“It is an exciting opportunity for BRAC to enter into a strategic partnership with AKFED in taking IPDC to new levels of growth and expansion by providing socially responsible financial services to the people of Bangladesh. This is a common goal of both BRAC and AKFED”
– Sir Fazle Hassan Abed, BRAC Chairperson
Dhaka, Sept 12. The Aga Khan Fund for Economic Development (AKFED) and Bangladesh Rural Advancement Committee (BRAC) on Saturday signed an agreement on strategic partnership.
It will entail BRAC principally acquiring a lead equity stake in Industrial Promotion Development Company of Bangladesh Limited (IPDC), a publicly listed non-banking financial institution.
Under the agreement, BRAC, Ayesha Abed Foundation and RSA Capital Limited will acquire an equity stake in IPDC from AKFED and assume the role of lead managers, subject to approvals from the Bangladesh Bank and from the Bangladesh Securities and Exchange Commission.
Speaking on the occasion of the signing, BRAC Chairperson Sir Fazle Hassan Abed KCMG said it is an exciting opportunity for BRAC to enter into a strategic partnership with AKFED in taking IPDC to new levels of growth and expansion by providing socially responsible financial services to the people of Bangladesh.
The Director of AKFED, Sultan Ali Allana, who was present at the signing ceremony said: “We greatly value our strategic alliance with BRAC and we remain committed to strengthening IPDC as it progresses and grows by increasing its product offering and its outreach to encompass a wider population base in Bangladesh. We hope that we will be able to expand our strategic alliance, in the coming years as we pursue common values and objectives.”
Published on 13 Sep, 2015
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