City Bank's EGM approves Tk. 4.0b Convertible Perpetual Bond

FE Team | Published: November 17, 2020 23:00:46

The Extraordinary General Meeting (EGM) of City Bank was held on Tuesday on a virtual platform. Aziz Al Kaiser, Chairman of the bank, presided over the meeting, said a statement.
Vice Chairman Hossain Khaled and Directors Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Rafiqul Islam Khan, Syeda Shaireen Aziz, Savera H. Mahmood, Rebecca Brosnan, Independent Directors Farooq Sobhan and Dr. Selim Mahmud, Managing Director & CEO Mashrur Arefin, DMD & CFO Md. Mahbubur Rahman and a large number of shareholders and the bank's senior officials also attended the meeting.
The shareholders unanimously approved contingent Convertible Perpetual Bond for Tk. 4.00 billion (Additional Tier-I Capital), subject to the approval of the regulators.
In his welcome speech, Chairman Aziz Al Kaiser mentioned the various challenges persisting in the banking sector due to Covid-19 pandemic and the consistent attempts to overcome those. In the third quarter of this year, City Bank posted a consolidated profit after tax of Tk 3.08 billion, which is 18 per cent more than the same period last year.