Deutsche Bank opens representative office in Dhaka

Leading German financial institution Deutsche Bank has opened its representative office in Dhaka's Gulshan 1 on February 6.

The office will cater to the increasing demand for trade finance solutions for the fast-growing economy, the bank said in a statement today.

This will expand Bangladesh's banking relations with the globe to a large extent, Ahmed Jamal, deputy governor of Bangladesh Bank, said at the launch of the representative office.

He also dubbed the opening of the representative office a milestone and expressed hope for a mutually beneficial relationship between Deutsche Bank and Bangladesh.

"We welcome Deutsche Bank to Bangladesh," Lokman Hassain Miah, executive chairman of Bangladesh Investment Development Authority, said at the launch.

"We are glad that banks and corporates in Bangladesh will now be able to benefit from the high-quality banking products and services from one of the largest banks in the world."

"Our global clients have strong business ties with Bangladesh, creating a growing need for trade finance solutions," said Ole Matthiessen, global head of cash management and head of corporate bank APAC at Deutsche Bank.

"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."

Jan-Rolf Janowski, deputy head of mission of the German embassy in Bangladesh, said: "Deutsche Bank joins more than 70 other German companies already present in Bangladesh."

"As a trusted German bank with more than 150 years of experience in Asia Pacific and with a broad international network, Deutsche Bank will be an important driver of the development of Bangladesh's broader banking sector," Janowski said.