Modhumoti Bank to raise $ 10.5m for offshore banking unit

Modhumoti Bank Limited (MMBL) recently entered into an agreement with Symbiotics S.A. ("Symbiotics"), a Geneva-based global investment company dedicated to inclusive and sustainable finance in emerging frontier markets, to raise upto USD 10.5 million through debt arrangement, said a statement.

Under the terms with Symbiotics-managed funds, the USD funding will be made available in two tranches
Symbiotics which has invested over USD 2.8 billion across more than 60 countries is mainly engaged in Asset Management, Investment Advisory, Investment Analysis, Capacity Building and Technical Assistance Research.
Each investment made by Symbiotics is filtered through a social responsibility rating alongside traditional financial evaluation, adopting a multi-stakeholder approach (ESG norms), balancing the multiple interests at stake along the value chain in order to maximize their long-term sustainability and value creation. Hence by securing this loan, Modhumoti Bank Limited's multifaceted growth is recognized by Symbiotics after qualifying MMBL in terms of each of the above criteria.
Modhumoti Bank Limited's Off Shore Banking Unit has the scope to generate and promote economic development of Bangladesh through Foreign Investments.
India-based TSW Capital Services Private Limited provided the advisory services to MMBL to successfully complete the funding arrangements.