City Bank, Toyota Bangladesh sign strategic partnership deal

City Bank PLC and Toyota Bangladesh Limited have signed a memorandum of understanding (MoU) for a strategic partnership at City Bank's head office in Dhaka.

The MoU was signed by Premmit Singh, managing director of Toyota Bangladesh Limited, and Mashrur Arefin, managing director and CEO of City Bank PLC, in the presence of senior officials from both organisations.

Under the agreement, City Bank will provide credit facilities to Toyota Bangladesh to support its operations in Bangladesh. The partnership also covers corporate cards, collection and cash management solutions, foreign trade services, and employee banking, including payroll services.

Speaking at the ceremony, Mashrur Arefin said Toyota's decision to route its foreign direct investment (FDI) through City Bank reflects the relationship between the two institutions and the bank's ability to support foreign-owned companies operating in Bangladesh.

Premmit Singh announced special discounts on Toyota vehicles for City Bank employees and expressed his intention to strengthen cooperation between the two organisations further.

Both parties said they look forward to continued collaboration in future.