Grameen Bank to invest Tk 200cr in stock market

Grameen Bank is going to invest Tk 200 crore in the stock market by forming a mutual fund named Capitec Grameen Bank Growth Fund.

Yesterday, the fund's sponsor Grameen Bank, trustee Investment Corporation of Bangladesh (ICB) and fund manager Capitec Asset Management Company signed two separate agreements in this regard at Grameen Bank's head office in the capital.

Mutual funds pool money from investors to channel it into securities such as stocks, bonds and other assets. Investors are then paid their share as dividends depending on the profits earned.

This is going to be the fourth mutual fund managed by Capitec Asset Management. The objective of the fund is to provide lucrative dividend to its shareholders by making money by getting capital gain and cash dividend from listed companies.

It would invest in several securities of the capital market and money market.

Capitec's Chairman Hasan Rahman and Managing Director M Mahfuzur Rahman attended the signing ceremony of the deals.

Prof AKM Saiful Majid, chairman of Grameen Bank; Md Mosleh Uddin, managing director (acting), and Md Abul Hossain, managing director of ICB, were also present.