Tk 7.0b City Bank bond approved

The securities regulator has approved the proposal of Tk 7.0 billion subordinated bond to be issued by The City Bank Ltd.

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved the proposal at a meeting held at the BSEC office.

The bank will raise the capital to strengthen the tier-II capital base. The bonds whose tenure is eight years, are non-convertible, unsecured and fully redeemable.

The units of the bond will be issued to institutional investors, high net worth individuals and eligible investors.

The offer price of the units of The City Bank's bond is Tk 10 million each. IDLC Investments is the trustee of the bond while City Bank Capital Resources is working as arranger.

[email protected]