HSBC arranges Tk1,640m syndicated loan for City Sugar
The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh announced the syndication of a Tk 1,640 million term loan and working capital facility for City Sugar Industries Ltd at a function in Dhaka, Tuesday.HSBC is the arranger and agent for the syndicated facility to establish a Sugar refinery in Bangladesh. A total of six banks and three non-banking financial institutions participated in the syndicated facility. The institutions include IFIC Bank, Pubali Bank, One Bank, Southeast Bank, BRAC Bank, HSBC, Uttara Finance and Investments Ltd, IDLC (Industrial Development Leasing Company of Bangladesh Ltd) and United Leasing Company Ltd. Fazlur Rahman, chairman and managing director of City Group of Industries, David J H Griffiths, CEO of HSBC Bangladesh and representatives of the participating banks and other financial institutions signed the agreement on behalf of their organisations.
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