Original disclosure @ IFC website
Updated in EWS Feb 21, 2023
Disclosed by Bank Dec 9, 2022
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According to IFC, the proposed project is an up to US$50 million Working Capital Solutions (WCS) facility to be extended to Prime Bank Limited (“Prime Bank” or the “Bank”) in Bangladesh, under the ‘Fast Track COVID-19 Facility’ (FTCF) umbrella. This proposed Project is structured as a one-year facility, renewable for additional two years, for a maximum aggregate tenor of three years. This Project will support working capital, trade finance and foreign exchange liquidity needs of the sub-borrowers (export/import-based enterprises) through Prime Bank’s Off-Shore Banking Unit. A portion of the IFC loan proceeds is expected to be earmarked to support Prime Bank’s climate-eligible working capital and trade-related transactions as per IFC’s eligibility criteria.
Through this Project, IFC will be offering US$ liquidity support amidst prevailing global economic headwinds and support the Bank in catering to working capital and trade related needs of its clients.
The proposed Project is an up to US$50 million Senior Loan from IFC’s own account in the form of WCS.
Incorporated in 1995, Prime Bank is the 16th largest private commercial bank in Bangladesh with a total asset size of US$4.1 billion as of September 2022. With a universal banking model, Prime Bank is offering full range of banking products and services to the corporate, MSME and retail customers. Prime Bank is rated as AA in the long term and ST-2 in the short term by a local credit rating agency. It is listed in both the local bourses. Prime Bank is a FIG Investee client since 2014.
As of October 2022, sponsor/directors hold 39.2%, local institutes hold 37.8%, foreign institutes hold 0.5% and public hold 22.5% of the shares.
PRIME BANK LIMITED
Syed Faisal Omar
Senior Executive Vice President & Head of Financial Institutions
+88 02 55068680
'Simple Tree Anarkali', Level-3, 89, Gulshan Avenue, Dhaka - 1212
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