Leading German financial institution Deutsche Bank 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.

Dignitaries join the opening of the representative office of Deutsche Bank in Dhaka on February 6. Photo: Collected

"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."

"With the launch of our representative office in market, we are glad to expand Deutsche Bank's extensive global network, helping connect the world for our clients with our local market expertise and product capability," Matthiessen said.

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."

"While Germany is already Bangladesh's second most important export market worldwide, I am sure that Deutsche Bank with their strong focus on trade finance will play a central role in boosting further the dynamic economic exchange between these two countries."

"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.

According to Germany's Federal Foreign Office, Germany is one of the biggest export markets for Bangladesh and bilateral trade volume between the countries is growing steadily.

Trade volume between the two countries stood at $9.3 billion in 2021, with $1 billion in exports from Germany to Bangladesh, according data from the Export Promotion Bureau of Bangladesh.

Leading German corporates, senior members of Deutsche Bank and other local banks were also present at the launch.