UCB gets approval to raise Tk 300 crore through perpetual bonds

The Bangladesh Securities and Exchange Commission has allowed the United Commercial Bank (UCB) to raise Tk 300 crore through perpetual bonds.

The bank plans to issue Tk 270 crore worth of bonds through private placement and Tk 30 crore through public sale, the UCB said in a filing to the Dhaka Stock Exchange today.

The BASEL-III-compliant second perpetual bonds will strengthen the capital base of the bank.

BASEL III represents a fundamental review of the regulatory and supervision framework of the banking industry in the future, the aim being to strengthen the stability of the financial system.