Prime Bank PLC has entered into a memorandum of understanding (MoU) with ICB Asset Management Company Limited (IAMCL) to boost the sales of units of open-end mutual funds managed by IAMCL.

Prof Abu Ahmed, chairman of the Investment Corporation of Bangladesh (ICB) and IAMCL, and M Nazeem A Choudhury, deputy managing director of the bank, signed the MoU at the ICB head office in Dhaka recently, according to a press release issued by the bank.

The agreement seeks to expand the distribution of IAMCL's open-end mutual fund units, ensuring that services are more accessible to potential clients while also streamlining the sales and service delivery process.

Niranjan Chandra Debnath, managing director of ICB; Nurul Huda, deputy managing director; and Mahmuda Akhter, chief executive officer of IAMCL; along with senior officials from ICB, IAMCL, and Prime Bank, were also present.