The bank's board of directors has taken the decision of investing in the funds as a sponsor
The United Commercial Bank Limited (UCB) will invest an aggregate amount of funds worth Tk700 crore in a venture capital fund and a private equity fund.
The bank's board of directors has taken the decision of investing in the funds as a sponsor — subject to the approval of the securities regulator, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Wednesday.
The UCB will invest Tk100 crore to set up the Tk350-crore "UCB Venture Capital Fund-One".
The UCB's board also decided to form a Tk350-crore private equity fund called "UCB Private Equity Fund-One".
The private bank plans to invest Tk100 crore as a sponsor after getting the required approval.
UCB, presently an “A” category company, was listed with the stock exchanges in 1986.