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Bank Asia has approved the issuance of a Tk 10 billion Green Sustainable Subordinated Bond to strengthen its regulatory capital base and finance environmentally sustainable projects.
The approval came at the bank’s 584th board meeting held on May 6, according to a disclosure published on Thursday.
The proposed bond will be non-convertible, unsecured, fully redeemable and coupon-bearing with a floating interest rate. It will have a tenure of seven years and will be issued through private placement.
The bank said proceeds from the bond will be used to strengthen its Tier-II capital in line with Basel III requirements and support eligible green and sustainable initiatives.
The issuance is subject to approval from the relevant regulatory authorities such as Bangladesh Bank and Bangladesh Securities and Exchange Commission (BSEC).
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