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One Bank to launch TklOOcr mutual fund

Star Business Report
One Bank Limited has decided to launch a Tk 100 crore mutual fund to join the rally of similar fund floatation by other private commercial banks.
The Board of Directors of One Bank has recommended sponsoring the One Bank First ICB AMCL Mutual Fund' at a meeting, according to a news posted on the Dhaka Stock Exchange website yesterday.
The bank will subscribe 25 percent or Tk 25 crore of the fund, while the remaining 75 percent orTk 75 crore will be raised through a pre-IPO placement and initial public offering (IPO).
Floatation of the mutual fund is however subject to approval of the Securities and Exchange Commission.
One Bank will appoint Investment Corporation of Bangladesh's (IC B) subsidiary company Asset Management Company Limited (AMCL) as asset manager of the fund.
In April 2009, six private commercial banks (PCBs) announced the launch of closed-end mutual funds, a business beyond conventional banking.
A closed-end fund is a collective investment scheme with a limited number of shares for a stipulated period. Mutual funds are considered as risk-free investment tools in stock trading.
Southeast Bank, Prime Bank, Eastern Bank. Frust Bank, IFIC Bank and Mercantile Bank disclosed their plans to float closed-end mutual funds, which are subject to approval from the stock market regulator.
Presently, 17 mutual funds are listed on the bourses. Of them, ICB and its subsidiaries manage 13 mutual funds, AIMS Bangladesh three and BSRS one.
Grameen Mutual Fund One: Scheme Two, amounting to Tk 125 crore, is the largest listed mutual fund and the ICB 2nd NRB Mutual Fund worth Tk 100 crore is the second. Mutual funds take up 5.54 percent of the total market capitalisation.
The One Bank board has also recommended issuance of rights shares at 3:1, meaning one right share for every three existing shares, at Tk 100 each.
The bank said it will issue 51,94,976 rights shares worth Tk 51.95 crore to increase its capital. Existing paid up capital of the bank is Tk 155.80 crore, while authorised capital isTk 415 crore.
Issuance of the rights shares is, however, subject to approval of the general shareholders in an extraordinary general meeting and the SEC.