Eastern Bank joins FCI as a member

Eastern Bank Limited (EBL) has become an Associate Member of FCI , previously known as Factors Chain International. FCI is a global representative body for Factoring and Financing of Open Account Domestic and International Trade Receivables, said a statement.

This membership will enable EBL to leverage FCI network in more than 90 countries to offer export and import factoring facilities to clients in Bangladesh. It will also enable EBL to boost international business, providing customer support in factoring and thereby contributing to the financial system and economy of the country.

Managing Director and CEO of EBL Ali Reza Iftekhar said, "This new membership between EBL and FCI opens doors for EBL to explore the global factoring market. This will facilitate EBL to design more innovative solutions while mitigating risks of the local clients to a great extent."

Peter Mulroy, FCI Secretary General said, "We are delighted that EBL joins FCI as associate member with the aim to start cross border factoring services to its clients. Adding one more Associate Member in Bangladesh confirms that the passage of the new policy on International Factoring in Bangladesh opens doors for more actors to offer cross-border factoring transactions. I am convinced that Bangladesh is one of the countries where the increase of factoring transactions will be the highest in the coming years ahead."

As an Associate Member, EBL will have access to FCI's advanced communications system, cross border legal framework and arbitration services.