City Bank First Time Signs Derivative Product Agreement with Bangla Trac
City Bank has signed Interest Rate Swap (IRS) deal of USD 21.43 million with Bangla Trac Power Unit-1 Ltd for the first time recently at City Bank Head Office .
An interest rate swap (IRS) is an OTC derivative contract in which two parties periodically exchange interest payments of different types (Fixed and Floating interest rate), on a specified notional principal, during a set period of time.
Through this deal City Bank steps into the OTC derivative products like Interest Rate Swap in this market. City Bank is actively participating in the Foreign Exchange market in Bangladesh and has been providing customized solutions to its valued customers.
Sheikh Mohammad Maroof, Additional Managing Director of City Bank and M Jahangir Alam, Group CEO, Banglatrac signed the agreement on behalf of their respective organizations. Senior Management from both were also present in the signing ceremony.