City Bank shares drop over merger news with Basic Bank
Stocks
The City Bank shares dropped in the early session at the Dhaka Stock Exchange (DSE) today (9 April) over merger news with Basic Bank, a trouble-ridden state-owned lender.
The merger news appeared in several media on Monday (8 April).
City Bank shares dropped by 2.62% to settle at Tk22.30 during the early hours of the session till 10am.
Market insiders suggest that investors are not very happy with the merger news as they consider it unlikely to bring them any significant benefits.
Among the shares of 36 banks, 11 declined, 4 advanced, and 21 remained unchanged during the session.
Earlier, on 18 March, Exim Bank and Padma Bank signed a memorandum of understanding (MoU) for a voluntary merger, a first for the country.
The merger announcement dragged down the Exim Bank shares below the face value of Tk10.
Currently, its shares are traded at Tk9.50 each.
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