Fresh from inking a Memorandum of Understanding with Maldives' Millennium Capital Management (MCM), Acuity Partners, the investment banking joint venture of DFCC and HNB, is exploring similar openings in India and Bangladesh to tap financial services opportunities, according to officials.
“We’re launching an open-ended fund, before the end of this year to attract Indian investors. We’re also exploring opportunities in corporate finance and investment banking in Bangladesh,” Acuity Partners Group CEO Ray Abeywardena told the Business Times on the sidelines of a media conference to announce this partnership.
He said that Acuity is tweaking the finalities of the fund with Keynote, an Indian firm in investment activities. “We’re in talks with some local banks in Bangladesh for similar opportunities,” he added.
He said that the partnership with MCM will offer a string of investment banking solutions to Maldivian firms and will explore prospects for propping up Maldivian investments in to the Colombo Stock Exchange.
Acuity Partners Director Deva Ellepola said that Acuity is presently working on several deals and will expand their activities with the ensuing success and demand. Mr. Abeywardena agreed saying that after about a year both entities will explore how to build on this relationship.
MCM Holdings Chairman Mohamed Jaleel said the Maldivian private sector has been in need of investment banking services and the scope for financial and capital market development in the island is immense.