Midland Bank will give shares to officials

The new generation Midland Bank Limited is coming to the capital market. The bank wants to issue initial public offering (IPO) shares to company officials before it enters the capital market. The bank’s application was approved by the regulatory body Bangladesh Securities and Exchange Commission (BSEC).

Lankabangla Investments Limited will act as the issue manager to bring the bank to the capital market. An agreement has been signed today between the two companies to enter the stock market.

According to bank sources, the company wants to raise Tk 70 crore from the capital market by releasing 7 crore shares at a fixed price. Of this, 35 lakh shares have been allotted for the officials. The bank will release the remaining 6 crore 65 lakh shares. The shares allotted for the officers will remain locked in for 2 years.

In this regard, company secretary Khalid Mohammad Sharif told Sunbd that Midland Bank wants to raise Tk 7 crore from the capital market. Of this, 35 lakh shares or Tk 1.5 crore will be allocated for the officials. Officers at all levels will be able to apply for these shares.

Midland Bank launched the bank in 2013 under the slogan ‘Bank for Inclusive Growth’. Although the bank has not been able to increase its customer base much in the last 7 years, it has made progress in corporate governance.

The bank has MDB School Saver for school children below 18 years of age. This account can be opened by depositing only tk 100. College Saver for college students, which can be opened by students above 18 years of age by depositing only Rs.500.

Expatriate Savings for Expatriates. MDB Digital Expatriate Savings for keeping accounts and deposits of expatriates abroad. Besides, there is MDB Interest First, Digital Savings, Retail Banking, Super Saver.

The bank also has various term deposit products. By depositing money in it every month, you can get money with good profit at the end of the term. The bank has been collecting deposits of Tk 3,767 crore through these products till now. And gave a loan of Tk 3 thousand 165 crore. And so far about 2 lakh customers have opened accounts in the bank.

The bank also has various loan service products for lending. One of the retail loans is personal, car buying, home buying, secured loan. There are various other credit products for IT entrepreneurs including IT enterprises, agriculture, SMEs, green loans, women’s enterprises. The bank also has prepaid card and credit card facilities.

Sunbd/NJ