BASIS, PBIL team up for facilitating access to capital market

In a pioneering collaboration, the Bangladesh Association of Software and Information Services (BASIS), and Prime Bank Investment Limited (PBIL) have joined forces to catalyse access to the capital market for the ICT sector of Bangladesh.

The initiative, unveiled on Tuesday (December 5) at the BASIS premises, marks a pivotal moment as both organisations commit to trend-setting initiatives aimed at facilitating 'Access to Capital Market' for BASIS members, according to a media release.

The Memorandum of Understanding (MoU), exchanged in the presence of esteemed leaders including Russell T Ahmed, President, BASIS, Hashim Ahmed, Secretary, BASIS, Syed M Omar Tayub, Managing Director & CEO, PBIL, and Khandoker Raihan Ali, FCA, Chief Operating Officer, PBIL, signifies a powerful synergy between the premier ICT body and the distinguished investment bank.

Prime Bank Investment Limited (PBIL), a fully-fledged Investment Bank and a subsidiary of Prime Bank PLC, is set to provide bespoke advisory services to BASIS member companies under this groundbreaking agreement, the release says.

As a frontrunner in the investment banking landscape, PBIL will extend its expertise in Fund-Raising through Equity and Debt Capital, Corporate Advisory, and Portfolio Management services for stock market investment.

Syed M Omar Tayub, Managing Director and CEO of Prime Bank Investment Limited, said, "This is part of our broader initiative of Industry Alliance through which we aim to cater to more industry verticals. In this innovative pursuit, PBIL is honoured to start with BASIS as the IT sector possess immense possibilities in the era of digital transformation. The sector’s contribution to market capitalisation is only around 1 per cent in Bangladesh, which is 11 per cent in neighboring India. Our combined efforts will not only enhance the market capitalisation of the IT sector but also open new horizons for BASIS members, propelling them towards sustainable success."

“This partnership will surely encourage our members accessing to the Capital Market. Also specialised advisory services will benefit them in streamlining their financial management,” said Russell T. Ahmed, President of BASIS, expressing his enthusiasm about the MoU.

He urged PBIL to plan for a daylong joint session and campaign to facilitate BASIS members.

As Bangladesh positions itself as a hub for technological advancement, this strategic alliance between BASIS and PBIL is poised to be a catalyst for transformative changes, setting the stage for a prosperous future in the capital market and ICT industry, the release adds.