Eastern Bank Ltd yesterday launched a new service to help non-resident Bangladeshies (NRBs) to invest in the capital market of the country.

Ali Reza Iftekhar, managing director and chief executive officer of the bank, formally inaugurated the service named ‘Swadesh Biniyog’ at a press conference in Dhaka yesterday.

NRBs will be able to take part in initial public offerings (IPO), sell the shares, acquired through IPOs, in the secondary market, and buy and sell shares into the secondary market through the service.

To avail the facilities, expatriates have to open a Bangladesh Bank approved Non-Resident Investors Taka Account (NITA), a beneficiary owner (BO) account and give power of attorney to the bank for the transaction.

EBL has been providing with innovative services to NRBs for last few years, Iftekhar told the function

When asked, he said their minimum and maximum charges would range from Tk 500 to Tk 5,000 for each transaction.

To facilitate such transactions, EBL has also signed a Memorandum of Understanding with EBL Securities Limited, a brokerage house and also a subsidiary of Eastern Bank Limited.

Source: daily-sun, Bangladesh/13th Dec 2010