IFIC Bank is set to sell its entire 40.41% stake in Nepal Bangladesh Bank Ltd (NBBL) to a Nepalese national for 618.7 crore Nepalese rupee, which is equivalent to around Tk439.3 crore.
NBBL started in banking operations as a joint venture company back in 1994 and IFIC bank held around 50% shares of the bank initially.
IFIC Bank’s decision to sell its share was mentioned in a disclosure mentioned on the Dhaka Stock Exchange (DSE) on February 14. The sale will take place after taking approvals of Nepal Rastra Bank (The central bank of Nepal) and other regulatory authorities.
IFIC Bank was listed with the stock exchange in 1986 and its share closed 1.72% higher at Tk17.7 yesterday.
The bank’s sponsor-directors hold 6.14% shares, the government 32.75%, other institutions 20.74%, foreigners 0.97%, and general shareholders 39.40% shares as of January 31, 2022.
The Nepalese national acquiring the shares is Sarika Chaudhary is based in Kathmandu and she is the wife of Binod Chaudhary, the first billionaire of the country and the richest man in Nepal.