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City Bank will set up a subsidiary company in Singapore investing Tk 12.6 crore subject to the approval of the relevant agencies.
“The board of directors has taken decision to set up a new subsidiary company in Singapore and obtain for Major Payment Institution Licence,” said the bank in a filing with the Dhaka Stock Exchange on Tuesday.
This is subject to approval from Bangladesh Bank and the Monetary Authority of Singapore, it said.
It said it will inject SGD2 million (1 SGD=BDT 63 approx.). The primary focus of the new subsidiary will be on Bangladesh-bound remittances.
As remittance inflows increase, banks are leaning towards setting up exchange houses abroad as one of the sources of income.
Singapore is the 10th largest source of remittances in Bangladesh. According to the Bangladesh Bank, the country received $25.33 million in remittances through City Bank from December 1 to 15.
On Tuesday, its share price declined 1.48 per cent to Tk 26.60 on the DSE.
