DHAKA, Sept 26 (NNN-XINHUA) – Bangladesh’s leading Eastern Bank Limited (EBL), is all set to open its representative office in China’s Guangzhou province, according to the bank’s Managing Director and Chief Executive Officer (CEO), Ali Reza Iftekhar.
He said, the bank is expanding its footprint in Southeast Asia with its sights set on Guangzhou, in China’s south, as the second largest world economy is an important market, with many development initiatives like Belt and Road Initiative and Asian Infrastructure Investment Bank (AIIB).
Iftekhar told Xinhua that, they would open Representative Office in Guangzhou, China on Sunday.
He expressed the hope that the representative office will bolster the bank’s efforts to tap more business opportunities there, and contribute further to the growing China-Bangladesh bilateral trade.
“We’re best known for our strength in international business and trade finance and our core competencies, include commendable credit worthiness, 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.”
Guangzhou office is EBL’s third overseas office after China’s Hong Kong and Myanmar, said the EBL’s Head of Communication and external affairs, Ziaul Karim.
With a professional management and skilled team, Iftekhar said, EBL Finance (HK) Ltd has so far been a successful venture earning profits regularly.
Currently, Iftekhar said, they are operating in Hong Kong under Money Lender license and dealing with basically trade business, adding that, they were retaining 50 percent profit in Hong Kong.
Based on this successful Hong Kong venture, he said, EBL opened its representative office in Myanmar in 2015.
“Now we’re opening our Representative Office in Guangzhou to support the Hong Kong business and potential Chinese investment in Bangladesh.”
“We’re working with top Chinese corporate houses involved in mega-projects in Bangladesh, such as Power China, China Railway and CMEC.”
EBL is working with major Chinese banks, including Bank of China (BOC), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC).
“We have opened a Chinese Currency nostro account with Bank of China, as we have started LC business in RMB. EBL is currently working with top Chinese Corporates involved in mega-projects in Bangladesh,” the bank’s CEO said, adding that China is now the largest trading partner of Bangladesh.
