Trust Bank Ltd has launched its fully-owned subsidiary Trust Bank Investment Ltd, the merchant banking arm of the bank to fortify its position in the stock market operation.
The launching programme was held in a city hotel Tuesday.
The new business entity of the bank was inaugurated by Bangladesh Bank (BB) governor Dr. Atiur Rahman.
Trust Bank Investment Ltd. is set to be a speciaised firm to provide share issue management, underwriting and portfolio management services to its client with its in-depth knowledge and expertise.
Chief of Army Staff and Chairman of Trust Bank Ltd. General Md. Abdul Mubeen, FBCCI president A.K. Azad, Bangladesh Association of Banks (BAB) chairman Nazrul Islam Mazumder, Managing Director and CEO of TBL Shah A. Sarwar also spoke on the occasion.
BB governor Dr. Rahman lauded opening a separate firm for merchant baking. He also said, "We'll continue our surveillance to keep banking sector risk free as much possible, especially the risk emanating from too much exposure to share market".
Gen Md. Abdul Mubeen said, "Trust Bank is fully committed to establish transparency for the sake of its shareholders, depositors and the society at large".
Ishtiaque Ahmed Chowdhury, Managing Director of Trust Bank Investment Ltd sought cooperation to make the new business entity a success.
In his speech Shah A. Sarwar reaffirmed his bank's pursuit of long term sustainability along with goal of financial inclusion and responsibility to society.
Head of Trust Bank Ltd. also highlighted the bank's future plan of launching digital pay for payroll management and mobile money.
Trust bank started its journey in 1999 and in 2007, the bank first started to provide merchant banking service to its clients. Later, the bank registered Trust Bank Investment Ltd. as a separate company in September 2009 with paid up capital of BDT 3.0 billion in line with the directive of BB that asked all the banks to separate their merchant banking to minimise the risk.
Services of Trust Bank Investment Ltd. will be available in Gulshan, Karwan Bazar, Kafrul, Narayangonj and Shahjalal Uposhohor Sylhet branch.
Vice Chairman and Directors of Trust Bank Ltd, Chairman of Securities and Exchange Commission Md. Ziaul Haque Khondker, and high officials from different banks were also present on the occasion.
Trust Bank Ltd. currently holds more than 50 billion BDT deposit which is 28 per cent higher than September 2009. Operating profit of the bank reached BDT 1.94 billion which was BDT 1.12 billion last year.
The bank plans to set up 400 branches and 500 pay points in next 5 years. Top management informed that the bank donates 5 per cent of total income to CSR fund every year.
