Brac to raise its stake in Brac Bank

Brac, the world’s biggest non-development organisation, is set to purchase 25 million shares of Brac Bank, where it already holds a 44 per cent stake.

The development comes after the stock market regulatorin a commission meeting on Wednesday gave the nod to the purchase after Brac complied with the BSEC (Prohibition of Insider Trading Rules), 1995, and BSEC Substantial Share Acquisition, Takeover and Control) Rules 2018.

Brac is expected to buy the bank's shares by November 30 through the stock exchange.

Shares at Brac Bank closed at Tk 42.7 on Wednesday, up 0.9 per cent from the previous day.

Brac Bank was founded on July 4, 2001 to reach the large number of unbanked people which were not covered by traditional bank. The main concept of the bank was to facilitate financing for small and medium enterprises.