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City Bank issues shares to IFC

City Bank Ltd. issued new shares to International Finance Corp. as part of a previous agreement.

The bank issued 5% of its outstanding shares to IFC. Following the issue, IFC will now have a representative on the bank's board.

City Bank had agreed in 2016 to issue 46,560,231 new shares at an issue price of 28.30 Bangladeshi taka per share to IFC.

As of Oct. 5, US$1 was equivalent to 82.08 Bangladeshi taka.