City Bank signs partnership deal with Toyota

City Bank PLC has signed a memorandum of understanding (MoU) with Toyota Bangladesh Limited, an automobile company, to establish a strategic partnership.

Under the arrangement, City Bank will extend credit facilities to Toyota Bangladesh Limited to support its operations in Bangladesh.

The collaboration will also include corporate cards, collection and cash management solutions, foreign trade services, and employee banking facilities, including payroll services.

Premmit Singh, managing director of Toyota Bangladesh Limited, and Mashrur Arefin, managing director and chief executive officer of City Bank PLC, signed the MoU at the bank’s head office in Dhaka recently, according to a press release.

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

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

Both parties said they look forward to continued collaboration in the future. Senior officials from both organisations were also present at the event.