City Bank’s bond issue gets green light

Published: June 04, 2017 10:03:24 | Updated: October 18, 2017 03:15:40

Bangladesh Securities and Exchange Commission (BSEC) has given consent for City Bank’s issuance of non-convertible subordinated bond of Tk 5.0 billion, said an official disclosure on Sunday.

The bank will issue the bond for raising fund to meet capital requirement under Basel III and to strengthen the regulatory capital base of the bank.

“The consent has been accorded subject to the condition that the bank shall comply with the relevant laws and regulatory requirements, and shall also adhere to the conditions imposed by BSEC under Section 2CC of the Securities and Exchange Ordinance, 1969,” said the disclosure.

Each share of the bank, which was listed on the Dhaka bourse in 1986, closed at Tk 34.60 each on Thursday at DSE.

Paid-up capital of the bank is Tk 8.75 billion and its authorised capital is Tk 10 billion while total number of its securities is 875.79 million, according to the available DSE statistics.

Sponsor-directors own 30.90 per cent stake in the City Bank while institutional investors own 17.26 per cent, foreign investors 8.19 per cent and the general public 43.65 per cent as of April 30, 2017.

The bank’s first quarter (Q1 Un-audited) consolidated EPS was Tk 0.67 for January-March, 2017 as against Tk 0.79 for January-March, 2016.

Share if you like