Friday, 24 September, 2021

Padma Bank appoints DelMorgan to raise $700m funds

  • Special Correspondent
  • 5 September, 2021 12:00 AM
  • Print news
Padma Bank appoints DelMorgan to raise $700m funds
Padma Bank Managing Director and CEO Ehsan Khasru and DelMorgan President and CEO Neil Morganbesser sign an MoU in Los Angeles of USA on Thursday. Padma Bank Chairman Chowdhury Nafeez Sarafat and DelMorgan Chairman Rob Delgardo was also present on the occasion.

Padma Bank has appointed DelMorgan& Co, a USA-based global investment bank, as the lead arranger for procuring $700 million funds (Tk 56 billion).

The bank, previously known as Farmers Bank,has signed a memorandum of understanding (MoU) at Los Angeles in the US on Friday, according to a statement.

Ehsan Khasru, managing director of Padma Bank, and Neil Morganbesser, president and chief executive officer of DelMorgan, signed the MoU on behalf of their organisations.

Padma Bank Chairman Chowdhury NafeezSarafatand DelMorgan Chairman Rob Delgardowere present at the signingceremony. The bank seeks a portion of the potential fund as equity capital (shareholder) and some as debt which may involve the change of control of the bank.

NafeezSarafat termed this event as a step into the next level of excellence in the financial history of Bangladesh.

He said,“The bank has created an opportunity to enter into an international financial arena under mergers and acquisitions (M&A) transactions.”

“Besides, Padma Bank has requested the Bangladesh government for an M&A transaction with local banks,”Sarafat added.

Merger and Acquisition is globally a popular way of bringing two entities into one for converting themselves into a stronger entity in order to take significant share & interest in the market, he said.

Sarafat, however, assured that the general clients of the merging banks are not impacted at all in the merger process and merger consequence.

Rob Delgado, chairman of DelMorgan& Co., stated, “We are excited to be working with Padma Bank. We are looking forward to introducing foreign investors to the opportunity presented by the bank.”

Neil Morganbesser, president and CEO of DelMorgan& Co., said, “We are extremely enthusiastic about the opportunity to bring our experience and worldwide reach to introduce Padma Bank to interested investors.”

Samir Asaf, managing director of DelMorgan& Co. said, “Bangladesh is an economy that the world is discovering, but the opportunities there are truly remarkable, with tremendous economic growth and a rapidly expanding financial sector.”

“As head of Bangladesh operations for DelMorgan, I am proud and excited to be able to play a part in that growth for the country,” he said.

With over 150 years of combined experience and over $300 billion in successfully completed transactions, the professionals at DelMorgan provide world-class financial advice and assistance to companies, institutions, governments and individuals around the world, the statement said.