EBL expands footprint in China

EBL opens its representative office in Guangzhou on September 29, 2019 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.

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) Ltd in 2013. With a professional management and skilled team EBL Finance (HK) Ltd. has been a successful venture earning profits regularly. With an initial capital of BDT 14.78 M only it made a cumulative profit of BDT 425 M approx. till 31-12-2018 and BDT 235 M approx. has been repatriated as dividend. Today EBL Finance (HK) Limited is the largest Bangladeshi financial institution operating in Hong Kong in terms of asset and revenue generation.

Ali Reza Iftekhar, MD and CEO of EBL says, '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.'

EBL maintains excellent banking relations with Chinese banks and corporates 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 have opened China Desk to cater to business originating in China. Chinese Embassy in Dhaka banks with us. We collect Chinese visa fees for the embassy. We have opened a RMB (Chinese Currency nostro account with Bank of China as we have started LC 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 12.4 billion US Dollar in the fiscal year 2017-18. According to economists, this bilateral trade volume may reach US$18 billion by 2021.