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City Bank inks investment deal with IFC

OF-N45-2016-02-26City Bank has signed an agreement with International Finance Corporation (IFC) where IFC will invest in the City Bank’s equity share to hold 5.0 percent of the bank’s common equity.
Rubel Aziz, Chairman and Sohail RK Hussain, Managing Director & CEO of City Bank and Endy Jo Werner of IFC signed the agreement on behalf of their respective organisations at a ceremony at a city hotel on Wednesday (23 February 2015).
According to the agreement, the IFC’s investment proposition will be accommodated through issuance of fresh equity of 46,560,231 shares at an issue price of Tk. 28.30 each. The value of shares to be subscribed by IFC totals at Tk 131 crore.
City Bank’s board has also approved convertible loan facilities from IFC into common equity of the company after getting approval from respective regulatory authorities. The amount of loan would be $20 million.
Addressing the event, Rubel Aziz said that they have been doing partnership with IFC since last five years.
“City Bank did not take the decision of bringing foreign investors in the bank’s board for financial profit but to exchange the business ideas, and branding”, he said.
Aziz al Kaiser, Director and former chairman of City Bank, founding chairman Deen Mohammed, IFC senior country officer M Rehan Rashid were also present on the occasion along with other senior officials from both the organisations.

Source: Daily Sun

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