First Security Islami Bank to sell its Italy-based exchange house
However, the reason for the sale and the price has not been disclosed
First Security Islami Bank has announced its decision to sell its Italian exchange house.
The decision was approved at a meeting of the bank's Board of Directors held on Sunday, according to Dhaka Stock Exchange disclosure today (28 July).
The exchange house, named First Security Exchange Italy SRL, is a wholly-owned subsidiary of the bank. It will be sold to UK-based NEC Money Transfer Limited.
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However, the reason for the sale and the price has not been disclosed.
On Monday, the company's share price closed at Tk4.3 on the Dhaka Stock Exchange.
The company stated that the sale is subject to approval from the competent authorities. Meanwhile, the Board of Directors has also recommended no dividend for the year ended 31 December 2024.
The Annual General Meeting of First Security Islami Bank will be held on 15 September 2025 on a digital platform. The record date has been set for July 20, 2025.
The company reported that for 2024, consolidated earnings per share stood at negative Tk3.35, compared to Tk2.72 in the previous year. During the same period, consolidated net asset value per share stood at Tk16.40.
For the January–March 2025 quarter, consolidated EPS stood at negative Tk4.76, which was Tk0.30 in the same period of 2024.
As of 31 March 2025, the consolidated NAV per share stood at Tk11.64, compared to Tk21.00 in the same period of the previous year.
The company explained that the decline in net asset value was mainly due to a fall in Net Profit after Tax, while the decrease in Net Investment Income led to lower earnings per share.
Earlier in August last year, the Bangladesh Bank dissolved the board of directors of the First Security Islami Bank and formed a new five-member board.
The bank had been controlled by the S Alam Group, a business conglomerate with a history of alleged irregularities and corruption.
S Alam Group is alleged to have engaged in irregularities and corrupt practices within the bank, particularly in the areas of recruitment and loan disbursement. Following the allegations, the central bank dissolved the First Security Islami Bank's board.
