EBL, ADB sign trade financing deal

Eastern Bank has recently signed an agreement with Asian Development Bank (ADB) under a trade finance programme.

Under the deal, the ADB will issue guarantees to Eastern Bank to cover all or part of risks in eligible trade finance instruments issued by select banks in the ADB's developing member countries.

Can Sutken, senior investment specialist of the ADB's Private Sector Operations Department, and Mehdi Zaman, deputy managing director and head of treasury, offshore banking and financial institutions at Eastern Bank, signed the deal, said a press release.

"This will help EBL to support cross-border trade, which is vital for Bangladeshi companies, especially the small and medium-sized ones that are contributing so much to employment," said Sutken.