranging not only Taka but also foreign exchange transactions which was previously dominated by foreign banks.
Syed Manzur Elahi also thanked RSA Capital and Bank Asia for drawing up an agreement compatible with global financial pricing structures and operations.
Irteza Reza Chowdhury, SEVP, Bank Asia thanked the relevant government agencies for their guidance and support in making the facility a reality.
He also thanked Apex Adelchi and RSA capital for the turn around and hoped this milestone event will pave the way for enhancing economic growth of Bangladesh.
The facility agreement of Euro 7 (seven) million was inked by Syed Manzur Elahi, chairman of Apex Adelchi Footwear Limited and Erfanuddin Ahmed, president and Managing Director of Bank Asia at a simple ceremony held at a city hotel. RSA Capital, the sole arranger of the facility, hosted the ceremony.
Under the agreement, Apex Adelchi is being extended a Euro 7 million facility from the Bank's Off-shore banking unit for meeting its working capital needs such as Letter of Credit (L/C), Loan against Trust Receipt (LTR) and overdraft.
The interest rates have been calculated on the basis of Euribor (Euro Interbank offered rate) and will enable Apex to be competitive in the global footwear market.
Mr. Erfanuddin Ahmed thanked RSA Capital and Apex Adelchi for choosing the Bank, thereby, reconfirming confidence in the Bank and its capability in arranging not only Taka but also foreign exchange transactions which was previously dominated by foreign banks.
Syed Manzur Elahi also thanked RSA Capital and Bank Asia for drawing up an agreement compatible with global financial pricing structures and operations.
Irteza Reza Chowdhury, SEVP, Bank Asia thanked the relevant government agencies for their guidance and support in making the facility a reality.
He also thanked Apex Adelchi and RSA capital for the turn around and hoped this milestone event will pave the way for enhancing economic growth of Bangladesh.