Pubali Bank Plans $66 Million Acquisition of Swiss Tower for New Headquarters

DHAKA, Bangladesh: Pubali Bank, one of Bangladesh’s leading private-sector lenders, has approved a proposal to acquire the under-construction Swiss Tower from financially troubled conglomerate Bengal Group for approximately BDT 800 crore (around $66 million), as part of a strategic move to establish a new corporate headquarters.

The transaction, however, remains subject to approval from Bangladesh Bank and other relevant regulatory authorities before it can be finalized.

According to officials familiar with the matter, the bank intends to consolidate its operations into a single location by relocating multiple offices currently spread across different premises in the capital. The move is expected to enhance operational efficiency, improve coordination among departments, and significantly reduce long-term rental expenses.

Pubali Bank executives said the planned headquarters would provide a modern and centralized working environment, supporting the institution’s long-term growth strategy while streamlining administrative functions.

The sale represents a major asset divestment for Bengal Group, which has been facing mounting financial challenges in recent years. Company representatives said the decision was driven by liquidity pressures, substantial financial losses, and disruptions to business operations.

“The disposal of the asset forms part of our efforts to manage financial obligations and strengthen liquidity,” a person familiar with the company’s position said.

Pubali Bank plans to fund the acquisition through its retained earnings, avoiding the need for external borrowing. However, industry sources estimate that an additional BDT 200 crore to BDT 250 crore will be required to complete interior works, technology infrastructure, office installations, and other fit-out requirements.

As a result, the bank’s total investment in the project could reach approximately BDT 1,000 crore once the building is fully operational.

Banking analysts say the deal could rank among the largest corporate real-estate acquisitions by a financial institution in Bangladesh in recent years. If approved by regulators, the purchase would mark a significant milestone in Pubali Bank’s long-term infrastructure expansion strategy and strengthen its operational capacity through the establishment of a purpose-built headquarters.

The proposed acquisition also highlights the contrasting fortunes of two major business entities—one seeking to expand its institutional footprint and operational capabilities, and the other pursuing asset sales to navigate financial stress amid challenging market conditions.