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Prime Bank partners with LBBW for 1st deal in ECA-covered FCTL for City Group

Business Desk | Published: 23:49, Sep 15,2020

 
 

Partnering with German and Swiss financial institutions, Prime Bank has made its maiden deal in ECA covered Foreign Currency Term Loan for Bangladeshi conglomerate City Group, said a press release.

Prime Bank has arranged a foreign currency credit for setting up a modern salt plant in the country by Dhaka Salt and Chemicals Limited, a sister concern of City Group, at Hoshendi Economic Zone.

For City Group, this is the first ECA covered transaction with a private commercial bank in Bangladesh.

As the arranger, Prime Bank signed an agreement with Landesbank Baden-Wurttemberg of Germany to avail ECA covered term loan to on-lend the same to Dhaka Salt and Chemicals Limited where Swiss Export Risk Insurance, Zurich, Switzerland acted as the Export Credit Agency.

Prime Bank managing director and CEO Rahel Ahmed and Germany’s Landesbank Baden-Wurttemberg managing director and regional head for Asia Pacific Jens Ruebbert signed the agreement on behalf of their respective organisations at a virtual signing ceremony on September 9, 2020.

Dhaka Salt and Chemicals Limited managing director and City Group chairman Fazlur Rahman, City Group director Md Hasan, Prime Bank DMD and CBO Faisal Rahman, structured finance head Shams Abdullah Muhaimin and corporate and institutional banking team head Shahbaj Talat, LBBW export finance head for Asia Pacific Marc Schlatter, Swiss corporates coverage, export finance Christina Lutz, and Bangladesh market coverage, export finance Mark Adamovits were present at the signing.

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