Prime Bank gets nod to raise Tk 300 crore

Prime Bank Ltd has received consent from the Bangladesh Securities and Exchange Commission to raise Tk 300 crore by issuing bonds.

The non-convertible, unsecured, fully redeemable, floating rate Prime Bank subordinated bond to be issued through private placement is aimed at enhancing the Tier II capital base, said the private commercial lender in a post on the Dhaka Stock Exchange today.

Tier 2 is designated as the second or supplementary layer of a bank's capital and is composed of items such as revaluation reserves, hybrid instruments, and subordinated term debt.