City Bank’s Extraordinary General Meeting Held
The Extraordinary General Meeting (EGM) of City Bank was held on November 17, 2020 over the virtual platform. Aziz Al Kaiser, Chairman of the Bank presided over the meeting. Vice Chairman Hossain Khaled and Directors Tabassum Kaiser, Savera H. Mahmood, Hossain Mehmood, Rajibul Huq Chowdhury, Rafiqul Islam Khan, Syeda Shaireen Aziz, Savera H. Mahmood, Rebecca Brosnan, Independent Directors Mr. Farooq Sobhan & Dr. Selim Mahmud and Managing Director & CEO Mashrur Arefin, DMD & CFO Md. Mahbubur Rahman and large number of shareholders and the Bank’s senior officials also attended the meeting.
In his welcome speech, Chairman Aziz Al Kaiser mentioned the various challenges persisting in the banking sector due to Covid-19 pandemic and the consistent attempts to overcome those. In the third quarter of this year, City Bank posted a consolidated profit after tax of Tk 308 crore, which is 18 per cent more than the same period last year. Chairman has also explained the requirements and benefits of raising the perpetual bond. He also welcomed Rebecca Brosnan as the nominated director of International Finance Corporation (IFC) on the bank's Board of Directors.
The shareholders unanimously approved contingent Convertible perpetual Bond for Tk. 400 crore (Additional Tier-I Capital), subject to the approval of the regulators.