Picture shows from left - Kusal Jayawardana (Managing Director, NDB Capital), Al Maruf Khan (Director, NDB Capital), P.M. Nagahawatte (Chairman, NDB Bank), Nihal Welikala (Chairman, NDB Capital), Vajira Kulatilake (Director, NDB Capital) and Ajith Wickremaratne (Director, NDB Capital).
NDB Capital Ltd, NDB Bank’s Bangladesh joint venture investment bank, was formally launched on July 1 in Dhaka.
NDB Group said in a press release that the new joint venture hopes to contribute to the development of the capital markets in Bangladesh.
The new venture was set up after NDB Group acquired a controlling stake in Capital Market Services Ltd, a licensed merchant bank in Bangladesh, giving NDB Bank a 77.8% equity stake in the merchant bank.
NDB Capital plans to introduce a range of innovative investment banking products in Bangladesh to fulfil the needs of the market. The NDB Group is of the view that there would be opportunities for corporate advisory services such as feasibility studies leading to fund raising, restructuring, diagnostic studies and mergers and acquisitions.
Speaking on the occasion, Nihal Welikala, Chairman, NDB Capital Ltd, noted, “Like most emerging economies, Bangladesh is seeking to increase its capital investment in order to drive higher economic growth.”
He said efficient domestic capital markets and raising the bar to enable local companies to compete in the global markets for capital, will be critical factors in the national development effort.
The Bangladesh operation would be headed by Kusal Jayawardana, seconded from NDB to NDB Capital Limited.
The remaining staff has been sourced primarily from Bangladesh and given on the job training at NDBIB in Colombo.