Wells Fargo extends $20million trade loan to EBL

Wells Fargo, a leading financial services institution has extended balance sheet support to Eastern Bank PLC (EBL) in the form of a trade loan of USD 20 million. 

This transaction not only marks the largest trade loan extended to EBL but also represents the highest amount granted by the US-based lender to any bank in Bangladesh, reads a press release.

In line with the responsible and sustainable practices in trade transactions and finance, Wells Fargo's $20 million loan to EBL emphasises mainly social safeguards. Social risk assessments of imported goods, particularly from industries with higher social risk profiles are the major criteria for disbursement of the trade loan.

Mehdi Zaman, DMD and head of Treasury, FIs and Offshore Banking at EBL, expressing gratitude to Wells Fargo for the partnership said, "We are honored to receive this trade loan from Wells Fargo, which not only signifies the strength of our longstanding relationship but also reflects their confidence in our ability to drive international Trade Development in Bangladesh."

Adi Kaushik, managing director and head of FIG Banks APAC, Wells Fargo said, "The funding reflects the firm's continued commitment to Bangladesh and Eastern Bank. Wells Fargo has played a pivotal role in driving several industry-wide initiatives and this milestone is deemed to be another success story involving the two institutions"