IFIC Bank to sell its stake in Nepali bank for Tk 439cr

IFIC Bank is set to sell its entire holding of Nepal Bangladesh Bank Ltd (NBBL) to a Nepalese national for Tk 439 crore.

Sarika Chaudhary, a resident of Kathmandu, will buy the stake of the bank at 618.7 crore Nepalese rupee. One Nepalese rupee is equivalent to Tk 0.71.

IFIC Bank decided to sell its entire 40.41 per cent stake in of NBBL, said the private commercial lender of Bangladesh in a filing on the Dhaka Stock Exchange (DSE) yesterday.

It would complete the sale after taking approvals of Nepal Rastra Bank and other regulatory authorities, the bank said.

Sarika Chaudhary is wife of Binod Chaudhary, the richest man in Nepal as well as the first billionaire in the country.

NBBL is a joint venture company, which started its banking operation in 1994. IFIC Bank held around 50 per cent shares of the bank at the time.

IFIC share closed 1.72 per cent higher at Tk 17.70 on the DSE yesterday.