Bangladesh Bank has granted financially troubled National Bank PLC a special exemption from the Bank Company Act, allowing it to commercially lease part of its proposed headquarters building before occupying it.
Under the exemption, the bank will be allowed to lease Tower-2 of the under-construction NBL Twin Tower at Panthapath, Dhaka, until 31 December 2031. During this period, Section 10 of the Bank Company Act, 1991 (as amended up to 2023) will not apply to the bank in respect of the property.
The central bank issued a circular on Tuesday stating that the exemption permits National Bank to lease Tower-2 of the NBL Twin Tower as a commercial property until the end of 2031.
Sources said that although the main structure of the proposed headquarters has been completed, utility works are still under way, preventing the bank from moving into the building. Facing financial difficulties, National Bank sought Bangladesh Bank’s approval to lease the property before occupying it, prompting the central bank to grant the special exemption.
The circular said the directive was issued under the powers conferred by Section 121 of the Bank Company Act, 1991, and was signed by Bangladesh Bank Deputy Governor Md Kabir Ahmed.
