Thursday, 7 December 2023

Deutsche Bank to open first representative office in Bangladesh

5 min read

Deutsche Bank announced the expansion of 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.

“Bangladesh is an increasingly strategic market for both our global multinational and German corporate clients.” Atul Jain, Deutsche Bank Global Co-Head for Trade Finance and Lending, comments. “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.

Re-disseminated by The Asian Banker

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