Janata Bank to float closed-end mutual fund
Sunday, 1 November 2009
FE Report
The board of director's of Janata Bank Ltd has approved a proposal to float a closed-end mutual fund, namely 'First Janata Bank Mutual Fund', worth Tk 2.0 billion (Tk 200.00 crore) subject to the approval of the Securities and Exchange Commission (SEC).
Investment Corporation of Bangladesh (ICB) will act as trustee and custodian of the fund, while RACE Management PCL will act as designated asset management company of the fund.
Primarily, the bank will invest Tk 500 million in the said mutual fund.
A memorandum of understanding (MoU) in this connection was signed recently by the chief executive officer (CEO) and the managing director (MD) of both the organisations.
The board of director's of Janata Bank Ltd has approved a proposal to float a closed-end mutual fund, namely 'First Janata Bank Mutual Fund', worth Tk 2.0 billion (Tk 200.00 crore) subject to the approval of the Securities and Exchange Commission (SEC).
Investment Corporation of Bangladesh (ICB) will act as trustee and custodian of the fund, while RACE Management PCL will act as designated asset management company of the fund.
Primarily, the bank will invest Tk 500 million in the said mutual fund.
A memorandum of understanding (MoU) in this connection was signed recently by the chief executive officer (CEO) and the managing director (MD) of both the organisations.