Virgin Market

July 15, 2009 (LBO) – Sri Lanka’s National Development Bank (NDB) said it has launched its Bangladesh joint venture investment bank, NDB Capital Limited, positioning the group to be able to expand in a bigger market. “It’s a virgin market where professional investment banking services are currently not available,” Vajira Kulatilaka, chief executive of NDB Investment Bank (NDBIB), the group’s investment bank in Sri Lanka, which will support the Bangladeshi business.

“The economy and the capital market have reached a stage where quality investment banking services would be appreciated by the market players. Therefore, this is the appropriate time to enter the market with a first mover advantage.”

NDB Capital was formed by the NDB Group acquiring a controlling stake in Capital Market Services Limited, a licensed merchant bank in Bangladesh in February 2009. NDB has not said how much it paid for the 77.8 percent equity stake in the merchant bank.

“NDB Group is of the view that there would be opportunities for corporate advisory services such as feasibility studies leading to fund raising, restructuring, diagnostic studies and mergers and acquisitions,” NDB said in a statement.

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