• Saturday, October 25, 2014

Two new NBFIs get approval

Star Business Report

Bangladesh Bank yesterday approved two new non-bank financial institutions, which will increase competition in the sector.
The approval came from a meeting of the central bank's Board of Directors, chaired by Governor Atiur Rahman.
CAPM Venture Capital and Finance Ltd is one of the NBFIs, with Mahmud Hossain as its main sponsor.
The other is Meridian Finance and Investment Ltd with Kazi Aminul Islam as its main sponsor.
BB approved the two NBFIs as per the recommendations of the finance ministry.
The NBFIs will have to meet 31 conditions, before taking licences, BB Deputy Governor SK Sur Chowdhury told reporters after the meeting.

As per the conditions, none of the sponsors can be defaulters of loans or tax, and they must have a specific work plan to invest in productive sectors.
The sponsors must deposit Tk 100 crore in capital before introducing the NBFIs and a family's stake cannot exceed 10 percent of the company, according to the central bank rules.
At present, 31 NBFIs operate in the country.

Published: 12:00 am Thursday, March 06, 2014

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