The New Nation - Internet Edition

BUSINESS REPORT

The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh yesterday launched a new custodian service called 'SMART CAPITAL' for Non-Resident Bangladeshis (NRBs) through its Bangladesh International proposition.

Non Resident Taka Account (NITA) is an account that can be opened by any NonResident Bangladeshi in any bank as per the guideline of central bank of Bangladesh to invest in the capital market. 'Bangladesh International-Smart Capital' would be a service proposition of HSBC that will allow the NRB customers to bring in the inward remittances through NIT A and invest in Initial Public Offering (IPO) through HSBC, who will provide custodian services to the NRBs.

Chief Executive Officer of HSBC Bangladesh Sanjay Prakash announced the launching of 'Bangladesh International-Smart Capital" at a press conference held at Sonargaon Hotel.

Under this offer, HSBC will facilitate the sales transactions of the shares that are awarded to the NRBs through IPO by the designated broker of customer's choice. For the time being, Bangladesh International-Smart Capital will deal with IPO shares and the subsequent sales of these very shares only.

To facilitate the sales transaction, HSBC has signed a MoU with Equity Partners and Securities Limited, which is represented by the Managing Director Saiful Islam, one of the premium brokerage houses of the country.

Prakash went on to say that with HSBCs presence in 83 countries, the bank is in a unique position to offer international connectivity to NRBs to help them maintain a link with their family as well as support the Bangladesh economy.

Head of Personal Financial Services Shafquat Hossain also spoke on the occasion.

Zubayer Ershad, Customer Propositions Manager and Shohiduzzaman, Division Head Institutional Banking and Securities Services took part in the question answer session.