EBL opens representative office in China

- A Monitor Report01 Oct, 2019 | 3086 Views|-+
Guangzhou : Leading private sector bank of the country Eastern Bank Ltd ( EBL ) has opened its representative office in Guangzhou in the People's Republic of China to tap the business opportunities and contribute to the growing China-Bangladeshi trade business. EBL is the only Bangladeshi financial institution to make own footprint 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. EBL Finance (HK) Ltd. has been a successful venture earning profits regularly. With an initial capital of only BDT 14.78 million 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 banking relations with Chinese banks and corporates operating in Bangladesh. The bank 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.

EBL has opened a RMB account (Chinese Currency Nostro account with Bank of China) as the bank has started LC business in RMB. EBL is also working with top Chinese corporates involved in mega-projects in Bangladesh such as Power China, CN Tech, China Railway, CMEC and Hunan Printing.

China is now the largest trading partner of Bangladesh. The total volume of trade between the two countries was USD12.4 billion in the fiscal year 2017-18. According to economists, this bilateral trade volume may reach USD18 billion by 2021.

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