Industry

IFIC selling its shares in Nepal-Bangladesh Bank

IFIC Bank of Bangladesh has informed the Dhaka Stock Exchange (DSE) that it is relinquishing ownership of Nepal-Bangladesh Bank (NBB) based in Nepal, sources of Bangladesh Bank (BB) and Ministry of Finance confirmed.

Sarika Chowdhury, wife of Binod Chowdhury, a Nepalese millionaire, is buying a 41 percent stake of NBB which is owned by IFIC Bank.

She is buying the shares for Rs 618 crore (Nepali rupees) which amounts to around Tk 440 crore.

Binod Chowdhury’s family is already associated with the ownership of Nabil Bank in Nepal. Now his family is joining the ownership of Nepal-Bangladesh Bank.

The NBB has already signed an agreement to merge with Nabil Bank. As a result, the name of Bangladesh will be removed from the bank after giving up its shares. The new bank will be renamed as Nabil Bank.

Nepal-Bangladesh Bank has been owned by IFIC Bank of Bangladesh since its inception in 1994. The bank has taken investment from Bangladesh in several phases and has got profit from that investment.

The Chief Executive Officer (CEO) of IFIC Bank Shah A Sarwar told UNB, “There is no specific reason behind selling the shares. We have plans to invest in banks in other countries. That is why the board of directors has decided to give up the ownership of the bank.”

The shares of the bank are being sold at a reasonable profit, he said, who is also Director of Nepal-Bangladesh Bank in its current state.

Source: United News of Bangladesh