UCB to form Tk 700cr funds
To accelerate startup, e-commerce growth
Star Business Report
Star Business Report
United Commercial Bank (UCB) has decided to form two funds totalling Tk 700 crore to cater to a growing demand for finance among promising local startups and e-commerce companies.
The UCB will invest Tk 100 crore to set up a Tk 350 crore "UCB Venture Capital Fund-One" following approval from Bangladesh Bank and the Bangladesh Securities and Exchange Commission, reads a Dhaka Stock Exchange website post yesterday.
A little venture capital fund is available in the country, despite which there has been a proliferation of startups over the past couple of years thanks to increased entrepreneurial enthusiasm among youths.