Sri Lanka's National Development Bank has received approval to establish an investment bank in Bangladesh, media reports said Friday.
In a stock exchange filing, NDB said it had got approval from the Central Bank of Sri Lanka, and was now awaiting approval from the finance ministry and regulatory authorities in Sri Lanka including the Controller of Exchange, as well as Bangladeshi authorities.
The bank's statement to the stock exchange said it had already carried out a feasibility study on operating an investment bank in Bangladesh, with the objective of having a majority shareholding.
NDB has also been negotiating with a prospective investee company and its shareholders, it said.
The statement said the transaction will take place after it gets the required approvals and completes the terms and conditions of a joint venture agreement between NDB, the prospective investee company and its shareholders.
The National Development Bank is the third Sri Lankan bank to set up business in Bangladesh, after Commercial Bank and Sampath Bank.
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