NRB Bank to go public

NRB Bank Ltd, a fourth generation private sector commercial bank, has started its journey into the stock market through appointing issue managers who will serve to process its initial public offering (IPO).

The bank on Monday signed an agreement with two local investment banks—UCB Investment and Shahjalal Equity Management Ltd—for issue management services, according to a press statement.

NRB Bank, established in 2013, has grown its assets to over Tk5,500 crore with a loan portfolio of Tk3,885 crore against a paid-up capital of Tk466.56 crore, according to the bank's annual financial statement for 2020.

Last year, the bank secured a net profit after taxes of over Tk67 crore, while it incurred a loss of Tk12.53 crore in 2019.

The bank did not disclose the amount of money it plans to raise from the planned IPO. But, a source told The Business Standard that the amount would be at least Tk100 crore.

NRB Bank Chairman Mohammed Mahtabur Rahman, Managing Director and Chief Executive Officer (CEO)  Mamoon Mahmood Shah, UCB Investment CEO  Tanzim Alamgir, Shahjalal Equity Management CEO Md Mohiuddin Mollah were present in the agreement signing ceremony in the capital.