Statement on the Issuing Bank of the Letter of Credit from Bangladesh

According to the relevant regulations of Bangladesh foreign exchange management, except for special circumstances, the external payment of import and export must generally adopt the method of bank letter of credit. Due to the generally poor reputation of Bangladeshi commercial banks, many issuing banks operate illegally. In the case of Chinese companies exporting to Bangladesh, they often encounter delays in payment of unpaid spot letters, or The customer placed the order without the payment procedure, and the customer submitted a quality claim to the exporter after picking up the goods or looking at the goods, and forced the exporter to cut the price, resulting in economic losses. In conjunction with the economic and trade security risk warning issued by the Economic and Commercial Counselor's Office of the Embassy of the People's Republic of China in the People's Republic of Bangladesh, we have formulated the following policies to avoid business risks and ensure commercial safety:

When the Bangladesh customer opens the certificate, choose a bank with good credit to open the certificate, and try not to accept the letter of credit issued by the banks and branches with bad credit. 

The bank with the worst credit in Bangladesh is:

1.Islami Bank Bangladesh Limited

Add: 40 Dilkusha C/A, Dhaka-1000，Bangladesh

2.The Farmers Bank Limited 

In addition, the following bank credits are poor:

1.Social Investment Bank Limited,

2.Mutual Trust Bank Ltd.

3.National Bank Limited

4.Sonali Bank

5.Janata Bank

Recently, a number of Chinese-funded enterprises have suffered from the refusal of some bank credits in Bangladesh. The relevant bank list is now announced as follows:

1.Basic bank

2.Islami Bank

3.Janata Bank

4.Mercantile Bank      

Special reminder:

Recently, Bangladesh Bank(Central Bank of Bangladesh) has approved the former Farmers Bank Limited to be renamed Padma Bank. The bank was founded in 2013  and has been plagued by irregularities and loan fraud since. Especially since last year, the bank has witnessed frequent vicious events of L/C default, causing huge losses to Chinese enterprises in international trade with Bangladesh. 

The bank has been blacklisted by the Economic and Commercial Counselor's Office of the Chinese Embassy in Bangladesh.  But the bank has rebranded itself with the intention of refusing to pay all previously defaulted L/C and continuing to do business with Chinese companies. The Economic and Commercial Counselor's Office of the Chinese Embassy in Bangladesh once again solemnly reminds all Chinese enterprises to strengthen risk control and avoid accepting L/C issued by Padma Bank in international trade with Bangladesh.

As an old friend of Bangladesh, the Tavol Group has always attached importance to its partnership with Bangladeshi customers. For the long-term cooperation between us, please avoid the above-mentioned blacklisted banks and use a bank with good credit!

Banks with good credit are as following:

1.Primer Bank Ltd

2.Prime Bank Limited

3.One Bank Limited

4.Export Import Bank of Bangladesh Limited (EXIM BANK)

With Tavol , your money  is safe ,and you business is safe!