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Bangladesh's City Bank to inject 1.3B taka into brokerage unit

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Bangladesh's City Bank to inject 1.3B taka into brokerage unit

Bangladesh-based City Bank Ltd. plans to inject 1.3 billion taka into unit City Brokerage Ltd. through a share subscription.

The bank will buy 130 million City Brokerage shares at 10 taka apiece, according to a Sept. 6 filing. The unit's current paid-up capital is 3.40 billion taka, The Daily Star reported. The capital injection will help expand the unit's business capacity, said City Bank CFO Md Mahbubur Rahman.

The capital injection is subject to regulatory approval by Bangladesh Bank and the Bangladesh Securities and Exchange Commission, the bank executive added.

As of Sept. 6, US$1 was equivalent to 83.75 Bangladeshi taka.