TK Group signs deal with StanChart to boost import financing

Standard Chartered Bangladesh recently signed an agreement with Chattogram-based TK Group of Industries to provide the conglomerate with trade solutions such as liquidity support and import financing.

Luthful Arefin Khan, country head of transaction banking at the multinational bank, and Tariq Ahmed, senior director of TK Group, penned the deal at the latter's head office in Chattogram, according to a press release.

The bank will support imports of key commodities by the conglomerate such as refined, bleached, and deodorised palm olein, crude degummed soybean oil, wheat and other essentials.

"We are proud to be part of TK Group's long-standing success in Bangladesh by creating a solution that not only meets their financial requirements but also enhances their market success and overall supply chain efficiency," said Arefin Khan.

"We look forward to continuing our collaboration and to supporting TK Group to achieve their ambitions," he added.

Ahmed said the bank's innovative product solutions have been ahead of the curve in the market, and they have greatly benefitted from that.

"Through this facility, we have been able to get timely liquidity and low-cost financing, which is pivotal in meeting our import obligations and maintaining market stability," said the senior director of TK Group.

The solution leverages Standard Chartered's high-quality balance sheet and unique capabilities to enable TK Group to access funds at a competitive rate and eliminate exchange rate risk, despite market headwinds.

The solution will help TK Group manage their supply chain seamlessly, utilising the bank's strong network and technology platforms to streamline processes and capitalise on market opportunities.