It will perform as a full-fledged merchant bank and stock market issue manager
UCB Investment Limited, a sister concern of United Commercial Bank (UCB), has started its journey as a merchant bank in the capital market.
It will perform as a full-fledged merchant bank alongside its role as an issue manager on the stock market.
Professor Shibli Rubayat-Ul-Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC), inaugurated the merchant bank at a five-star hotel in the capital on Sunday night.
UCB Investment Limited Chief Executive Officer (CEO) Tanzim Alamgir presided over the function.
UCB Executive Committee Chairman Anisuzzaman Chowdhury Ronny, Director Professor Dr Md Jonaid Shafiq and Managing Director Mohammad Shawkat Jamil were present as special guests on the occasion.
Speaking as chief guest Professor Shibli Rubayat said that UCB Investment will play a vital role in bridging the gap in professional financial management services in the country.
"At the moment, Bangladesh has improved its economic position compared to other countries in South Asia. In this time of the pandemic, I want to remember the Father of the Nation, who has shown us how to be courageous in the face of adversity and move forward with the right spirit," he added.
"Prime Minister Sheikh Hasina has shown during the pandemic how the country's economy can be kept in a good position in the midst of all adversity. I think now is the right time to undertake an initiative like UCB Investment Limited. Above all, the merchant bank will be able to play a huge role in our capital market and economic development," he continued.
Anisuzzaman Chowdhury Ronny said UCB Capital Management, a branch of UCB Stock Brokerage House, has risen from 63rd position to second position in the last five years.
"UCB is one of the pioneers in raising funds for special projects of the Bangladesh Bank and till date UCB has invested the largest amount of loan money from that special fund among all the private commercial banks," he added.
"We need to come up with a quality IPO [initial public offering] for a strong capital market. Otherwise, there will be no growth in the capital market," he continued.
The UCB executive committee chairman said the UCB family is making numerous contributions to the capital market.
"We will be at the top in the merchant bank sector in the future," he said.
Managing Director of UCB Mohammad Shawkat Jamil said United Commercial Bank is working for the development of the capital market.
"So far, UCB has turnover of Tk1,100 crore on the capital market. UCB Asset Management, the newly formed subsidiary of UCB, has the highest capital among all asset management firms in Bangladesh," he added.
"UCB Investment recently received its merchant banking licence although the company has been investing in listed equities from its own funds since 2015," he continued.