Saturday, 24 July, 2021, 5:01 AM
Advance Search
latest Covid-19 claims 166 more lives, infects 6,364       20 hurt after ferry hits Padma Bridge's pillar; driver suspended       Six killed in Bagerhat road accident      
Home Business

BANKING EVENT

Union Bank to raise Tk 4b from capital market

Published : Friday, 7 May, 2021 at 12:00 AM  Count : 175
Business Desk

Union Bank, a fourth generation private commercial bank, has moved to raise a capital above Tk 4.0 billion from the capital market.
To raise the capital, the bank will submit its IPO (initial public offering) proposal soon under the fixed price method.
Prime Bank Investment Limited (PBIL) and BRAC EPL Investments are working jointly to provide issue management services for the IPO proposal of Union Bank. The bank on Monday signed an agreement with the issue managers, according to a release.
Union Bank Managing Director A.B.M. Mokammel Hoque Chowdhury,  PBIL COO Khandoker Raihan Ali, BRAC EPL InvestmentsCEO Syed Rashed Hussain and other high officials of the respective organisations, were present at the signing ceremony. The PBIL COO Khandoker Raihan Ali said they would submit the bank's IPO proposal after Eid-ul-fitr.
The paid-up capital of the Union Bank is Tk 5.59 billion whereas the authorised capital is Tk 10 billion. The bank will submit its IPO proposal with the financial statement for the year ended on December 31, 2020. The bank has also received consent from the central bank regarding raising capital from the capital market.
Presently, the number of listed banks is 31. After 12 years of a bank's listing, the Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of a bank namely NRB Commercial Bank on November 18, 2020. The bank raised Tk 1.20 billion under the fixed price method.
After the listing of NRB Commercial Bank, South Bangla Agricultural Bank has submitted its IPO proposal to the securities regulator. The securities regulator has also allowed the Midland Bank to issue 3.5 million shares to its employees and those shares will also be treated as the part of the company's IPO. The bank is likely to submit its IPO proposal soon.



« PreviousNext »



Latest News
Most Read News
Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone: PABX 223353467, 223353481-2; Online: 9513959; Advertisement: 9513663.
E-mail: [email protected], [email protected], [email protected], [email protected],   [ABOUT US]     [CONTACT US]   [AD RATE]   Developed & Maintenance by i2soft