Brac Bank Limited has got the nod to issue a fully redeemable, non-convertible, unsecured floating rate subordinated bond worth Tk 700 crore.

The Bangladesh Securities and Exchange Commission (BSEC) has given its consent to issue the bond, Brac Bank said in a disclosure on the Dhaka Stock Exchange today.

The subordinated bond will be issued for seven years through private placement to enhance the Tier II capital base of the company, it said.