City Bank has successfully closed syndicated term loan arrangement of Tk234 crore for Far East Spinning Industries PLC.
The bank served as the mandated arranger, agent and participating lender for the transaction.
Dhaka Bank and Eastern Bank were also participants in the syndication. The transaction was also bilaterally supported by Bangladesh Infrastructure Finance Fund Limited (BIFFL).
The financing will be used to support Far East Spinning Industries’ ongoing expansion project, which is expected to add 28,500 spindles to the company’s production capacity.
The project is scheduled to commence commercial operations in early 2027.
Speaking on the occasion, Mashrur Arefin, managing director & CEO of City Bank, said: “Taka syndication offers an effective platform for mobilizing capital and supporting reputable businesses that contribute to Bangladesh’s economic development. We are pleased to support Far East Spinning Industries through this transaction.”
Asif Moyeen, chairman of Far East Spinning Industries, said: “The project is progressing as planned and is expected to commence commercial operations in early 2027, enabling us to better serve the growing needs of Bangladesh’s textile and apparel sector.”
The transaction closing ceremony was held on June 11 in Dhaka and was attended by Mashrur Arefin, managing director & CEO of City Bank, Osman Ershad Faiz, managing director & CEO of Dhaka Bank, Hasan O Rashid, managing director & CEO of Eastern Bank, and Anisuzzaman Chowdhury, chief executive officer, BIFFL, as well as the senior leadership teams of the respective banks and members of the board of directors of Far East Spinning Industries.