Wells Fargo, the American multinational financial services giant, has recently granted a substantial trade loan of $20 million to Eastern Bank PLC in Bangladesh.

This financial support marks the largest trade financing ever provided to a private commercial bank. It stands as the highest amount extended by Wells Fargo to any lender in the country.

Mehdi Zaman, Deputy Managing Director and Head of Treasury, Financial Institutions, and Offshore Banking at Eastern Bank PLC, expressed gratitude for the significant trade loan. Zaman emphasized that this financial assistance highlights the robust, longstanding relationship between the two institutions and underscores Wells Fargo’s confidence in Eastern Bank’s capacity to drive international trade development in Bangladesh.

According to a press release, Wells Fargo’s loan to Eastern Bank places a strong emphasis on social safeguards, aligning with responsible and sustainable practices in trade transactions and finance.

The disbursement of the trade loan will be primarily based on social risk assessments of imported goods, with a specific focus on industries carrying higher social risk profiles.