Midland Bank Debuts Dual Mutual Funds
Midland Bank PLC has signed a trust deed with Sandhani Life Insurance Company Limited for the launch of two new mutual funds, namely “Growth Fund” and “Balanced Fund.” Under the agreement, Midland Bank Asset Management Company will serve as the asset manager, while Commercial Bank of Ceylon Bangladesh PLC will act as custodian.
According to a press release, the signing took place on Wednesday, September 3, at Midland Bank’s head office. Md. Ahsan-uz Zaman, Managing Director and CEO of Midland Bank, and Md. Mizanur Rahman, Company Secretary of Sandhani Life Insurance, signed the agreement on behalf of their respective organizations. Senior officials from both institutions were also present at the event.
Commenting on the occasion, Md. Ahsan-uz Zaman said, “These mutual funds will provide investors with long-term growth and balanced returns. Managed by a skilled and dedicated professional team, we believe this initiative will make a significant contribution to the depth and stability of Bangladesh’s capital market.”
The Bangladesh Securities and Exchange Commission has already approved the draft trust deeds for the “Midland Bank Growth Fund” and “Midland Bank Balanced Fund.” Each fund will have an initial size of Tk 25 crore, with Midland Bank investing 10 percent, or Tk 2.5 crore, as a sponsor.
