Sri Lanka’s Capital Alliance enters Bangladesh
Becomes first JV stockbroker to receive trading rights at DSE
BI Report || BusinessInsider
DSE headquarters in the capital. Photo: Collected
Trading RightA joint venture company that was recently set up in Bangladesh by Sri Lanka’s Capital Alliance (CAL) became the first JV entity to receive the Entitlement Certificate on the Dhaka Stock Exchange (DSE) by Bangladesh Securities and Exchange Commission (BSEC).
CAL is Sri Lanka’s leading Investment Bank offering integrated investment and capital market solutions and this becomes its first overseas venture. With the stockbroker license cementing its entry to Bangladesh, CAL continues the ambitious yet resolute journey to realise its vision to be ‘The No.1 Investment Bank in Frontier Markets,’ said a press release.
CAL will hold a majority stake of CAL Securities. The Company’s local shareholders include Raihan Shamsi – a leading corporate professional having led Grameenphone as its Deputy CEO and CFO and Accenture as its CEO of Bangladesh and Managing Director for Communication, Media and Technology of the ASEAN region – and leading industrialist Salahuddin Ahmed, Managing Director of the M&J Group.
“We are delighted to receive formal trading rights to the Dhaka Stock Exchange and are thankful to the Bangladesh Securities and Exchange Commission and the Dhaka Stock Exchange for their support,” commented Ajith Fernando, Chairman of CAL Securities Bangladesh and Group CEO CAL, Sri Lanka.
He said: “Sri Lanka and Bangladesh – both classified as frontier markets – bear many similarities in how capital markets operate. With our deep experience in Sri Lanka and our insatiable appetite for learning and growth, we are confident that we can extend our unique approach towards markets to investors in Bangladesh as well.”
Meanwhile, the Managing Director of CAL Securities of Bangladesh and also Managing Director of Global Markets & Investment Banking at CAL, Sri Lanka., Deshan Pushparajah has said, “Bangladesh is expected to become South Asia’s fastest growing economy over the next decade. Having built a worldwide network of Foreign Insitutional Investors who invest in Frontier Markets, we are confident of attracting further institutional investment into this country of great opportunity.”
CAL’s research product has been repeatedly recognised at CFA Sri Lanka’s annual Capital Market Awards for providing best-in-class insights and service to clients.