Standard Chartered Bank has recently been appointed by Summit Group as their Financial Advisor for two upcoming Power Projects, Bibiyana I and Bibiyana II (341 Megawatts each). General Electric (GE) is the joint venture partner of Summit Group for these projects.

Bibiyana projects are immensely important for the country to cope up with the power deficit and hence provide both organizations a great opportunity to directly contribute to country-s economic growth. This is also the largest Financial Advisory transaction in Bangladesh-s history. Primarily as Financial Advisor; Standard Chartered Bank will structure the most suitable financial package for Summit Group and source the required funding from various local and international sources, including multilaterals.

Mr. Jim McCabe, CEO, Standard Chartered Bank said “We are proud to be associated with Summit Group for these projects; this is a great opportunity for us to live up to our reputation of Project Finance Internationals 2010 Bank of the Year. We are also proud to once again be a partner in progress for Bangladesh.”

Mr. Aziz Khan, Chairman, Summit Group said” Bibiyana I and II projects are extremely crucial for the development of the country and I am delighted to have deployed the best brain in the business for financial advisory of these projects”

The signing ceremony was held recently at the Head Office of Standard Chartered Bank. Mr. Aziz Khan, Chairman; Ms. Ayesha Aziz Khan, Finance Director; Mr. Azizur Rashid, CFO from Summit Group and from Standard Chartered Bank Mr. Venkataramanan Anantharaman, Head of OCC, India and South Asia; Mr. Nirukt Sapru, Head of Growth Markets, South East Asia & South Asia; Mr. Jim McCabe, CEO; Mr. Abrar Anwar, Head of Origination & Client Coverage; Mr. Mahfuzur Rahman, Head of CTA, and Mr. Arif Ainul Suman, Director-CTA were also present at the ceremony.