Business Desk :
The joint venture (JV) company recently established in Bangladesh by Sri Lanka’s Capital Alliance (CAL) became the first JV entity to receive the Trading Right Entitlement Certificate (Trec) on the Dhaka Stock Exchange (DSE) from the 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 foray, said a press release.
With the stockbroker license cementing its entry to Bangladesh, CAL continues the ambitious yet resolute journey to realize its vision to be the number one investment bank in frontier markets.
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 & CFO and Accenture as its CEO of Bangladesh and managing director for communication, media & technology of the Asean region – and industrialist Salahuddin Ahmed, managing director of M&J Group.
“We are delighted to receive formal trading rights to the Dhaka Stock Exchange and are thankful to the BSEC and the DSE for their support,” commented Ajith Fernando, chairman of CAL Securities Bangladesh and Group CEO for CAL, Sri Lanka.
“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,” he added.
“Our focus on creating market-leading insights has been our key differentiator in Sri Lanka,” said Deshan Pushparajah, managing director of CAL Securities Bangladesh and managing director – global markets & investment banking at CAL, Sri Lanka.
“Bangladesh is expected to become South Asia’s fastest growing economy over the next decade. Having built a worldwide network of foreign institutional investors who invest in frontier markets, we are confident of attracting further institutional investment into this country of great opportunity,” he further added.
CAL’s research product has been repeatedly recognized at CFA Sri Lanka’s annual Capital Market Awards for providing best-in-class insights and service to clients.
Enjoying partnerships with market-leaders in frontier brokering – including Auerbach Grayson, EFG Hermes, StoneX, Maybank Kim Eng and Edelweiss, CAL is also one of the largest brokers of foreign institutional investors into Sri Lanka.
CAL first entered the Sri Lankan market in 2000 as a licensed primary dealer, rapidly evolving into one of only five non-bank licensed primary dealers in the country.
