In a search for a rescuer, Padma bank inked a memorandum of understanding (MoU) with DelMorgan & Co, a California based investment bank in Santa Monica of Los Angeles in the United States of America.
Padma Bank Managing Director Md Ehsan Khasru and President of DelMorgan Neil Morganbesser signed the MoU. The ceremony was held at the DelMorgan’s head office in the US on September 2.
DelMorgan will facilitate debt and equity capital worth $700 million, equivalent to Tk 5,900 crore of which it will mobilize $350 million in equity capital and $350 million in debt capital.
The chairman of Padma Bank Chowdhury Nafeez Sarafat termed this event as a step into the next level of excellence in the financial history of Bangladesh.
The bank’s core shareholders who are also executives of state-owned Sonali Bank and Investment Corporation of Bangladesh (ICB) executives, are positive about the MoU.
The bank made operating losses of Tk 120 crore in the first half of 2021 due to the financial crisis. As a result, shareholders’ equity declined to Tk 221 crore, down from Tk 332 crore at the end of last year. It’s capital shortfall would amount to Tk 2,100 crore as of June this year.