Deutsche Bank of Germany has opened its representative office in Bangladesh as the bank's global clients have strong business ties with the country.
Lokman Hossain Miah, Executive Chairman of Bangladesh Investment Development Authority (BIDA), attended the opening ceremony at a city hotel on Monday last, according to a press release issued on Thursday.
Ahmed Jamal, Deputy Governor of Bangladesh Bank, Jan-Rolf Janowski, Deputy Head of German Mission in Dhaka, representatives from leading German companies operating in Bangladesh, Deutsche Bank and other local banks were present.
According to the statement, the bank's representative office in Dhaka will cater to the increasing demand for trade finance solutions for the fast-growing economy.
The BIDA executive chairman welcomed the bank to Bangladesh and expected the corporates in Bangladesh to benefit from the high-quality banking products and services from one of the largest banks in the world.
Ole Matthiessen, Global Head of Cash Management and Head of Corporate Bank APAC, Deutsche Bank said the bank's global clients have strong business ties with Bangladesh, creating a growing need for trade finance solutions.
"Bangladesh's status as the world's biggest issuer of letters of credit also provides us with the opportunity to play a significant role in the country's continued growth journey," he added.
Mr Janowski said the bank joined more than 70 other German companies already present in Bangladesh.
"While Germany is already Bangladesh's second most important export market worldwide, I am sure that Deutsche Bank with their strong focus on trade finance will play a central role in boosting further the dynamic economic exchange between these two countries."
As a trusted German bank with more than 150 years of experience in Asia Pacific and with a broad international network, he said the bank will be an important driver of the development of Bangladesh's broader banking sector.
According to Germany's Federal Foreign Office, Germany is one of the biggest export markets for Bangladesh and bilateral trade volume between the countries is growing steadily.
The Export Promotion Bureau of Bangladesh pegs the trade volume between the two countries in 2021 at US$9.3 billion, with US$1.0 billion in exports from Germany to Bangladesh.
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