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SCB, Nestlé Bangladesh collaborate for distributor finance program

  • Published at 02:04 am August 22nd, 2019
SCB, Nestlé Bangladesh collaborate for distributor finance program
Photo: Courtesy

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, according to a press release.

Standard Chartered Bank has inked an agreement with Nestlé Bangladesh Limited (NBL) to collaborate 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, according to a press release.

Deepal Abeywickrema, managing director, Nestlé Bangladesh Limited and Naser Ezaz Bijoy, CEO, Standard Chartered Bangladesh signed the agreement on behalf of their respective companies in a ceremony held at the Bank’s head office in Gulshan recently.

Senior officials from both the organisations were also present at the ceremony.

Speaking on the occasion, Naser Ezaz Bijoy said: “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 Abeywickrema, 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.