Bangladesh's central bank rejected City Bank Ltd.'s application to set up a subsidiary in Hong Kong, The Daily Star reported, citing a report from the central bank.
The Bangladesh Bank said it does not see a need for a local bank to set up a unit in Hong Kong in view of the country's declining imports from the city. Currently, three Bangladeshi banks operate offices in Hong Kong, the publication reported.
City Bank originally filed its application with the central bank in October 2016. Mashrur Arefin, additional managing director and chief communications officer of City Bank, said the bank plans to ask the central bank to reconsider its request.