EBL expands its footprint in China

Eastern Bank Ltd (EBL) will open its representative office in Guangzhou in the People’s Republic of China on Sunday (September 29) to tap the business opportunities and contribute to the growing China–Bangladeshi trade business.

This is the first footprint of any Bangladeshi financial institution in China, reports a press release.

Guangzhou office is EBL’s third overseas office after Hong Kong and Myanmar. EBL first went abroad to Hong Kong with its finance company- EBL Finance (HK) Limited in 2013.

With a professional management and skilled team EBL Finance (HK) Limited has been a successful venture earning profits regularly. With an initial capital of Tk 14.78 million only it made accumulative profit of approximately Tk 425 million till January 31, 2018 and out of  that approx Tk 235 million has been repatriated to Bangladesh.

Today EBL Finance (HK) Limited is the largest Bangladeshi financial institution operating in Hong Kong in terms of asset and revenue generation. 

‘We are best known for our strength in international business and trade finance and our core competencies include commendable creditworthiness, access to global market through the largest correspondent banking network. As Bangladesh is growing fast we feel we can contribute to Bangladesh economy with our expertise in international business and trade finance,’ said Ali Reza Iftekhar, managing director and CEO of EBL.

EBL maintains excellent banking relations with Chinese banks and corporate operating in Bangladesh. EBL is working with the major Chinese banks including Bank of China (BOC), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC).

EBL recently partnered with China Union Pay and has opened China Desk to cater to business originating in China. Chinese Embassy in Dhaka also banks with EBL. The bank collects Chinese visa fees for the embassy.

EBL has opened a RMB account (Chinese Currency Nostro account with Bank of China) as the bank has started LC (letter of credit) business in RMB. EBL is currently working with top Chinese Corporates involved in mega-projects in Bangladesh such as Power China, CN Tech, China Railway, CMEC and Hunan Printing.

China is now the largest trading partner of Bangladesh. The total volume of trade between the two countries stands at US$ 12.4 billion in the fiscal year 2017-18. According to economists, this bilateral trade volume may reach US$ 18 billion by 2021.