Courtesy The Daily Star

Sri Lanka’s Capital Alliance (CAL) has recently made a foray into Bangladesh’s brokerage business. CAL is Sri Lanka’s leading investment bank, offering integrated investment and capital market solutions, and this becomes its first overseas foray.

CAL will hold a majority stake of CAL Securities, the company said in a press release yesterday.

The company’s local shareholders include Raihan Shamsi, former CEO of Accenture Bangladesh, and Salahuddin Ahmed, managing director of M&J Group.

“We are delighted to receive formal trading rights and are thankful to the Bangladesh Securities and Exchange Commission and Dhaka Stock Exchange for their support,” said Ajith Fernando, chairman of CAL Securities, Bangladesh and group CEO of CAL, Sri Lanka.

Sri Lanka and Bangladesh — both classified as frontier markets — have similarities in operating capital markets.

“With our deep experience in Sri Lanka and insatiable appetite for learning and growth, we are confident that we can extend our unique approach towards markets to investors in Bangladesh as well,” Fernando said.

“Our focus on creating market-leading insights has been our key differentiator in Sri Lanka,” said Deshan Pushparajah, managing director of CAL Securities, Bangladesh and managing director for global markets and investment banking at CAL, Sri Lanka.

“We are excited to bring these unique perspectives and approach to research to Bangladesh as well.”