The National Development Bank (NDB) is looking to expand its operations in Bangladesh after having conducted a feasibility study. A letter to the Colombo Stock Exchange (CSE) from the NDB stated that it plans on operating an investment bank with the objective of having a majority shareholding and has been negotiating with a prospective investee company and its shareholders.
The NDB has also sought the approval from regulatory authorities in Sri Lanka including the Controller of Exchange and Bangladesh.
The letter states that the transaction will only take place upon receiving approval from regulatory authorities in Sri Lanka and Bangladesh and finalizing the terms and conditions of a joint venture agreement between the NDB, the prospective investee and its shareholders.
According to the NDB, the Central Bank (CB) has granted its approval subject to obtaining the approval of the Controller of Exchange and the Minister of Finance and Planning. No approval has yet been received from the authorities in Bangladesh.