The Eastern Bank Limited (EBL) has opened its representative office in Guangzhou province of China to bolster business opportunities and contribute to the growing bilateral trade between China and Bangladesh.
AHM Jahangir, economic counsellor of Bangladesh embassy to China, along with EBL's Chairman Md Shaukat Ali Chowdhury, Director Meah Mohammed Abdur Rahim, Managing Director and CEO Ali Reza Iftekhar inaugurated the China operation at a ceremony on September 29 this year, said a press release.
Representatives from leading Chinese banks including Bank of China, China Construction Bank, top Chinese corporates, PWC, Bangladeshi companies having business operation in China attended the inaugural ceremony.
AHM Jahangir hoped that the representative office in Guangzhou will be instrumental to tap more business opportunities in China and contribute further to the growing bilateral trade, the bank said in the statement.
Md Shaukat Ali Chowdhury said with the beginning of operations in China, the EBL is expanding its network in Southeast Asia. China is an important market and the biggest development partner of Bangladesh with many development initiatives like Belt and Road Initiative and Asian Infrastructure Investment Bank.
Ali Reza Iftekhar, in his speech, said the EBL has partnered with China Union Pay and have opened China Desk in Dhaka to cater to China-bound business. The EBL has opened a RMB account (Chinese Currency Nostro account with Bank of China) for LC business in RMB.
Among others, the EBL's top officials including Hassan O Rashid, Md Obaidul Islam, Sohail Murshed, Ziadul Huq, Ziaul Karim were present at the inaugural ceremony.
The EBL is the only Bangladeshi financial institution to put its footprint in China. Guangzhou office is the bank's third overseas venture after Hong Kong and Myanmar.