Deutsche Bank to open representative office in Bangladesh
Deutsche Bank is expanding its global network with the launch of its first representative office in Dhaka, Bangladesh. With this new market entry, Deutsche Bank’s regional footprint in Asia Pacific will soon span 15 diverse markets.
Responding to strong client demand for trade finance support in this fast-growing country, Deutsche Bank will commence operations in Bangladesh shortly. The representative office will focus on supporting multinational corporate clients, predominantly exporters to Bangladesh. The bank has hired Syed Naushad Zaman, previously Deputy Head of the Commerzbank Representative Office in Bangladesh, to lead its business in the country.
“We continue to grow and invest in our business in Asia Pacific,” said Deutsche Bank Chief Executive Officer for Asia Pacific and Member of the Management Board Alexander von zur Muehlen. “We are proud that in our 150th anniversary in Asia Pacific, we are welcoming a 15th market to our strong regional network.”
“Bangladesh is a great example of the significant opportunity that we see for our platform in the region. With its fast-growing economy we enter this market to support its increasing participation in regional and global trade.”Alexander von zur Muehlen
Atul Jain, Deutsche Bank Global Co-Head for Trade Finance and Lending, added, “Bangladesh is an increasingly strategic market for both our global multinational and German corporate clients. This representative office reflects our firm commitment to support our clients’ evolving risk management and financing needs in this dynamic growth market.”
According to the Embassy of Bangladesh, Germany is the largest trading partner of Bangladesh in Europe and the second largest globally. German exports to Bangladesh have tripled in the past 25 years. In 2021 German exports to Bangladesh recorded a 45 per cent increase to US$ 877 million. At almost US$ 400 million, just under half of this was machinery and equipment.
Metlife Foundation provides financial support to help India and Bangladesh fight Covid-19 spread
MetLife Foundation announced that it is donating USD1.5 million to fund targeted support in India and Bangladesh as both countries struggle to cope with the devastating wave of COVID-19 cases.
The Foundation will channel funds through its partners, including:
– Habitat for Humanity (India) – to deploy additional beds, equipment, and set-up costs for COVID-19 emergency facilities in Delhi, Maharashtra, Karnataka and Uttar Pradesh- Healing Fields Foundation (India) – to provide tele-consultation, food supplies, medicines, and other home-isolation and management support across 300 villages in some of the most vulnerable states and districts in India- Sajida Foundation (Bangladesh) – to support low-income families, predominantly in the capital city of Dhaka, with access to healthcare and other basic needs
Kishore Ponnavolu, President, Asia for MetLife, said: “We have all watched in grief as India and Bangladesh have been engulfed by this wave of infections and deaths. We pray that MetLife Foundation’s donations will help to alleviate some of the strain on healthcare services and bring hope to those who need it most.”
In addition to MetLife Foundation’s USD1.5 million donation, MetLife employees will be able to donate to relief efforts in India, Bangladesh and countries in Latin America facing severe spread of COVID-19 and have their contributions matched by the Foundation.
Ashish Kumar Srivastava, Managing Director & CEO, PNB MetLife, said: “The pandemic is an unprecedented crisis and India has been severely impacted by this latest wave of COVID-19. There is an immediate requirement to support medical infrastructure for those affected and we at PNB MetLife thank MetLife Foundation for supporting India during these testing times with aid across key impacted regions. We are humbled by MetLife standing by us, our society and our nation.”
Ala Ahmad, CEO of MetLife Bangladesh, noted: “We are very proud of the efforts of MetLife Foundation in mitigating the impacts of the ongoing COVID-19 situation in Bangladesh. We stand with our fellow citizens at this time of need and will do our very best to give necessary assistance to the health and wellbeing needs of the people affected by this pandemic.”