Deutsche Bank has confirmed the launch of its first representative office in Dhaka, the capital of Bangladesh.
The Bank, which provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products, is to leverage its newfound position in the Asia-Pacific (APAC) to focus on supporting its multinational corporate clients, predominantly exporters to Bangladesh.
Responding to what it cites as a ‘strong client demand for trade finance support’, the Bank is expected to commence operations in Bangladesh shortly.
The Bank has appointed Syed Naushad Zaman, the former deputy head of the Commerzbank representative office in Bangladesh, to head its business operations in the country.
With this new market entry, the Bank’s regional footprint in APAC will soon span 15 diverse markets
“Bangladesh is a great example of the significant opportunity that we see for our platform in the region,” comments Alexander von zur Muehlen, the Bank’s APAC CEO and member of the management board.
“With its fast-growing economy, we enter this market to support its increasing participation in regional and global trade.”
“Bangladesh is an increasingly strategic market for both our global multinational and German corporate clients,” added Atul Jain, the Bank’s global co-head for trade finance and lending.
“This representative office reflects our firm commitment to support our clients’ evolving risk management and financing needs in this dynamic growth market.”
According to the Embassy of Bangladesh, Germany is the largest trading partner of Bangladesh in Europe and the second largest globally.
German exports to Bangladesh have tripled in the past 25 years. In 2021 German exports to Bangladesh recorded a 45 per cent increase to $877million. At almost $400million, just under half of this was machinery and equipment.