Recently, Bangladesh Bank(Central Bank of Bangladesh) has approved
the former Farmers BankLimited to be renamed Padma Bank.
The bank was founded in2013
and has been plagued byirregularities and loan fraud since.
Especially since lastyear,
the bank has witnessedfrequent vicious events of L/C default,
causing huge losses toChinese enterprises in international trade with Bangladesh.
The bank has beenblacklisted by the Economic and Commercial Counsellor's Office
of the Chinese Embassy inBangladesh.
But the bank hasrebranded itself with the intention of
refusing to pay allpreviously defaulted L/C
and continuing to dobusiness with Chinese companies.
The Economic and CommercialCounsellor's Office of the Chinese Embassy in Bangladesh
once again solemnlyreminds all Chinese enterprises to strengthen risk control
and avoid accepting L/Cissued by Padma Bank in international trade with Bangladesh.
