Bank Asia signs deal with IIDFC to raise subordinated bond

Dhaka, Bangladesh (BBN)– Bank Asia Limited signed an agreement with facility arranger Industrial and Infrastructure Development Finance Company Ltd. (IIDFC) aiming to raise subordinated bond up to BDT 2.50 billion, and thus strengthen the bank’s capital base.

The bond will be in the form of Non-Convertible Zero Coupon Bond and the process of raising the fund is subject to the permission from regulatory authorities and approval of shareholders in the Extra-ordinary General Meeting (EGM).

The deal to this effect was signed between Bank Asia and the non-banking financial institution in Dhaka on Thursday.

BBN/SI/AD-27Nov10-11:34 am (BST)

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