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City Bank PLC, listed on the Dhaka Stock Exchange, has revised its earlier plan to issue subordinated bonds, increasing the target amount from Tk 800 crore to Tk 1,200 crore and making slight adjustments to the bond’s features. The decision was approved at the bank’s board meeting and announced through the DSE on Sunday, September 14.

The funds raised through the bond will be used under Basel-III guidelines to strengthen the bank’s capital base and support business expansion, according to officials. City Bank will now seek approvals from the Bangladesh Securities and Exchange Commission (BSEC), Bangladesh Bank, and other regulatory authorities before proceeding with the issue.

Established in 1986 and among the country’s leading banks, City Bank has a paid-up capital exceeding Tk 1,521 crore and reserves of around Tk 3,000 crore. Classified under the DSE’s ‘A’ category, the bank has historically posted an average annual net profit of around Tk 500 crore. However, in the recently concluded 2024 fiscal year, the bank recorded over Tk 1,000 crore in net profit, marking its highest single-year earnings to date.