Padma Bank (former Farmers Bank) has appointed DelMorgan& Co, a USA-based global investment bank, as the lead arranger for raising $700 million funds, equivalent to Tk 5,600 crore.
Both sides have signed a memorandum of understanding (MoU) at Los Angeles in California of America at 2:30 am (Bangladesh time) on Friday, according to a statement.
EhsanKhasru, managing director of Padma Bank, and Neil Morganbesser, president and chief executive officer of DelMorgan, signed the MoU on behalf of their organisations.
Padma Bank Chairman ChowdhuryNafeezSarafat was present at the event.
The bank seeks a portion of the potential fund as equity capital (shareholder) and some as debt.
NafeezSarafat termed this event as a step into the next level of excellence in the financial history of Bangladesh.
He also said his bank has made an opportunity to enter into an international financial arena under mergers and acquisitions (M&A) transactions.
Besides, Padma Bank has requested the Bangladesh government for an M&A transaction with local banks, Sarafat added.
This attempt was made mainly to put the bank in the transaction queue when the parliament would enact M&A policies, he said.
Rob Delgado, chairman of DelMorgan& Co., stated, “We are excited to be working with Padma Bank. We are looking forward to introducing foreign investors to the opportunity presented by the bank.”
Neil Morganbesser, president and CEO of DelMorgan& Co., said, “We are extremely enthusiastic about the opportunity to bring our experience and worldwide reach to introduce Padma Bank to interested investors.”
Samir Asaf, a managing director of DelMorgan& Co., added, “Bangladesh is an economy that the world is discovering, but the opportunities there are truly remarkable, with tremendous economic growth and a rapidly expanding financial sector.” With over 150 years of combined experience and over $300 billion in successfully completed transactions, the professionals at DelMorgan provide world-class financial advice and assistance to companies, institutions, governments and individuals around the world.
