Bangladesh bank opens in Kuala Lumpur

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city_bank1In order to tap the lucrative $1 billion remittance market of Bangladeshi workers in Malaysia, Bangladesh’s City Bank Ltd has opened a branch in Kuala Lumpur and said it will add another 4 branches nationwide by end-2013.

“There are more than 1 million Bangladesh workers in country and another 1.4 million workers are expected to enter the country,” the bank’s chairman, Aziz Al Kaiser, told reporters at the branch opening in Malaysia’s capital on September 10.

The bank has been given approval by Bank Negara Malaysia to open remittance branches in Malaysia.

Altogether, City Bank wants to open 25 branches throughout  the country, buoyed by strong worker movement  from Bangladesh to Malaysia, as the recent increase of flight frequency from Dhaka to Kuala Lumpur from one to five per day shows.

City Bank, launched in 1983, is one of the oldest private banks based in Dhaka and the sole franchisee of American Express in Bangladesh.

 

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Reading Time: 1 minute

In order to tap the lucrative $1 billion remittance market of Bangladeshi workers in Malaysia, Bangladesh’s City Bank Ltd has opened a branch in Kuala Lumpur and said it will add another 4 branches nationwide by end-2013.

Reading Time: 1 minute

city_bank1In order to tap the lucrative $1 billion remittance market of Bangladeshi workers in Malaysia, Bangladesh’s City Bank Ltd has opened a branch in Kuala Lumpur and said it will add another 4 branches nationwide by end-2013.

“There are more than 1 million Bangladesh workers in country and another 1.4 million workers are expected to enter the country,” the bank’s chairman, Aziz Al Kaiser, told reporters at the branch opening in Malaysia’s capital on September 10.

The bank has been given approval by Bank Negara Malaysia to open remittance branches in Malaysia.

Altogether, City Bank wants to open 25 branches throughout  the country, buoyed by strong worker movement  from Bangladesh to Malaysia, as the recent increase of flight frequency from Dhaka to Kuala Lumpur from one to five per day shows.

City Bank, launched in 1983, is one of the oldest private banks based in Dhaka and the sole franchisee of American Express in Bangladesh.

 

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