In a strategic move to mitigate interest rate fluctuations, Standard Chartered Bangladesh has signed a $29 million interest rate swap (IRS) agreement with Renata PLC, one of Bangladesh’s top pharmaceutical firms.
The deal allows Renata to transform its floating-rate loan into a fixed-rate structure with Standard Chartered. This guarantees the company predictable, stable payments throughout the loan’s five-year term and protects it from potential interest rate hikes, ensuring financial stability and cash flow consistency.
The agreement was formalized by Standard Chartered Bangladesh Chief Executive Officer Naser Ezaz Bijoy and Renata PLC Managing Director Syed S. Kaiser Kabir. Senior officials from both companies also attended the ceremony, including Faria Kabir, Head of Corporate Coverage Corporate & Investment Banking at Standard Chartered Bangladesh, Sabah Saleheen Azim, Head of Markets and Corporate Sales at Standard Chartered Bangladesh, and Mustafa Alim Aolad, Chief Financial Officer at Renata PLC.
Standard Chartered Bangladesh Chief Executive Officer Naser Ezaz Bijoy remarked, “We are dedicated to providing cutting-edge financial solutions that align with our clients’ growth strategies. This IRS agreement with Renata strengthens its ability to navigate volatile interest rates, ensuring long-term stability.”
Renata PLC Managing Director Syed S. Kaiser Kabir added, “By locking in a fixed rate, we mitigate the risks posed by fluctuating interest rates, allowing for more reliable cash flow management. This stability is vital for sustaining our growth initiatives, both locally and internationally.”
Standard Chartered has maintained a strong presence in Bangladesh for over 120 years, providing bespoke financial services to its clients. Renata PLC, a leader in Bangladesh’s pharmaceutical sector, operates across 43 countries worldwide.
