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EBL expands its footprint in China

FE Desk | September 29, 2019 00:00:00

Eastern Bank Ltd (EBL) will open its representative office in Guangzhou in the People's Republic of China today (Sunday) to tap the business opportunities and contribute to the growing China-Bangladeshi trade business.

This is the first footprint of any Bangladeshi financial institution in China.

Guangzhou office is EBL's third overseas office after Hong Kong and Myanmar.

EBL first went abroad to Hong Kong with its finance company- EBL Finance (HK) Ltd in 2013. With a professional management and skilled team EBL Finance (HK) Ltd. has been a successful venture earning profits regularly. With an initial capital of BDT 14.78 million only it made accumulative profit of approx. BDT 425 million till January 31,2018 and out of that approx. BDT 235 million has been repatriated to Bangladesh.

Today EBL Finance (HK) Limited is the largest Bangladeshi financial institution operating in Hong Kong in terms of asset and revenue generation.

'We are best known for our strength in international business and trade finance and our core competencies include commendable creditworthiness, access to global market through the largest correspondent banking network. As Bangladesh is growing fast we feel we can contribute to Bangladesh economy with our expertise in international business and trade finance,' said Ali Reza Iftekhar, Managing Director and CEO of EBL.

EBL maintains excellent banking relations with Chinese banks and corporate operating in Bangladesh. EBL is working with the major Chinese banks including Bank of China (BOC), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC).

EBL recently partnered with China Union Pay and have opened China Desk to cater to business originating in China. Chinese Embassy in Dhaka also banks with EBL. The Bank collects Chinese visa fees for the embassy.

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