Eastern Bank Limited (EBL) has signed a Memorandum of Understanding with German-headquartered trade finance provider Tradewind GmbH.
Ali Reza Iftekhar, Managing Director & CEO of EBL and Mr. Peter Maerevoet, Global CFO & Regional CEO of TradeWind Asia signed in respective parts. EBL DMD Ahmed Shaheen & Head of International Business Md. Obaidul Islam were present. Tradewind Regional Commercial Leader (RCL) for South Asia & Middle East MR. Soheil Zali and senior Executives from both EBL & Tradewind were also present.
To facilitate financial inclusion and capacity building, EBL and Tradewind have partnered to offer secure and innovative trade finance solutions to Bangladeshi manufacturers and traders involved in foreign trade on Sales contract terms. Under this joint venture, EBL will collaborate with Tradewind for export factoring where local exporters will be able to obtain their deferred receivables from overseas importers on a sight basis. The process is faster, more secured, and will protect the interest of Bangladeshi exporters while supporting the RMG sector’s ambitions in becoming a leader in the textile manufacturing and sourcing world.
Eastern Bank is always keen to bring innovative and lucrative solutions for its customers. Presently EBL is providing trade finance solutions at home and abroad from its Hong Kong subsidiary named EBL Finance (HK) Ltd and having it’s representative offices in Myanmar & Guangzhou, China.
Tradewind GmbH is regulated by the German Federal Financial Supervisory Authority (BAFIN). It began its journey 20 years ago in Monchengladbach, Germany and has since expanded its global presence to over 20 offices across 13 countries in 4 continents. Its primary focus is to provide convenient and flexible finance solutions to small and middle-market clients across various industries. Tradewind GmbH Bangladesh Liaison Office has been imperative in the Group’s successes and ability to go from strength to strength.
This is first time such a collaboration in Bangladesh and this Export Factoring Solution will be great help for Bangladeshi Exporters and will contribute to the economy of the country.