Credit cardholders from Standard Chartered Bank Bangladesh Pvt. Ltd. may make purchases on installment under an agreement the issuer announced Sept. 24 with Dhaka-based Advanced Chemical Industries Ltd.

The installment service would apply when Standard Chartered credit cardholders buy from retail brands Advanced Chemical represents. Cardholders would be able to pay for their purchases in up to 12 installments at 0% interest when they show their card and monthly statements.

However, Standard Chartered would not bill the installment unless the cardholder defaults. Instead, the cardholder would have to pay the installments in cash to the company, the company said

The deal is significant because of the range of products offered by companies Advanced Chemical represents in Bangladesh. Besides a pharmaceutical retail business, the company also represents the Colgate, Nivea, Tetley and Godrej & Dabur brands through distribution and joint ventures. It also represents the Panasonic and Lumix electronics companies via its joint venture with the Japan-based firms.

Cardholders that settle their bills using Standard Chartered cards also receive special discounts up to 10% on specific products Panasonic and Lumix offer, according to the agreement.

Standard Chartered is the largest international bank in Bangladesh with 25 branches, 50 ATMS and a staff exceeding 1,300 workers.

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