City Bank has entered into an agreement with IFC to participate in the Global Trade Finance Program (GTFP) as a confirming bank. With this, City Bank has become the first bank in Bangladesh to participate in the program as a confirming bank.
Sheikh Mohammad Maroof, Additional Managing Director of City Bank, and Rosy Khanna, IFC Regional Industry Director, Financial Institutions Group – Asia and Pacific, signed this milestone agreement.
Sheikh Mohammad Maroof, Additional Managing Director of City Bank, has expressed his delight adding that the arrangement with IFC is a testament to City Bank’s strength and capabilities. This arrangement will further strengthen City Bank’s ability in facilitating country’s trade business. Through this agreement, as a first Bangladeshi private commercial bank, City Bank will emerge as a LC confirming bank in the arena of international trade finance, which is a matter of great pride for Bangladeshi bank.
“Through the GTFP bank network, the City Bank can easily establish working partnerships with a vast number of major international banks and help businesses broaden access to finance, while reducing cash collateral requirements.” said Rosy Khanna. “Bangladeshi businesses whose cash flows have been heavily impacted by COVID-19 will be also be able to benefit from a continuous flow of trade credit into the market. This will help in increasing trade, creating jobs, and reducing poverty.”
City Bank is one of the oldest and strongest banks in the country with a significant focus in trade. City Bank has tie ups with major global and regional banks for trade finance facilities.
City Bank also has strong relationship with Development Finance Institutions such as Asian Development Bank, International Islamic Trade Finance Corporation (member of Islamic Development Bank group) and DFIs of several countries including UK, Norway, Netherlands and Austria. Through these relationships, City Bank has gained a strong position to support trade finance of Bangladesh’s private SME and corporate sector.