Southeast Bank ups authorised capital to Tk 15b

Southeast Bank Ltd increased the authorised capital of the bank from Tk 10 billion to Tk 15 billion and issued 7-year Non-Convertible Subordinated Bond for Tk 3.0 billion to increase the bank's Tier-II capital, said a statement.
General shareholders present in the 7th extra-ordinary general meeting (EGM) held at a city hotel Thursday, unanimously approved the proposed special resolution to increase the authorised capital and the consequential amendment to Clause 'V' of the Memorandum of Association and Article 4.a. of the Articles of Association of the bank to accommodate the increased authorised capital.
Chairman of the bank Alamgir Kabir, FCA presided over the meeting.
Vice Chairman Ragib Ali, Director AHM Moazzem Hossain, Adviser Zakir Ahmed Khan, Managing Director Shahid Hossain, bank's sponsors and a large number of shareholders of the bank attended the meeting.
Mr Shahid Hossain in his address of welcome highlighted that the bank's business expansion and future growth necessitates increased capital to support them and absorb unforeseen shock. For this purpose the board decided to issue Non-Convertible Subordinated Bond for Tk 3.0 billion to increase bank's Tier-II capital.
He also briefly described bank's operational performance during the first half of the year 2014 and outlined the future plans and programmes undertaken by the bank to boost up operational efficiency and profitability of the bank.
The chairman appreciated the shareholders for their continuous support and co-operation to the bank for its disciplined growth and targeted progress.