Warning against illegal forex trading/dealing | Disclosures on Risk Based Capital (Basel-III)
EMI Calculator Complaint Cell Schedule of Charges Interest Rates Foreign Exchange Rate Forms & Downloads
About EBL
EBL Profile Achievements
Vision, Mission, Values Brand Communication
Board of Directors Milestones
Management Office, Branches & Centers
Investor Relations
EBL News & Events
EBL, Summit strike interest rate swap deal
Eastern Bank has struck an interest rate swap deal with Summit Group, a first-of-its-kind agreement for a local bank.

An interest rate swap is a contract between two parties to exchange interest payments with the view to reducing or increasing exposure to fluctuations in interest rates or obtaining a marginally lower interest rate.

The deal struck up yesterday at the EBL headquarters in Dhaka pertains to the interest payment on the $71.25 million loans taken by concerns of Summit Group -- Barisal Power and Summit Narayanganj Power Unit II -- in December 2016.

"This is a first-of-its-kind deal executed by a private commercial bank in Bangladesh," said Ali Reza Iftekhar, managing director of the EBL, at the agreement signing ceremony.

Interest rate swaps are becoming increasingly popular among all the major global producers and traders given growing volatility in the market, he said.

This landmark deal opens up the possibility for the EBL to provide hedging facility to Bangladeshi enterprises to better manage their price risks, said Iftekhar, also a former chairman of the Association of Bankers, Bangladesh, a platform of private banks' chief executive officers.

Azeeza Aziz Khan, director of Summit Corporation, expressed gratitude to the EBL as the lender has kept its faith on Summit.

Abdul Wadud, managing director of Summit Power, said that it was a unique agreement by the EBL and Summit.
EBL Products
Retail Loan Products
Retail Deposit Products
SME Products
EBL Credit Cards
EBL Debit Cards
EBL Prepaid Cards
EBL Student Banking
EBL Matribhumi - NRB Banking
Information on
Price Sensitive Information
Hajj Remittance Services
Interest Rates
Schedule of Charges
EBL Forms & Downloads
BRAC Micro Credit Securitization Data
About EBL
EBL Profile
Board of Directors
Office, Branches & Centers
Annual Reports
Investor Relations
Directors Report
Details of Shareholding
Corporate Governance Guidelines
News & Events
Contact Us
Home | Contact Us | Site Map