Deutsche Bank to open representative office in Bangladesh
Premium- Deutsche Bank has hired Syed Naushad Zaman, previously deputy head of the Commerzbank Representative Office in Bangladesh, to lead its business in the country.
Mumbai: Deutsche Bank on Monday said it is expanding its global network with the launch of its first representative office in Dhaka, Bangladesh, taking the German bank’s regional footprint in the Asia Pacific to 15 diverse markets.
The lender said that responding to strong client demand for trade finance support in this fast-growing country, it will commence operations in Bangladesh shortly. The representative office will focus on supporting multinational corporate clients, predominantly exporters to Bangladesh.
The bank has hired Syed Naushad Zaman, previously deputy head of the Commerzbank Representative Office in Bangladesh, to lead its business in the country.
“We continue to grow and invest in our business in Asia Pacific," said Alexander von zur Muehlen, chief executive officer for Asia Pacific and member of the management board, Deutsche Bank.
Bangladesh, he said, is a great example of the significant opportunity that we see for our platform in the region. “With its fast-growing economy we enter this market to support its increasing participation in regional and global trade," he said.
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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% increase to $877 million. At almost $400 million, just under half of this was machinery and equipment, the bank said in a statement.
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