Société Générale (Bangladesh)
MIGA issued a $9 million guarantee to Société Générale, S.A. of France for its investment in the establishment and operation of a branch bank in Dhaka. MIGA's guarantee covers the investment against the risks of expropriation, transfer restriction, and war and civil disturbance.
Société Générale (Bangladesh) will concentrate on commercial, merchant, and investment banking activities, and its clients will include private individuals, export companies, and multinational corporations. The bank will employ about 60 local staff and provide on-the-job training in technical and managerial skills, such as cash management, trade finance, management information systems, and foreign exchange transactions. Technology for a new financial management system, designed by Société Générale for its overseas operations, will improve banking operations.