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Dhaka Tribune

City Bank receives IFC investment

Update : 25 Feb 2016, 07:13 PM

The City Bank has signed an agreement with International Finance Corporation (IFC).

Under the agreement, the IFC will invest in City Bank’s equity shares to hold 5% of the total outstanding number of the bank’s common equity.

The IFC’s investment proposition will be accommodated through issuance of fresh equity with 46,560,231 shares with an issue price of each share of Tk28.30 – Tk18.3 premium on top of a Tk10 face value.

The agreement was signed by City Bank Chairman Rubel Aziz and Managing Director & CEO Sohail RK Hussain and Wendy Jo Werner, country manager, IFC, on behalf of their respective sides on Wednesday.

City Bank’s board has also approved convertible loan facilities from IFC into common equity of the company after getting approval from the respective regulatory authorities. The amount of loan would be $20m. 

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