Prime Bank subscribed Tk2 bn in preference shares of UMPL

Prime Bank subscribed Tk2 billion in the preference shares issued by United Mymensingh Power Limited (UMPL), one of the concerns of United Group – a leading business conglomerate of Bangladesh.

As part of the group's initiative to explore alternative instruments to support its financing requirement, Prime Bank arranged and subscribed the preference shares.

To grace the ceremony, Moinuddin Hasan Rashid, Managing Director and Hasan Mahmood Raja, Chief Advisor of UMPL along with Hassan O Rashid, Managing Director & CEO and Shams A Muhaimin, Deputy Managing Director of Prime Bank were present with other senior officials from both the organisations.

Commenting on the subscription, the Managing Director & CEO of Prime Bank Hassan O Rashid said, "Prime Bank has long been supporting the capacity building of power sector in Bangladesh through both long-term and short term financing. I believe our continuous investment in power sector will fuel economic growth".