Home / Knowledge / News / Apparel/Garments / COVID-19 FightBack: HSBC supports Bangla garment sector

COVID-19 FightBack: HSBC supports Bangla garment sector

Mar '20
Pic: Shutterstock
Pic: Shutterstock
HSBC Bangladesh recently announced measures to help textile and garments clients tide over the fallout of the COVID-19 pandemic. It will offer special short-term loans of up to one year with principal moratorium for four months, which can be used for supporting payroll bill and utility payment. It will also allow a three-month moratorium on existing term loans.

Although the Bangladesh Bank had some time back asked banks to extend similar support to businesses hit by the pandemic, the British bank is the first to formally announce the measures.

HSBC will provide up to 90-day extension of import liability maturing in next three months where export shipments are delayed, Bangla media reported citing a press release by the bank.

It will work to ease cash flow pressures faced by businesses and help customers tackle market uncertainties, including disruptions to their supply chains.

To ease the pressure on Bangladeshi economy, clients will be allowed to enjoy trade relief in the form of waiver of letters-of-credit (LCs) commission and margin requirements for the import of medicine, medical equipment and accessories used to treat COVID-19.

Customers facing delivery disruptions owing to late shipment and presentation of documents will have amendment fees on LCs waived, said HSBC.

The bank will provide support to customers to onboard onto HSBC's digital platforms to enable the flow of trade to continue.

Along with the textile and garments sector, the lender will actively evaluate and try to introduce specific initiatives to support its customers in other sectors as required.

Fibre2Fashion News Desk (DS)

Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 9th Apr 2020

Make your position clear: BGMEA to buyers

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: Shutterstock

Textiles | On 9th Apr 2020

Contract killer: The clause breaking supply chains apart

Even though force majeure clauses are almost always written into...

Pic: Shutterstock

Apparel/Garments | On 9th Apr 2020

Bangla PM unveils fresh stimulus packages worth Tk67750 cr

Prime Minister Sheikh Hasina recently unveiled a set of stimulus...

Interviews View All

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Robert Brunner, Devereux

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

April 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search