Pubali Bank PLC has decided to purchase a plot of land along with a 26-storey under-construction building in the capital's Tejgaon area to set up its new Corporate Head Office, at a total cost of Tk 800 crore.
The bank's Board of Directors took the decision at a meeting held on Wednesday, according to a disclosure sent to the Dhaka Stock Exchange (DSE) on Thursday.
The property, measuring 95.10 decimals or 57.64 kathas, includes the building named "Swiss Tower," which has 26 storeys and three basement floors, located at 208, Bir Uttam Mir Showkat Sarak, also known as Tejgaon Link Road.
The Tk 800 crore price tag includes income taxes but excludes VAT, the disclosure said, adding that the purchase remains subject to approval from Bangladesh Bank and all other relevant regulatory authorities.
The building was originally developed by Bengal Hotel and Resort, a concern of Bengal Group of Industries, to house the five-star Swissôtel Dhaka.
However, sources said the company has now decided to sell the site to Pubali Bank instead of proceeding with the hotel project.
If the deal receives regulatory clearance, the tower will transition from its planned identity as a luxury hospitality venue to becoming the nerve centre of one of the country's oldest private commercial banks.