DHAKA BANK SUBSCRIBES COMMERCIAL PAPER FOR PRAN AGRO
Of late, Dhaka Bank Limited has subscribed Commercial Paper arranged by Mutual Trust Bank Limited in favour of PRAN Agro. Mutual Trust Bank Limited (MTB) has arranged the issue of Commercial Paper of BDT 450 million covered by Bank Guarantee for PRAN Agro Ltd., a concern of PRAN-RFL Group. In this regard, a launching ceremony was held at a city hotel. Mr. Shitangshu Kumar Sur Chowdhury, Deputy Governor of Bangladesh Bank graced the programme as the chief guest. On behalf of the subscribers of the issue Mr. Niaz Habib, Managing Director, Dhaka Bank Ltd., Mr. Ali Reza Iftekhar, Managing Director & CEO, Eastern Bank Ltd., Mr. R. Q. M. Forkan, DMD, NRB Global Bank and Mr. S M Monirul Alam Ovee, Director, Walton High-tech Industries Ltd. were present at the event. Senior Officials from MTB, different banks & non-bank financial institutions and different subsidiaries of PRAN-RFL Group also attended the occasion. It is worth noting that commercial paper is a lower-cost alternative to bank loan. It is an unsecured, short-term debt instrument issued primarily by a corporation for the funding of current assets such as receivables and inventories. This money market instrument has recently been introduced in Bangladesh and is well expected to broaden the investment opportunities in the market.
ABOUT DHAKA BANK
Dhaka Bank has truly cherished and brought into focus the heritage and history of Dhaka and Bangladesh from Mughal outpost to modern metropolis. Most of its presentation, publications, brand initiatives, delivery channels, calendars and financial manifestations bear Bank’s commitment to this attachment.