Hongkong and Shanghai Banking Corporation (HSBC) will set up business development office at Bangabandhu industrial city to facilitate modern banking services to local and foreign investors.
Regarding the initiative, the United Kingdom-based lender came up with agreement with Bangladesh Economic Zones Authority (BEZA) on Wednesday.Local and foreign investors will get foreign trade finance facilities backed by state-run Sonali Bank at the business centre of Bangabandhu Sheikh Mujib Shilpa Nagar.
The economic zone is being developed on 30,000 acres of land touching three upazilas – Mirsarai, Sitakundu and Sonagazi – under Chattogram and Feni districts respectively.
BEZA General Manager Md Shoab and HSBC Bangladesh Chief Executive Officer Mahbub ur Rahman signed the agreement at a function at BEZA office in the capital. Paban Chowdhury presided over the meeting.
BEZA Executive Chairman Paban Chowdhury mentioned the partnership with HSBC will attract local and foreign businesses to invest in economic zones.
He also mentioned that the authorities concerned has introduced ‘ones-stop service centre’ to ease service delivery for the investors in Bangladesh.
HSBC Bangladesh Chief Executive Mahbub ur Rahman appreciated the role of BEZA for transforming the country into ‘investment-friendly’ territory in the world.HSBC is one the leading specially accused financial institutes which continued to move assets of alleged criminals, even after being fined for earlier failures to stem flows of dirty money, an investigation by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ) revealed.
Following the allegation, HSBC shares fell to their lowest level in 25 years, closing with a loss of 5.3 percent in Hong Kong capital market.