EBL signs MoU with Tradewind

Extending Export Factoring solution to local exporters

FE Team | Published: July 02, 2020 00:07:58

To offer secure and innovative trade finance solutions to Bangladeshi manufacturers and traders involved in foreign trade on sales contract terms, Eastern Bank Limited (EBL) has signed a Memorandum of Understanding with Germany-based trade finance provider Tradewind GmbH.
Ali Reza Iftekhar, Managing Director and CEO of EBL and Peter Maerevoet, Global CFO and Regional CEO of Tradewind Asia signed the documents through an online conference on Wednesday.
EBL DMD Ahmed Shaheen and Head of International Business Md. Obaidul Islam, Tradewind Regional Commercial Leader (RCL) for South Asia and Middle East Soheil Jali were also present among others.
Under this joint venture, EBL will collaborate with Tradewind for export factoring where local exporters will be able to obtain their deferred receivables from overseas importers on a sight basis. The process is faster, more secure, and will protect the interest of Bangladeshi exporters while supporting the RMG sector's ambitions in becoming a global leader in the textile manufacturing and sourcing.
EBL presently is providing trade finance solutions at home and abroad from its Hong Kong subsidiary named EBL Finance (HK) Ltd and having its representative offices in Myanmar and Guangzhou in China. Tradewind GmbH is regulated by the German Federal Financial Supervisory Authority (BAFIN). It has over 20 offices across13 countries in 4 continents.