Eastern Bank Limited (EBL) has signed a ‘Confirming Bank’ deal with the Asian Development Bank (ADB) under their trade finance program.
Can Sutken, Senior Investment Specialist of ADB’s private sector operations department and Mehdi Zaman, Deputy Managing Director and Head of Treasury, Offshore Banking and Financial Institutions signed the agreement on behalf of respective organizations on August 17, 2021, a press release said.
Under the agreement, ADB will issueguarantees to EBL as a ‘Confirming Bank’ to cover all or part of the risks arising from add confirmation and/or discounting by EBL of eligible trade finance instruments, issued by selected banks in ADB’s Developing Member Countries.
Can Sutken said, ‘This is an important step for EBL and ADB to support trade in Bangladesh. This will help EBL to support cross-border trade, which is vital for Bangladeshi companies, especially the small- and medium-sized those are contributing so much to employment.’
Mehdi Zaman said, ‘EBL is always focused on service excellence and ADB is continuously rendering its support to EBL to achieve this mission.’
