Dhaka, Jan. 11 -- City Bank has decided to buy a plot next to its headquarters in Dhaka's Gulshan at a premium price, with total spending on land purchase and construction estimated at Tk 12 billion.

The listed private bank agreed to purchase the 20-katha plot (33.06 decimals or about 14,400sqft) for Tk 3.45 billion after negotiations and received approval from Bangladesh Bank for the acquisition.

The bank also planned to invest Tk 8.55 billion to construct a 28-storey building, its Managing Director Mashrur Arefin said.

Once completed, the new structure will stand on a combined 40 kathas (66.12 decimals or about 28,800sqft), including the newly-acquired land and the existing plot where the bank's current headquarters is located, he ad...