City Bank PLC and Toyota Bangladesh Limited have signed a memorandum of understanding (MoU) to provide credit facilities and banking services, including trade finance, cash management and employee banking support.
The agreement was signed on Monday at the bank’s head office in the capital, the bank said in a press release.
City Bank Managing Director and CEO Mashrur Arefin and Toyota Bangladesh Limited Managing Director Premmit Singh signed the MoU in the presence of senior officials from both organisations.
Under the arrangement, the bank will extend credit facilities to support Toyota Bangladesh Limited’s operations in Bangladesh.
The partnership also includes corporate cards, collection and cash management services, foreign trade support and employee banking solutions, including payroll services.
“Toyota’s decision to route its foreign direct investment (FDI) through the bank reflects the working relationship between the two institutions and the bank’s capability to support foreign-owned companies operating in Bangladesh,” said Mashrur Arefin.
Toyota Bangladesh Managing Director Premmit Singh announced special discounts on Toyota vehicles for City Bank employees and expressed interest in further strengthening cooperation between the two organisations.
Both sides said they expect the partnership to support their business operations and expand collaboration in the future.
