Banks asked not to default City Group’s loan now

• Bangladesh Bank on Sunday advised banks not to take any immediate action on loans to City Group that could worsen the conglomerate’s financial difficulties.Eight private commercial banks are set to receive regulatory relief to extend BDT 17bn in fresh loans to debt-laden City Group, in a move aimed at keeping its operations running and ensuring supplies of essential commodities ahead of Ramadan.The banks are City Bank, Mutual Trust Bank, Prime Bank, Dutch-Bangla Bank, Southeast Bank, Trust Bank, NCC Bank and Pubali Bank.In consultation with the government, the decision in principle was taken at a meeting between the eight banks and Bangladesh Bank Governor Mostaqur Rahman at the central bank’s headquarters yesterday, according to meeting sources.

https://www.newagebd.net/post/banking/319566/banks-asked-not-to-default-city-groups-loan-now