KATHMANDU, July 13: Nepal Bangladesh Bank (NBB) is witnessing the exit of its foreign partner IFIC Bank Limited, Bangladesh, as the latter has stepped up efforts to sell its share investment in the joint-venture bank.
Established in 1994, NBB has 40.09 percent shares of the Bangladeshi bank. According to the NBB, it has applied at Nepal Stock Exchange (Nepse) to sell 36,827,426 unit shares of its foreign partner, after receiving an approval of the NBB board meeting held on Monday.
Kathmandu District Court bars IFIC from selling its NBB’s share...
An NBB official said the exit of the foreign partner company will pave the way for the bank to go into a merger. The bank will shortly be publishing a 35-day public notice, inviting the promoter shareholders to purchase the shares of the IFIC Bank. If the shares cannot be sold out to the promoters, the company will open it for other investors, reads the application submitted by the NBB to Nepse.
