BRAC Bank Ltd has acquired 51 percent stakes in Equity Partners Ltd (EPL) and Equity Partners Securities Ltd (EPSL), says a press release.
The deal was completed at a formal ceremony held at a local hotel in Dhaka recently.
EPL, a leading merchant bank, was formed in 2000. EPSL is a leading brokerage house, is an affiliate of EPL and has operations in both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
On the occasion, AEA Muhaimen, managing director and chief executive officer of BRAC Bank, said, “As a full-scale bank cutting through all areas of financial services, BRAC had plans to enter the capital market. By acquiring controlling stakes in reputed, experienced and enduring companies like EPL and EPSL, we will now fulfil our commitment by entering the capital market in full-bloom.”
Andrew Mc Donnell Fraser, chairman of EPL, Mark Reinecke, managing director of EPL, and Saiful Islam, managing director of EPSL, were also present.