City Bank’s extraordinary general meeting held

The extraordinary general meeting (EGM) of City Bank was held on Tuesday via a virtual platform. 

Aziz Al Kaiser, chairman of the bank, presided over the meeting. Vice Chairman Hossain Khaled and directors: Tabassum Kaiser, Savera H Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Rafiqul Islam Khan, Syeda Shaireen Aziz, and Rebecca Brosnan were present at the meeting, read a press release.

Independent directors Farooq Sobhan and Dr Selim Mahmud, Managing Director and CEO Mashrur Arefin, DMD and CFO Md Mahbubur Rahman, a large number of shareholders, and the bank's senior officials also attended the meeting.

In his welcome speech, Chairman Aziz Al Kaiser mentioned the challenges persisting in the banking sector due to the Covid-19 pandemic and the bank's consistent attempts to overcome them. 

In the third quarter of this year, City Bank posted a consolidated profit after tax of Tk308 crore, which is 18% more than the same period last year. 

The chairman explained the requirements and benefits of raising the perpetual bond during his speech. He also welcomed Rebecca Brosnan as the nominated director of International Finance Corporation to the bank's Board of Directors.

The shareholders unanimously approved a contingent convertible perpetual bond for Tk400 crore (Additional Tier-I Capital), subject to the approval of the regulators.