On May 18, 2017, the Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of Islamic Development Bank (IDB) Group signed a Memorandum of Understanding with City Bank, Bangladesh in order to strengthen collaboration for fostering private sector development in the country. The signing ceremony was held at the 42nd Annual Meeting of the IDB Group at Hilton Hotel, Jeddah, Saudi Arabia.
The CEO of ICD, Mr Khaled Al Aboodi and Mr Sheikh Mohammed Maroof, Deputy Managing Director and Mr Mohammad Mahbubur Rahman, Chief Financial Officer of City Bank signed the MOU on behalf of their respective institutions.
The signing ceremony was held at the 42nd Annual Meeting of the IDB Group at Hilton Hotel, Jeddah, Saudi Arabia
The joint collaboration will encompass the areas of Term Finance, Public Private Partnership transactions, Lines of Finance and any other areas of mutual interest.
During the signing ceremony, Mr. Khalid Al Aboodi, CEO of ICD stated “City Bank is one of our most valued partners and signing of this MOU will take our relationship to a new level which will benefit the people of Bangladesh the most”.
Mr. Sheikh Mohammed Maroof, Deputy Managing Director of the City Bank said, “City Bank has achieved significant growth over the years by leveraging strong relationships with partners and providing innovative solutions to meet growing financial needs. I’m sure this partnership with ICD will improve the bank’s performance capacities and better serve our customers’ banking needs.”
The signing ceremony was also attended by Mr Farid Masmoudi, Director of ICD, Mr Mahbub Jamil, Head of Structured Finance of City Bank and other high officials of both the institutions.