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The Financial Express

UCB to invest Tk 2b in venture capital, private equity funds

| Updated: May 06, 2021 10:17:48


UCB to invest Tk 2b in venture capital, private equity funds

The United Commercial Bank Limited (UCB) will invest an aggregate amount of funds worth Tk 2.0 billion in a venture capital fund and a private equity fund as well.

The bank's board of directors has taken the decision of investing in the fund as a sponsor - subject to the approval of the securities regulator, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website.

As a sponsor, UCB will invest Tk 1.0 billion in the venture capital fund, namely UCB Venture Capital Fund - One. The size of the venture capital fund will be Tk 3.5 billion.

UCB will also invest another Tk 1.0 billion in a private equity fund, namely UCB Private Equity Fund - One. The size of the private equity fund will also be Tk 3.5 billion.

The UCB board also decided to form a subsidiary - UCB Alternative Investments - to ensure smooth and successful management of alternative investment funds, such as venture capital, private equity, and impact funds etc.

UCB, presently an 'A' category company, was listed with the stock exchanges in 1986.

The company's sponsor-directors hold 36.67 per cent of its shares, the government 0.81 per cent, institutions 20.47 per cent, foreigners 0.85 per cent, and general shareholders 41.20 per cent as on March 31, 2021.

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