SOURCE: DS-Concept Factoring GmbH
DHAKA, BANGLADESH--(Marketwire - Jul 25, 2012) - DS-Concept (http://www.ds-concept.net) recently completed its first deal of advance payment for assigned L/C proceeds in Bangladesh. This new product provides Bangladeshi exporters with the chance of turning their deferred letters of credit into cash.
"In the past months more and more foreign buyers prefer to open deferred L/Cs instead of sight L/Cs when buying from Bangladesh." says René Pastor, senior executive vice president of DS-Concept Factoring GmbH. "However the exporters from Bangladesh are of course in need of liquidity and cannot wait three or four months. This is where DS-Concept steps in." This new service is offered in cooperation with Mutual Trust Bank Ltd. in Dhaka, through which the L/Cs are handled. Early this month this product was inaugurated by Anis A. Khan, managing director and chief executive officer of Mutual Trust Bank and Alexander Pinkas, managing director of the DS-Concept Liaison office in Bangladesh. Many companies now finally have the chance to accept deferred L/Cs for their exports, and DS-Concept once again shows that with its innovative services it can provide funding throughout the world.
This statement is further supported by several new clients, including a Chinese textile fabricant which exports its products to many Bengal textiles mills and for which DS-Concept will assume the L/C handling of turning their deferred L/Cs into sight L/Cs. "Bangladesh has a huge potential" says Mr Pinkas" and with our funding we'll help it to reach it."