City Bank allots equity to IFC

FE Online Desk | Published: October 04, 2017 13:06:27 | Updated: October 24, 2017 17:19:13


City Bank has recently issued 5.0 per cent of its outstanding number of common equity to the International Finance Corporation (IFC) as per approval of relevant regulatory authorities.

This allotment of shares is in accordance to an agreement signed between City Bank and IFC in February, 2016.

From now on, IFC will have its representative in the Bank’s Board and will actively contribute towards the progressive growth of the Bank. 

A small ceremony was held to celebrate this milestone where the Bank’s MD & CEO, Sohail R. K. Hussain handed over a crest to Vittorio Di Bello, Regional Industry Head, IFC, Asia and welcomed IFC into City Bank.

Other senior officials from both the entities were also present, said a statement.

-rmc//

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