AB Bank Ltd's category was changed to 'A' from 'Z' in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Wednesday via a Bangladesh Securities and Exchange Commission (BSEC) letter.
"It was based on the provisions of Commission's Order No SEC/CMRRCD/2009-93/08 dated September 01, 2020, which has been also widely published in different national dailies as well as electronic media," a press release from the bank says.
This news was welcomed by the investors and public, particularly due to the fact that after a couple of years of marginal performance, the Bank has been able to show a substantial improvement during the calendar year 2019 due to the committed and sustained efforts of the Board and Management, the press release further says.
However, the bank authorities have observed that a piece of news was published in DSE and CSE website on Thursday wherein they have changed the category of the Bank to 'B' which will be effective from September 6, 2020.
It is important to note that both the declarations (i.e. declaration of AB Bank's listing category to 'A', and after 2 days changing the listing to category 'B') were made by DSE and CSE as per their regulations.
"It should be mentioned that the change within a short period may have caused some confusion which required this clarification on the Bank's part," the press release further says.
While AB Bank will apply to BSEC, DSE and CSE for reconsideration of the category of the Bank to "A", the bank considered it of utmost importance to bring this to the notice of the bank's shareholders and investors.