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2019-03-06
EBL, JP Morgan to process LCs electronically
Eastern Bank Limited (EBL) has entered into an agreement with J.P. Morgan, Singapore to process letter of credit documents through electronic channel. This initiative will ensure quicker payments for Bangladeshi exporters. It will also support J.P. Morgans client that require quicker turnaround on document processing for imports from Bangladesh. The arrangement will help Bangladeshi rep offices of foreign importers receive their documents faster. More importantly, this arrangement reduces the need to for physical movement of document between Singapore and Bangladesh which, typically can take up to 10 days.

The service business, approved by Bangladesh Bank, is a new dimension of international business facilitating both importer and exporter and benefiting the trade business of banks and the economy, said Mr. Ali Reza Iftekhar, Managing Director & CEO, Eastern Bank Limited.

"Bangladesh has seen significant growth in its exports. J.P. Morgan has a longstanding relationship with the country and we will continue to partner with financial institutions like Eastern Bank Limited to help their clients grow their business," said Kalyan.

"We chose EBL given its trade finance expertise in the Bangladeshi market. This partnership provides an innovative solution to meet clients' needs and tight turnaround times," said Rajiv Warrier, Head of Trade, South Asia and ASEAN, J.P. Morgan.

EBL handles about 4.5% of trade business of the country and handled around USD 3.5 billion of trade businesses last year and plans to handle more in year 2019. This new agreement with J.P. Morgan will add value for the trade business of the country.
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