Economic Reporter :
City Bank has signed an agreement on Wednesday with IFC (International Finance Corporation). According to the deal, IFC will invest in the City Bank’s Equity Shares to hold 5.0 per cent of outstanding no. of bank’s common equity.
The IFC’s investment proposition will be accommodated through issuance of fresh equity with 46,560,231 shares with an issue price of each share of Tk 28.30 (Tk 18.30 premium with a face value of Tk 10.00 each). The total value of shares to be subscribed by IFC would be Tk 131crore ; subject to obtaining approval of Bangladesh Securities and Exchange Commission (BSEC) and other relevant regulatory authorities and as well as the shareholders to comply with the required regulatory requirements.
City Bank’s board has also approved Convertible Loan facilities from IFC into common equity of the company after getting approval from the respective regulatory authorities. The amount of loan would be US$ 20 million.
The agreement was signed by City Bank Chairman Rubel Aziz and bank’s Managing Director & CEO Sohail R. K. Hussain and Wendy Jo Werner, Country Manager, IFC .
City Bank has signed an agreement on Wednesday with IFC (International Finance Corporation). According to the deal, IFC will invest in the City Bank’s Equity Shares to hold 5.0 per cent of outstanding no. of bank’s common equity.
The IFC’s investment proposition will be accommodated through issuance of fresh equity with 46,560,231 shares with an issue price of each share of Tk 28.30 (Tk 18.30 premium with a face value of Tk 10.00 each). The total value of shares to be subscribed by IFC would be Tk 131crore ; subject to obtaining approval of Bangladesh Securities and Exchange Commission (BSEC) and other relevant regulatory authorities and as well as the shareholders to comply with the required regulatory requirements.
City Bank’s board has also approved Convertible Loan facilities from IFC into common equity of the company after getting approval from the respective regulatory authorities. The amount of loan would be US$ 20 million.
The agreement was signed by City Bank Chairman Rubel Aziz and bank’s Managing Director & CEO Sohail R. K. Hussain and Wendy Jo Werner, Country Manager, IFC .
