NCC Bank to raise Tk700cr by issuing bonds

Private sector lender NCC Bank will raise Tk 700 crore by issuing bonds on private placement basis.

The bank’s board of directors has decided, in principle, to issue non-convertible subordinated bonds worth Tk 700 crore, said the bank in a filing with the Dhaka Stock Exchange on Wednesday.

The bonds will be issued to meet the regulatory requirement to strengthen the capital base under Tier 2 category of BASEL III, it said.

However, the fund-raising through the issuance of debt securities is subject to the approval of the relevant regulators.