Finova Group keen to invest in Bangladesh

Ricardo Jr Portabella, executive director and chairman of Finova Group, talked about his visit to Bangladesh and its investment plans in the country during an exclusive interview with The Daily Star. He also shed light on Finova's background, services, and unique investment approach.

DS: Tell us a bit more about Finova group.

Ricardo Jr Portabella: We invested in Finova in 2018 and I joined as the chairman of the group.

Finova Group is based in Singapore and serves clients in Asia. We are basically a multidisciplinary group. We focus on corporate services - from corporate secretarial, accounting, and bookkeeping to tax advisories. We offer recruiting services and have our own employment agency. We have a 70-member team based in Singapore.

Our parent company, Anpora Group, based in Luxembourg, and focuses on the European and the US markets. We have offices in Geneva, London, Barcelona, Madrid, Luxembourg, Singapore, and Kuala Lumpur.

We are trying to build a global network of our own service providers so that our clients from Asia can tap into the US and Europe markets and find opportunities there through our services.

The next step for us is on the mergers and acquisitions side. We plan to introduce "buy-side" advisory services to our clients from the first quarter of 2024.

DS: What has brought you to Bangladesh?

Ricardo Jr Portabella: We have a few loyal clients who are based in Bangladesh, and we have witnessed from their experience how vibrant the startup ecosystem here is. We decided to visit Bangladesh to explore investment opportunities and it has been inspirational to meet talented founders, particularly the ones introduced to us by SBK Tech Ventures. They have shown us some of their portfolio companies and we are inspired by interesting investing opportunities.

DS: What is the source of your capital?

Ricardo Jr Portabella: We invest our own money like a family office. We do not have any third-party investors with mandates. We are keen to invest in startups because we have clients who fund startups. We are not a venture capital company per se, but as we use our own funds we choose to invest in our clients and empower them to do more.

DS: Some investors have an apprehension about investing in countries like Bangladesh. How do you think the process can be expedited, especially for first-time investors?

Ricardo Jr Portabella: I think it's too early for me to understand the challenges, as this is my first trip to Bangladesh. My team and I will engage more frequently in Bangladesh with our clients, stakeholders, and our valued partners. Investing requires courage and the bold are not scared to take risks. We are excited about investing in Bangladesh.

DS: What was your perception about Bangladesh before you came to the country?

Ricardo Jr Portabella: I did not know a lot about Bangladesh before, but I always knew that it is a growing market. A lot of value is being created here and I am bullish about Bangladesh. It is essential to have a positive experience and we are very grateful to SBK Tech Ventures, especially the Managing Partner, Sonia Bashir Kabir, and her amazing team for welcoming us so warmly.

I can honestly say that my first visit to Bangladesh has exceeded my expectations.  I am very happy to see the growing market and I am inspired to visit Bangladesh more often.

Transcribed by Tanzid Samad Choudhury