Sri Lanka’s Capital Alliance (CAL) became the first JV entity to receive the Trading Right Entitlement Certificate on the Dhaka Stock Exchange (DSE) from the Bangladesh Securities and Exchange Commission (BSEC).
Capital Alliance is Sri Lanka’s leading Investment Bank offering integrated investment and capital market solutions and this becomes its first overseas foray, said a press release.
CAL will hold a majority stake of CAL Securities. The company’s local shareholders include Raihan Shamsi – a leading corporate professional having led Grameenphone as its Deputy CEO and CFO and Accenture as its CEO of Bangladesh and Managing Director for Communication, Media and Technology of the ASEAN region – and leading industrialist Salahuddin Ahmed, Managing Director of the M&J Group.
“We are delighted to receive formal trading rights to the Dhaka Stock Exchange and are thankful to the Bangladesh Securities and Exchange Commission and the Dhaka Stock Exchange for their support,” commented Ajith Fernando, Chairman of CAL Securities Bangladesh and Group CEO CAL, Sri Lanka.
“Sri Lanka and Bangladesh – both classified as frontier markets – bear many similarities in how capital markets operate. With our deep experience in Sri Lanka and our insatiable appetite for learning and growth, we are confident that we can extend our unique approach towards markets to investors in Bangladesh as well.”
“Our focus on creating market-leading insights has been our key differentiator in Sri Lanka,” commented Deshan Pushparajah, Managing Director of CAL Securities Bangladesh and Managing Director – Global Markets and Investment Banking at CAL, Sri Lanka.
“We are excited to bring these unique perspectives and approach to Research to Bangladesh as well.” “Bangladesh is expected to become South Asia’s fastest growing economy over the next decade.”
Enjoying partnerships with market-leaders in frontier brokering – including Auerbach Grayson, EFG Hermes, StoneX, Maybank Kim Eng and Edelweiss, CAL is also one of the largest brokers of Foreign Institutional Investors into Sri Lanka.
CAL first entered the Sri Lankan market in 2000 as a licensed primary dealer, rapidly evolving into one of only five non-bank licensed primary dealers in the country.
The company has grown over the past two decades to become the market leader in Investment Banking services, offering a growing list of solutions including Wealth Management, Equity and Debt Capital Markets, Mergers and Acquisitions Advisory, Stockbrokering, Fixed Income trading and Private Equity.
Ace Advisory, a leading Bangladesh corporate advisory firm and AS & Associates, a leading Bangladesh law firm advised CAL Securities on the licensing process.