Wells Fargo, an American multinational financial company, has extended balance sheet support to Eastern Bank PLC (EBL) in the form of a trade loan of $20 million, according to a press release issued on Thursday.
This transaction not only marks the largest trade loan extended to EBL, but also represents the highest amount granted by the US-based lender to any bank in Bangladesh.
The loan will prioritize social safeguards, ensuring responsible and sustainable practices in trade transaction and finance. Social risk assessments of imported goods, particularly from industries with higher social risk profiles are the major criteria for disbursement of the trade loan.
Expressing gratitude to Wells Fargo for the partnership, Mehdi Zaman, DMD and head of treasury, offshore banking at EBL, said, "We are honored to receive this trade loan from Wells Fargo, which not only signifies the strength of our longstanding relationship but also reflects their confidence in our ability to drive international trade development in Bangladesh."
Adi Kaushik, managing director, head of FIG Banks APAC, Well Fargo said, "The funding reflects the firm's continued commitment to Bangladesh and Eastern Bank. Wells Fargo has played a pivotal role in driving several industry-wide initiatives and this milestone is deemed to be another success story involving the two institutions."
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