Pubali Bank to buy Tk 8bn Gulshan tower for new headquarters

The bank plans to secure regulatory approvals before completing the purchase

Pubali Bank will buy a 26-storey building in Dhaka's Gulshan for Tk 8 billion to relocate its headquarters from Motijheel.

The decision was approved by the bank's board of directors on Wednesday, according to a disclosure published on the Dhaka Stock Exchange (DSE) website on Thursday.

In its disclosure to investors, the bank said the building would be acquired for use as its new head office.

The total expenditure encompasses the purchase price, applicable taxes, and other associated costs.

The bank also said it plans to obtain all necessary approvals from the relevant regulatory authorities before completing the purchase.

Pubali Bank's current headquarters is located in Dilkusha, the capital's traditional banking hub.

The property being acquired is a 26-storey structure featuring three basement levels, situated on the Tejgaon Link Road opposite Police Plaza and adjacent to the Hatirjheel Development Authority office.

Originally intended to house the Swiss Hotel, the project was developed by Bengal Group.

Although the structural framework of the high-rise has been completed, ancillary work has remained suspended for an extended period.

Following the decision to sell the property to the bank, the hotel project will no longer proceed at the location.