Citigroup Global Markets starts operation in city
Thursday, 27 September 2007
FE Report
Citigroup Global Markets Bangladesh Private Ltd, country's first foreign merchant bank, started its operation in the capital Wednesday.
Chairman of Securities and Exchange Commission (SEC) Faruq Ahmad Siddiqi inaugurated the formal functioning of the global financial institution in the country's growing stock market.
"We hope to represent Bangladesh stock market in the global market with the launching of our operation," Mark Renton, head of Asia Pacific Investment Banking Division of Citibank NA said.
He said the debut of Citigroup in Bangladesh stock market will help stimulate local entrepreneurship.
"We would like to work together to develop the Bangladesh economy through accelerating the capital market operations," Renton added.
Terming the Bangladesh capital market as an emerging one, he said there exists a great opportunity for sustainable growth of the securities market.
Chairman of SEC Faruq Ahmad Siddiqi said the presence of the Citigroup in Bangladesh stock market will generate confidence of both local and foreign investors as well as issuers.
"Though Bangladesh stock market is small compared to its neighbouring countries, it has vast potentials to expand and the presence of Citigroup will contribute immensely in this regard," the SEC chairman said.
He said the present supply constraint of securities in the market will be removed as Citigroup will bring new quality issues from both local and foreign sources.
"The off-loading of government-owned shares in different sectors will further improve the supply-side situation in the stock market," the SEC chief said.
He hoped that there would be diversifications in the Bangladesh capital market with a strong presence of bond market through the launching of Citigroup Global Markets Bangladesh Private Ltd.
CitiGroup Bangladesh managing director Mamun Rashid, senior vice president of Dhaka Stock Exchange Ahmad Rashid, vice president Sharif Ataur Rahman, president of Chittagong Stock Exchange MKM Mohiuddin and senior professionals of Bangladesh stock market attended the launching ceremony.
Citigroup Global Markets Bangladesh Private Ltd, country's first foreign merchant bank, started its operation in the capital Wednesday.
Chairman of Securities and Exchange Commission (SEC) Faruq Ahmad Siddiqi inaugurated the formal functioning of the global financial institution in the country's growing stock market.
"We hope to represent Bangladesh stock market in the global market with the launching of our operation," Mark Renton, head of Asia Pacific Investment Banking Division of Citibank NA said.
He said the debut of Citigroup in Bangladesh stock market will help stimulate local entrepreneurship.
"We would like to work together to develop the Bangladesh economy through accelerating the capital market operations," Renton added.
Terming the Bangladesh capital market as an emerging one, he said there exists a great opportunity for sustainable growth of the securities market.
Chairman of SEC Faruq Ahmad Siddiqi said the presence of the Citigroup in Bangladesh stock market will generate confidence of both local and foreign investors as well as issuers.
"Though Bangladesh stock market is small compared to its neighbouring countries, it has vast potentials to expand and the presence of Citigroup will contribute immensely in this regard," the SEC chairman said.
He said the present supply constraint of securities in the market will be removed as Citigroup will bring new quality issues from both local and foreign sources.
"The off-loading of government-owned shares in different sectors will further improve the supply-side situation in the stock market," the SEC chief said.
He hoped that there would be diversifications in the Bangladesh capital market with a strong presence of bond market through the launching of Citigroup Global Markets Bangladesh Private Ltd.
CitiGroup Bangladesh managing director Mamun Rashid, senior vice president of Dhaka Stock Exchange Ahmad Rashid, vice president Sharif Ataur Rahman, president of Chittagong Stock Exchange MKM Mohiuddin and senior professionals of Bangladesh stock market attended the launching ceremony.