Banking Reach

Oct 03, 2008 (LBO) – Sri Lanka’s National Development Bank (NDB) said Friday it had got central bank approval to set up an investment bank in Bangladesh.

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The bank said in a stock exchange filing that it was waiting for approval from central bank exchange control and Sri Lanka’s finance minister as well as the Bangladeshi authorities.

“National Development Bank has made a study on the feasibility of operating an investment bank in Bangladesh with the objective of having a majority shareholding and has been negotiating with a prospective investee company and its shareholders,” the statement said.

“NDB has also sought the approval from regulatory authorities in Sri Lanka (including the Controller of Exchange) and Bangladesh.”

The statement also said the transaction shall take place after it gets the required approvals and it completes the terms and conditions of a joint venture agreement between NDB, the prospective investee company and its shareholders.

NDB is the third Sri Lankan bank to set up business in Bangladesh,