EBL, JP Morgan to process LCs electronically
Eastern Bank Ltd (EBL) and JP Morgan, Singapore recently joined hands to electronically process letters of credit, ensuring quicker turnarounds on document processing and faster receipt alongside payments for Bangladeshi exporters.
Ali Reza Iftekhar, CEO of EBL, and Madhav Kalyan, managing director and bank CEO of JP Morgan Chase Bank NA, India and head of corporate banking for South and Southeast Asia, signed the deal in Dhaka, the bank said in a statement yesterday.
“The service business, approved by Bangladesh Bank, is a new dimension of international business facilitating both importers and exporters and benefiting the trade business of banks and economy,” said Iftekhar.
“Bangladesh has seen significant growth in its exports,” said Kalyan.
Rajiv Warrier, head of trade for South Asia and the Asean at JP Morgan, said, “This partnership provides an innovative solution to meet clients' needs.”
The EBL handles about 4.5 percent of Bangladesh's trade business, which last year amounted to around $3.5 billion, the statement added.
Source: https://www.thedailystar.net
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