Economic Reporter :
City Bank has recently signed an agreement with FMO, the Dutch Development Bank, under which FMO will provide USD 30 million loan to City Bank to support import and export requirements of local customers, said a press release. This will not only stimulate private sector business activities but also promote bank’s Off-Shore banking portfolio. The relationship between City Bank and FMO started in 2012 with a term facility of USD 20 Million for 5 years. The new term loan facility will extend the relationship to a further level.
Sohail RK Hussain, Managing Director and Chief Executive Officer, City Bank and Marnix Monsfort, Head of Financial Institutions Asia, FMO signed the agreement on behalf of their respective organizations in presence of Her Excellency Martine Van Hoogstraten, chargé d’affaires, Embassy of the Kingdom of the Netherlands & Mohammad Shoeb, Chairman, City Bank. Among others present were City Bank’s Independnet Director Farooq Sobhan, AMDs Faruq M Ahmed and Mashrur Arefin, DMD Sheikh Mohammad Maroof; Dave Smit, Senior Investment Officer, Patience Mayaki, Financial Institutions Environmental & Social Specialist of FMO and other senior officials of both the organizations.
City Bank has recently signed an agreement with FMO, the Dutch Development Bank, under which FMO will provide USD 30 million loan to City Bank to support import and export requirements of local customers, said a press release. This will not only stimulate private sector business activities but also promote bank’s Off-Shore banking portfolio. The relationship between City Bank and FMO started in 2012 with a term facility of USD 20 Million for 5 years. The new term loan facility will extend the relationship to a further level.
Sohail RK Hussain, Managing Director and Chief Executive Officer, City Bank and Marnix Monsfort, Head of Financial Institutions Asia, FMO signed the agreement on behalf of their respective organizations in presence of Her Excellency Martine Van Hoogstraten, chargé d’affaires, Embassy of the Kingdom of the Netherlands & Mohammad Shoeb, Chairman, City Bank. Among others present were City Bank’s Independnet Director Farooq Sobhan, AMDs Faruq M Ahmed and Mashrur Arefin, DMD Sheikh Mohammad Maroof; Dave Smit, Senior Investment Officer, Patience Mayaki, Financial Institutions Environmental & Social Specialist of FMO and other senior officials of both the organizations.
