EBL to invest Tk 293cr to open branches in India

Staff Correspondent | Published at 10:42pm on July 15, 2018

The board of director of Eastern Bank Limited has decided to open its wing in India, which would require around Tk 293 crore in investment for the bank, according to an EBL statement published on the Dhaka Stock Exchange web site on Sunday.
EBL said that its board decided and accorded approval of $25 million required as regulatory capital and allocated additional $10 million on need basis for establishing full-fledged branches in India.
Besides the approval, EBL also authorised its management to apply to Bangladesh Bank for obtaining necessary permission in this regard and also to liaise with PWC Private Limited (India) for obtaining necessary permission from the Reserve Bank of India.
An official of EBL, however, said that the investment would be made after getting approval from all the parties concerned in both the countries.
EBL’s branches in India would help bilateral trade between the two countries and help EBL enhance its profitability, he said.
Earlier, in June, 2017, EBL had informed the DSE that its board
decided to appoint PricewaterhouseCoopers, Kolkata for ground support of getting the required approval for licence from the Reserve Bank of India to open and set up EBL branches at Kolkata, West Bengal and at Guwahati, Assam in India.