Thursday, February 20, 2020 | ePaper

StanChart, Nestlé (BD) inked deal for distributor finance program

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Deepal Abey Wickrema, Managing Director of Nestlé Bangladesh Limited and Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh, exchanging an agreement signing document at the bank's head office in the city recently. Senior officials from both the or

Business Desk :
Standard Chartered Bank has inked an agreement with Nestlé Bangladesh Limited (NBL) to partner in the Bank's Distributor Finance Program. The program is one of the many initiatives by the Bank to support its clients and their wider supply-chain ecosystem, through access to finance and payment platforms, fostering greater synergies and efficiencies for all concerned.
Deepal Abey Wickrema, Managing Director of Nestlé Bangladesh Limited and Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh signed the agreement on behalf of their respective companies in a ceremony held at the bank's head office in the city recently. Senior officials from both the organisations were also present at the ceremony, said a media release.
Speaking on the occasion, Naser Ezaz Bijoy, CEO of the bank, "We believe this program, which is not just a financing solution but also a technological solution where all transactions will be digital, can be a template for how we can enable business ecosystems where the whole is greater than the sum of its parts."
He added, "Collaborative platforms such as these will not only help optimize working capital for our clients' supply chain, but also drive broad-based growth within the greater economy." Commenting on the solution, Deepal Abey wickrema, Managing Director, Nestlé Bangladesh Limited said, "Our collaborative solution with Standard Chartered Bank in the country is to cater Nestlé's distributors to avail trade financing facilities from Standard Chartered, supporting their working capital requirement for goods purchased from Nestlé. This innovative solution will surely benefit our partners as well as the industry."
The program will utilize an automated financing system, in which the transactions will be processed online, making transactions simpler, faster and more efficient. The innovative and customized solution will enable best in class efficiencies for Nestlé's distributors and a unique win-win solution for the bank, Nestlé and our business partners.

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