Dhaka, Monday October 19 2009
AB Bank Ltd has also joined the queue of private commercial banks and financial institutions, awaiting the nod of the capital market regulator to launch mutual funds.
The bank Sunday disclosed that it was going to launch a mutual fund worth Tk 3.50 billion (350 crore) subject to approval of the Securities and Exchange Commission (SEC).
"Twenty per cent of the proposed mutual fund will be kept for sponsors, 50 per cent for the public and the rest for pre-IPO placement," said Fazlur Rahman, deputy managing director of AB Bank Ltd.
This is the largest ever proposed mutual fund in the country. Race Asset Management Company is the fund manager of the proposed fund.
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