Private commercial lender Pubali Bank PLC has decided to acquire “Swiss Tower,” a 27-story commercial building owned by Bengal Group located at the entrance of Tejgaon Link Road adjacent to Hatirjheel, Dhaka. The building was originally designed to house the international chain hotel Swissôtel.
The final decision was approved at Pubali Bank’s Board of Directors meeting on Wednesday.
According to the DSE filing, the purchase price for the 27-story building, which includes a 3-level basement built on 58 katha of land, has been fixed at BDT 800 crore (8 billion BDT). However, the completion of the acquisition remains subject to approval from Bangladesh Bank, the country’s central banking authority.
Upon regulatory approval, Pubali Bank plans to shift its central operations from its current headquarters in Motijheel to this new facility. Bank officials noted that the current self-owned building in Motijheel offers only 55,000 square feet, which has proved insufficient for their expanding operations, prompting a search for a larger commercial space.
Mohammad Liton Miah, Chief Financial Officer (CFO) of Pubali Bank, stated:
“We were experiencing a severe space constraint at our current head office. Taking all factors into account, the decision to purchase Swiss Tower was made. Our financial projections indicate that this investment will be highly profitable for the bank in the long term.”
Bengal Group had initially planned to establish a luxury five-star hotel under the Swissôtel brand, featuring 370 rooms. While the primary structural framework of the building is complete, the group borrowed over BDT 300 crore from the International Finance Corporation (IFC)—the private-sector arm of the World Bank Group—and Infrastructure Development Company Limited (IDCOL) to fund construction.
However, recent arson and damage to three of the conglomerate’s factories following political shifts triggered a severe liquidity crisis, compelling the group to sell the property to pare down debt.
Md. Jashim Uddin, Vice Chairman of Bengal Group, remarked:
“Following the political transition, three of our factories suffered extensive damage, placing us under significant financial distress. To alleviate our bank debt burden, we decided to sell the building. Negotiations with Pubali Bank regarding the sale have taken place.”
Pubali Bank remains one of Bangladesh’s top-performing private lenders, recording a net profit of BDT 1,090 crore last year, while its total deposit portfolio recently crossed the BDT 1 trillion (1 lakh crore) milestone.
Historically, most major financial institutions maintained their corporate headquarters in Motijheel and Dilkusha. Over the past decade, however, the country’s banking sector has increasingly shifted towards Gulshan and Tejgaon Link Road, making Pubali Bank’s planned relocation part of a broader structural move toward Dhaka’s modern commercial corridors.
