City Bank signed a deal with Islamic Corporation for the Development of the Private Sector (ICD) to strengthen collaboration for fostering private sector development in Bangladesh.

The joint collaboration will encompass the areas of finance, public private partnership transactions, lines of finance and any other areas of mutual interest, the bank said in a press release yesterday.

The signing ceremony took place at the 42nd annual meeting of the Islamic Development Bank (IDB) Group at Hilton Hotel in Saudi Arabia on May 18. The ICD, a multilateral development financial institution, is part of the IDB.

Khaled Al Aboodi, CEO of ICD, and Sheikh Mohammed Maroof, deputy managing director of City Bank, signed the deal. “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,” Aboodi said at the ceremony.

“City Bank has achieved significant growth over the years by leveraging strong relationships with partners and providing innovative solutions to meet growing the financial needs,” Maroof said.

“I'm sure this partnership with ICD will improve the bank's performance capacities and better serve our customers' banking needs.”