UCB merchant banking wing starts journey
UCB Investment Ltd, United Commercial Bank's merchant banking subsidiary, started its journey yesterday.
Prof Shibli Rubayat Ul Islam, chairman of the Bangladesh Securities and Exchange Commission, launched the entity as chief guest at a hotel.
The core functions of merchant banks in Bangladesh include issue management, underwriting and portfolio management services.
"Merchant banks have a huge role to play in developing Bangladesh's capital market and economy," said Prof Islam.
UCB Investment will play a vital role to assist professional financial management services in the country, he hoped. The UCB is one of the pioneers in raising funds for special projects of the Bangladesh Bank, said Anisuzzaman Chowdhury Ronny, chairman of the executive committee of UCB, according to a press release.
As of today, it has invested the largest amount of money from that special fund among all private commercial banks, he said, adding, "We are also optimistic about UCB Investment."
UCB Capital Management, a branch of UCB's stock brokerage, has risen to attain the second-highest trade volume from 63rd position in the last five years, he said.
UCB is working towards the development of the capital market in Bangladesh, said its managing director, Mohammed Shawkat Jamil.
UCB Asset Management, the newly formed subsidiary of UCB, has the largest capital base among all the asset management companies in Bangladesh, he said.
Although UCB Investment has recently got its merchant banking licence, the company has been investing its own funds in the listed equities since 2015, he added.
Prof Md Jonaid Shafiq, a director of UCB, and Tanzim Alamgir, CEO of UCB Investment, also spoke at the event.
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