United Commercial Bank (UCB) has decided to form a subsidiary company in Singapore for 'remittance business' subject to the regulatory approval.
The company's board of directors has taken the decision, said a disclosure posted on the website of Dhaka Stock Exchange (DSE).
The disclosure said the paid-up capital of the UCB's subsidiary company will be $ 0.9 million.
The official concerned could not be reached for his comment on the formation and operation of the subsidiary company to be opened in Singapore.
The UCB, presently an 'A' category company, was listed with the stock exchange in 1986.
The company's sponsor directors hold 34.64 per cent shares, the government 0.81 per cent, institutes 20.60 per cent, foreigners 0.75 per cent and the general shareholders 43.20 per cent as on January 31, 2022.
The company's share price on Tuesday closed at Tk 16.10 each with a rise of 0.63 per cent on Dhaka Stock Exchange (DSE).
