Padma Bank assigns US company to arrange $700m fund

Padma Bank had signed a memorandum of understanding with a US based investment company under which the latter will arrange a "potential fund" of $700 million as debt and equity capital for the Bangladeshi lender.

On September 2, Ehsan Khasru, managing director of Padma Bank, and Neil Morganbesser, president and chief executive officer of DelMorgan & Co, a California based investment bank, inked the deal, according to a press release issued by Padma Bank today.

The local bank has signed the MoU just after it sought a merger with a state lender to protect its worsening financial health.