Eastern Bank Limited (EBL) has become an Associate Member of FCI, previously known as Factors Chain International, a global representative body for Factoring and Financing of Open Account Domestic and International Trade Receivables.
The membership will enable EBL to leverage FCI network in more than 90 countries to offer export and import factoring facilities to clients in the Bangladesh. It will also enable EBL to boost international business, providing customer support in factoring and thereby contributing to the financial system and economy of the country, said a press release.
Managing Director and CEO of EBL Ali Reza Iftekhar said the development opens doors for EBL to explore the global factoring market. It will facilitate EBL to design more innovative solutions while mitigating risks of the local clients to a great extent.
Peter Mulroy, FCI Secretary General said, adding one more associate member in Bangladesh confirms that the passage of the new policy on International Factoring in Bangladesh opens doors for more actors to offer cross-border factoring transactions.
"I am convinced that Bangladesh is one of the countries where the increase of factoring transactions will be the highest in the coming years ahead," he added.
As an Associate Member, EBL will have access to FCI's advanced communications system, cross border legal framework and arbitration services.
Besides, EBL can also enjoy broad range of educational products, including e-learning, regional seminars and international courses. EBL will receive full access to global statistics, studies, presentations and other useful information from the FCI website.
EBL is a pioneer in providing financial solution to its clients in both local and international arena. It is funding international trade business, infrastructure development, sustainable and environment focused projects nationwide through strong support from correspondent banks around the globe and major DFI partners.
FCI is a non-exclusive non-profit association open to any company which is providing Factoring Services or plans to set up Factoring Activities to service providers to the industry. Established in 1968, FCI is a universal body for independent factoring companies and banks around the world.
With close to 400 member companies worldwide, FCI offers a unique network for cooperation in cross-border factoring.