Nestlé Bangladesh PLC has signed an agreement with the HSBC, Dhaka to offer “Buyer Approved Invoice Finance” (BAIF) for Nestlé’s suppliers on the 8th of January, 2018. This is an innovative supply chain financing proposition for Bangladesh that provides efficient and cost-effective working capital solution for Nestlé and our business partners. This agreement helps our vendors to get competitive financing, leveraging the strength of their partnership with Nestlé, strengthens our relationship with business partners and is expected to further improve our working capital position. Mr. Stéphane Nordé, Managing Director, Nestlé Bangladesh PLC and Mr. Francois de Maricourt, Chief Executive Officer, HSBC Bangladesh signed the agreement on behalf of their respective organizations.
Commenting on the solution, Stéphane Nordé said, “We are extremely pleased to join with HSBC Bangladesh and welcome such greater opportunities to our vendors, suppliers and communities we serve. With this partnership with HSBC in Bangladesh, we will better manage our vendors’ payments minimizing the disbursement cycle. Let us be stronger together for the future of Bangladesh.”
Sandeep Sethi, Finance & Control Director of Nestlé Bangladesh PLC, said, “Along with product innovations we are also committed to bring process innovations in the country. With this partnership, our vendors can leverage the strength of Nestlé and HSBC for improved fund management. This is a unique partnership creating wining solution for all stakeholders and brings in treasury innovation that will benefit the industry in Bangladesh”
Sanjeev Yadav, Supply Chain Director of Nestlé Bangladesh PLC, said, “Vendor Financing Solution is a collaborative solution / product between Nestlé & HSBC in Bangladesh to bring in better working capital management and cash flow. It has set a good example in front of other industries and financial institutions in Bangladesh to move towards efficient cash management. A perfect WIN-WIN proposition for Nestlé, HSBC & Vendors.”