Eastern Bank secures $20m from Wells Fargo

Wells Fargo, an American multinational financial services company, has provided a trade loan of $20 million to Eastern Bank PLC.

This is the largest trade financing extended to the private commercial bank and represents the highest amount granted by the US firm to any lender in Bangladesh, said a press release.

"We are honoured 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 the international trade development in Bangladesh," said Mehdi Zaman, deputy managing director and head of treasury, financial institutions and offshore banking at the bank.

"The funding reflects the firm's continued commitment to Bangladesh and Eastern Bank," said Adi Kaushik, managing director and head of the financial institution group for the Asia Pacific at Wells Fargo.

"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."

The press release said Wells Fargo's loan to Eastern Bank emphasises social safeguards in line with responsible and sustainable practices in trade transactions and finance.

Social risk assessments of imported goods, particularly from industries with higher social risk profiles, will be the major criteria for disbursement of the trade loan, it said.