IFIC To Buy 41 Per Cent Share In NB Bank

International Finance Investment and Commerce Bank (IFIC) of Bangladesh is buying 41 stake in Nepal Bangladesh Bank (NBB). After the deal is executed, IFIC’s stake in NBB will reach 51 per cent from the present 10 percent.

According to the details submitted to the Nepal Stock Exchange (NEPSE) by NBB, its existing shareholder IFIC has begun the process to buy 15 per cent promoter shares in NBB from Bank Asia, a Bangladeshi bank, and 26 per cent promoter shares from NB Group, the Nepali promoters of NBB.

IFIC has filed an application at the central bank of Bangladesh seeking approval of the deal. After receiving the approval from the Bangladesh central bank, IFIC has to seek an approval from Nepal’s central bank as well.