NDB acquires stake in Bangladesh Merchant Bank

The National Development Bank PLC (NDB) has received necessary approvals from regulatory authorities both in Sri Lanka and Bangladesh including the Central Bank of Sri Lanka, Controller of Exchange and Minister of Finance and Planning to make an investment in Capital Market Services Limited, Bangladesh (investee company).

NDB has executed a joint venture agreement with the investee company and its existing shareholders whereby NDB would acquire a controlling interest of the investee company.

The investment would be made in the investee company subject to the fulfilment of pre-investing conditions, Vice President, Head of Legal NDB Bank, C.L. Jayawardana told the Colombo Stock Exchange yesterday.