Investment Banking in Bangladesh

Term Paper on
Investment Banking in Bangladesh: Function and
Scope

Course: FIN4703 Financial Institutions and Markets

Submitted To:

Dr. Md. Shahidul Islam Zahid

Associate Professor
University of Dhaka

Submitted By:

Name ID
Mahir Daiyan Istam B17231015
Adib Mahian B17231025
Saraf Rahman Khan B17231035
Samiha Siddique B17231049
Azwad Bar Chowdhury B17231063
Ahmed Siyam Bin Ferdous B17231073
Samiha Tahmin Chowdhury B17231077
Program: BBA (General)
Semester: July-December,2020
Batch: 2017
Major: Finance
Dept. of Business Administration-General

Thursday Bangladesh University of Professionals

August 20, 2020 Mirpur Cantonment, Dhaka-1216
 Acknowledgement

At the exceedingly beginning we would like to convey our deepest gratitude and humble
submission to the Almighty Allah for giving us the strength and the confidence to accomplish
the assigned job within the schedule time.

We would like to extend full gratitude to our honorable faculty Dr. Md. Shahidul Islam
Zahid, for providing the necessary instructions and guidelines for the successful completion
of this term paper.

We would also like to express our deepest appreciation to all those who provided us with the
opportunity and co-operated, to complete this report.
 Letter of Transmittal
August 20th, 2020
Dr. Md. Shahidul Islam Zahid
Associate Professor
University of Dhaka

Subject: Letter of Transmittal for submission of term paper

Respected Sir,
With great pleasure, we are submitting our term paper on the topic “Investment Banking in
Bangladesh: Function and Prospect”. While preparing this report, we have made sure to follow the
given instruction and guidelines, which we are immensely grateful for.
This report has been completed by the experiences we have achieved during our research. It will
be helpful to enlighten our future and knowledge well. We hope this report will be informative as
well as comprehensive.
We express our utmost gratitude to you for dedicating your valuable time, expert guidance and
support. We shall be pleased to answer any sort of query you may have regarding this topic.
We hope with great anticipation that you would like and accept our term paper, looking forward
to your co-operation.
With profound regards,
Mahir Daiyan Islam Adib Mahian
Roll Number: B17231015 Roll Number: B17231025
Saraf Rahman Khan Samiha Siddique
Roll Number: B17231035 Roll Number: B17231049
Azwad Bar Chowdhury Ahmed Siyam Bin Ferdous
Roll Number: B17231063 Roll Number: B17231073
Samiha Tahmin Chowdhury
Roll Number: B17231077

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 Table of Contents
Chapter Topic Page Number

I Executive Summary VI

1.0 Introduction 1

1.1 Origin of the Report 1

1.2 Objectives of the study 1

1.3 Research Methodology 1

1.4 Limitations of the study 2

1.5 Report preview 2

2.0 Overview of Investment Banking 3

3.0 Nature of Investment Banking 5

4.0 The role of IB in the economic development of Bangladesh 5

5.0 Functions of Investment Banking 8

6.0 Prospect of Investment Banking in Bangladesh 10

7.0 Scope of Investment Banking during COVID-19 11

8.0 Recommendations and Conclusion 12

9.0 Bibliography 13

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 Executive Summary

Investment Banking is an American synonym of merchant banking. It is a financial institution that

assists individuals, corporations and governments in raising capital by underwriting and/or acting
as the client's agent in the issuance of securities. An investment bank may also assist companies
involved in mergers and acquisitions, and provide supplementary services such as market making,
trading of derivatives, fixed income instruments, foreign exchange, commodities, and securities.
It also provides advisory services on corporate matters to the firms they lend to. The purpose of
this paper was to layout the characteristics of investment banking, how it affects to the current
GDP & how to improve this financial sector to accelerate the development in economic growth or
GDP. The role & function of investment banking has changed with the changing of world
economy. To develop a countries economy like Bangladesh, need adequate amount of employment
creation. An investment bank role on creating employment also focused in our research paper.
With that being mentioned the scope of investment banking during and after COVID-19 is
discussed. Post-Covid-19, companies will probably be more focused on rethinking business
models and shock proofing their operations. This will create a demand for experts, or strategists to
help companies revive and plan-- meaning opportunities for young graduates with relevant skills
in the investment banking landscape as well. From all analysis the exact recommendation about
key factor related to this paper have been mentioned.

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1.0 Introduction

1.1. Origin of the Report

‘‘Financial Institutions and Markets is a course that studies the fundamental principles that govern
the financial markets and institutions. It emphasizes on understanding the workings of the Banking
Industry, Reserves and the behavior of the financial intermediaries. The subject systematically
reviews each of the mainstream financial markets and investigates the various institutional
participants and the different types of financial instruments offered.
As a part of the course, this particular report has been prepared on the proposed topic “Investment
Banking in Bangladesh: Functions and Scope”. The purpose was to give an opportunity to the
students to conduct a research and gain knowledge of the contributions of investment banking to
the economy with a specific focus on the Bangladesh economy.

1.2. Objectives of the study

• To know about Investment Banking.

• To find out how investment banking plays important role on GDP.
• To have knowledge about investment banking services in BD.

1.3. Research Methodology

Each research needs exclusive information from different sources. To achieve the specific
objectives of this study the research was conducted through following
o Research Design

This report is mostly prepared by the secondary sources of evidence. The research was an empirical
approach and data gathering and study are qualitative in nature. Internet has been widely used due
to the current pandemic situation. The report used different theoretical research, personal
observation through media and online financial news, different financial report provides by
recognize financial institute and newspaper
o Sources & Collections of Data

For this study secondary data were used as a source of information. These data were collected from
the following:

• Economic article associates with Bangladesh economy and investment bank.

• Websites and other publications

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1.4. Limitations of the study
Despite all possible sorts of efforts in making this report impeccable, some limitations were
inevitable. These include following:

• It is difficult to make a rich- information based report in a short time

1.5. Report Preview:

Chapter 01 - Introduction: The introductory chapter lays out the general structure of the report.
It shortly explains of origin, purpose, method and limitations.
Chapter 02 – Overview of the Investment Banking: This chapter gives an overview of this part
of the banking sector
Chapter 03 –Nature of Investment Banking: In this chapter, the evolution of Investment
Banking has been discussed
Chapter 04 – The role of IB in the economic development of Bangladesh: The influences of
IB in the economy of Bangladesh are mentioned here.
Chapter 05 –Functions of IB: In this chapter, the characteristics of investment banking are shown
Chapter 06 –Prospect of IB in Bangladesh: The scope of IB in Bangladeshi Banking sector
is mentioned
Chapter 07 –Scope of IB during and post Covid-19: The situation and effects of the pandemic
in the prospect of this sector is discussed
Chapter 08- Recommendations, & Conclusion: Some suitable recommendations which might
be profitable for the sector are mentioned and the report is concluded.

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 2.0. Overview of Investment Banking

Financial institution that specializes in services such as acceptance of bills of exchange,

hire purchase or installment buying, international trade financing, long-term loans, and
management of investment portfolios. Investment banks also advise on acquisitions, mergers, and
takeovers. In the US, an Investment account provider is also called a merchant bank.
In the words of Skully “A Investment Bank could be best defined as a financial institution
conducting money market activities and lending, underwriting and financial advice, and
investment services whose organization is characterized by a high proportion of professional staff
able to able to approach problems in an innovative manner and to make and implement decisions
rapidly.
An Investment bank is known as a wholesale bank and is not used by the general public. Most
Investment banks deal with large corporations as well as with other Investment banks, large
financial institutions and, sometimes, various governments around the world. Investment banks
are not like ordinary bank where individuals can open up accounts by making deposits.
Investment banks are considered as the original banking institutes that came into being during the
Middle Ages. With the evolution of economic terms and practices, Investment banking services
were differentiated from those of an ordinary bank. Today, Investment banks are regarded as the
banks of corporate house and organizations. Ordinary banks provide services to common people
as well as organizations, but Investment banking serve a number of needs and requirements of
organizations and businesses. The fact that Investment banks are the wholesale banks specifies the
use of these banks for some important purposes.
It was hundreds of years ago that the Jews introduced the concept of Investment banking in Italy.
The two important functions they would perform included providing credit and underwriting. They
provided credit to the farmers in the beginning of the crop growing season so that the latter could
grow crops. Underwriting was done in the form of crop insurance that guaranteed the delivery of
crops to the buyer. The modern-day Investment banking services include these two, along with
many other major functions. Stock underwriting is counted among the most important functions
of Investment banking. Utilizing this facility, big enterprises hire the Investment banking services
to raise capital from the stock market. An Investment bank would decide the amount and price of
the stock, along with the time at which the stock would be issued.

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 2.1.Investment Banking history in Bangladesh

At birth, Bangladesh inherited an interest-based banking system, which was introduced here earlier
when the country was a part of British Colony. Since its inception Bangladesh saw a new trend in
banking both at home and abroad. Investment banking was successful in Egypt. During the
seventies, Merchant Development Bank (MDB) and a number of Merchant Banks at national
levels were established in the Merchant world. At home, the Merchant groups were vigorously
working for adoption of Islam as the complete code of life. They found Investment banking in
ready form of immediate introduction. Two professional bodies Merchant Economics Research
Bureau (IERB) and ―Bangladesh Merchant Bankers Association (BIBA) were taking practical
steps for imparting training on Merchant Economics and banking to a group of bankers and
arranging some national and international seminars/workshops to mobilize local and foreign
people and attract investors to come forward to establish Investment bank in Bangladesh. Their
professional and right-thought activities were reinforced by a number of Muslim entrepreneurs
working under the aegis of Muslim Businessman Society (MBS). The body concentrated mainly
in mobilizing equity capital for the emerging Investment bank. Due to continuous and dedicated
work of the above groups and individuals and active support from the Government, Investment
banking was established in early eighties. Investment banks have been operating in Bangladesh
for about one and half decade alongside with the traditional banks. Like any other traditional
commercial banks, they do mobilize deposits and produce loans. But their modes of operation, is
different from the other traditional commercial banks. There are several Investment (Merchant)
Banks in Bangladesh-

o Bank Asia o Mutual Trust Bank

o City Bank o Standard Chartered
o DBBL o Trust Bank
o EXIM Bank o IDLC etc.
o HSBC o AB Bank

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 3.0. Nature of Investment Banking
Investment banking is skill-based activities and involves serving every financial need of every
client. It requires focused skill-base to provide for the requirements of the client. Bangladesh bank
has made the quality of man-power as one of the criteria for registration as Investment banker.
These skills should not be concentrated in issue management and underwriting alone, which may
have an adverse impact on business. Investment bankers can turn to any of the activities mentioned
above depending upon resources, such as capital, foreign tie-ups for overseas activities and skills.
The depth and sophistication in Investment banking business are improving since the avenues
for participating in capital market activities have widened from issue management and
underwriting to private placement, buy-back of shares, mergers and takeovers. The services of
Investment bank cover project counseling, pre investment activities, feasibility studies, project
reports, design of capital structure, issue management
underwriting, loan syndication, mobilization of funds from Non-Resident Indians, foreign
currency finance, mergers, amalgamation, takeover, venture capital, buy back and public deposits.

4.0. The role of investment Bank in the Economic Development of

Bangladesh
Investment bank play crucial role in Bangladesh economy whether it is directly or indirectly. Some
of its influence in Bangladesh economy are given below:

4.1.GDP Growth & Investment banking

Gross Domestic Product (GDP) is the market value of total production of goods and services within
a country in a specific time period. It is usually calculated on a yearly basis. GDP is the sum of all
public and private consumption, government outlays, investments and exports minus imports that
occur within a defined territory. It measures the overall economic activity of a country.
Investment bank play both direct and indirect role in overall GDP growth in Bangladesh economy.
Bangladesh may face trouble in attaining the Medium Term Macro-Economic Agenda targeted
growth rate due to investment deficiency and increasing savings-investment gap. Though World
Economic recession play vital effect to achieve its targeted GDP growth in upcoming year but
generating investment through investment banking might help to overcome such obstacle.
Thus, as Investment banks raise fund for the business corporations and government through IPO
which is used in production and development works which accelerate the GDP growth. Investment
banks are also helping the business organization in borrowing from the financial institutions by
channeling and advising the cheapest sources which also contribute big volume production thus
increasing GDP growth.

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 4.2.Employment Creation and Investment banking
To generate adequate amount of employment is must for developing a country like Bangladesh.
Investment Bank can play positive role toward employment creation. As the number of investment
bank increase over the year it has created employment opportunity. As industrial sector grows and
more employment generate it develop Bangladesh overall economy.

4.3.Infrastructure development & Investment Banking

Infrastructural improvement helps a country boost up its economy by providing facility to use the
public infrastructure by the business organization thus enhancing productivity. Not only
infrastructure itself enhances the efficient production, transportation, and communication, but it
also helps providing economic incentives to public and private sector applicants. The accessibility
and quality of infrastructure of helps shape local firms' investment decisions and determines the
country’s attractiveness to foreign investors.
The infrastructure of the country is currently inadequate to keep pace with the developing
economy. Government take some mega project for infrastructure development which can boost
faster Bangladesh economy. To implement such project government, need fund. Investment bank
can generate adequate fund for infrastructure development as well as Bangladesh economy.

4.4.Technological improvement & Investment Banking

Technology is important element in robust economic growth. Investment banking activities always
work with new technology. At the same time every economic activity directly lies with modern
technology whether its manufacture, agriculture, Medical, Education, Construction and all the
sector related to economic development. Now investment bank provides online services to perform
quicker financial activity as well as development activity

4.5.Foreign Currency reserve & Investment banking

Foreign currency reserve plays important role for a country. As it reflects the countries overall
financial strength Bangladesh concedes a remarkable increase in its foreign currency reserve.
Investment banking plays indirect effect on this as they help to increase export. through their
investment activities. Remittance play a vital role along with export to increase foreign reserve.

4.6.SME Sector & Investment banking

In the present economic growth in Bangladesh SMEs sector plays an important role. Investment
bank is spending significant volume of credit under various programs such as Small Enterprise

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Development Project, Self-help Credit Program, and Projects for Small Entrepreneurs, Special
Investment Program and Agro-based Supervisory Industrial Credit etc. for the promotion and
development of SMEs. Investment bank invest huge amount of money in SMEs sector. It can be
foreseen by the researchers that that it will contribute a greater role in achieving vision 2021and
investment bank play vital role in development this sector.

4.7.Inflation and Investment banking

A company’s income and earnings should rise at the similar pace as inflation. The mixture of a
bad economy with a rise in costs is bad for the stocks as well as capital market. As a normal
consumer, the more cash a company carries, the more its purchasing power decreases for the
reasons of increasing inflation. Investment Bank helps to control inflation by following monetary
policy.

4.8.Export and Investment banking

At the development of investment banking, the working capital of industry sector is increasing as
well as it helps to increase overall export goods and services. Though Bangladesh has less export
than import but in its overall export are greatly contributed by RMG sector. Investment bank
creates funding to boost this sector as well as amount of export

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 5.0. Functions of Investment Banking
In the Bangladesh context, financial institutions that carry out some distinct activities are being
addressed as merchant banks. The core functions of merchant banks in Bangladesh include issue
management, underwriting and Portfolio management services. The securities and exchange
commission, based on SRO No 59 of 24 April 1996, and a decision taken by it on 17 August 1997,
invited letters of intent from 14 institutions for registration of merchant banks. Prior to this
decision, 7 institutions submitted such letters of intent and SEC gave registration to a total of 19.
Presently, a total of 50 merchant banks are operating in the country, and their aggregate paid-up
capital amounts to about Tk 36 billion. Among them 43 are full-fledged merchant banks. Merchant
banks in Bangladesh are actively governed by the Securities and Exchange Commission (SEC)
and submissively by the Bangladesh Bank. Some of the key function of IB are:
i. Investigation
A company that desires to raise money will approach an investment banking firm for its assistance.
From that point on, that investment banking firm is known as the manager or lead investment
bank in the process. The bank will provide two investigations, or type of analyses, for its client

• Legal Analysis: Since a security is being sold, the security must first be created. A bond
or common stock certificates are evidence of a legal document that defines the rights of
the security holder and the rights of the company. The investment bank's staff attorneys
will construct the bond or stock agreement and submit it to the Securities Exchange
Commission (SEC) for its approval. The SEC will ensure that all relevant financial
details are being disclosed to prospective investors and will authorize the issue for sale.
• Market Analysis: The investment banker determines the fair price to be placed on the
securities. In the case of bonds, the investment banker will recommend an interest rate
that must be paid in order to achieve an acceptable trade-off: a rate high enough to attract
investors and low enough to be in the company's best interest. In the case of common
stock, the investment banker will recommend the maximum price that will allow the
shares to sell relatively quickly

ii. Stock Underwriting:

Another important function of Merchant Bank is underwriting operation. When owners of a large
company want to raise capital through investors on the stock market, they can acquire the services
of an Investment bank to take care of the job. The bank will determine the amount of stocks that
are to be issued as well as their price, and when to issue the new stock. The Investment bank will
file all of the necessary paperwork with the proper market division and may also market the stock.
Underwriters take on the risk of distributing the securities. If they fail to find enough investors,
they will have to hold some securities themselves. Underwriters make their income from the price

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difference between the price they pay the issuer and what they collect from investors or from
broker-dealers who buy portions of the offering.
iii. Issue Management:
Issue Management function of merchant Banking helps capital market to increase the supply of
securities and companies to raise money from the market in order to expand their operations. A
Issue Manager provides assistance a Private Limited Company intended to be converted into
Public Limited Company by way of obtaining necessary permission from the relevant authorities,
preparing prospectus for public issue of shares and debentures, supporting itself in the collection
of application money, inspection of applications, arranging for lottery relating to allotment and so
forth.
iv. Portfolio management services
Management of a portfolio is the process of selecting asset classes and their weights in the
portfolio, maintaining diversification, executing trades, keeping records, researching, borrowing
for leveraging return etc. This process is quite dynamic and requires instant adjustments when the
market patterns shift to new directions. Most importantly, to complete the process sufficient
involvement of people with many different skills (i.e. researching, record keeping etc) must be
ensured. There are at least two keys aspects of successful portfolio management:

• experience of portfolio managers

• execution efficiency.

v. Corporate Counselling
It refers to the activity of advising organizations, including corporations, institutions and
government bodies, on mergers and acquisitions and other transactions that involve a change in
ownership of a company or business. The scope of corporate counseling is restricted to the
explanations of concepts, procedures and laws to be observed by the client company. Requirement
of any action to be taken or compliance of statutory formalities to be made for implementation of
those suggestions would mean the demand for a specific type of service other than corporate
counseling being offered by the Investment bankers.
vi. Loan Syndication
Investment banks, acting as ‘Manager ‘to the issue has to settle the fee for Advocate advice,
accountants certification, broker ‘s and banks charges, underwriters ‘commission, printers‘ charges
and advertising and publicity expenses and coordinates with syndicated Investment bankers and
principal brokers, stock exchanges, etc. The responsibility for all this rests upon the Investment
banker. If proper coordination is not done, the success of the issue may be rendered unassured.

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 6.0. Prospects of Investment Banking in Bangladesh

Financial institutions have experienced constrain of resources to meet the ever-increasing demands
for funds for corporate sector enterprises. In such circumstances corporate sector would have the
only alternative to avail of the capital market service for meeting their long-term financial
requirement through capital issue of equity shares and debentures.
Need for Investment banking is felt in the wake of huge public saving lying untapped.
Investment banker can play highly significant role in mobilizing funds of savers to invisible
channels assuring promising returns on investment and thus can assist in meeting the widening
demand for invisible funds for economic activity.
With its growth corporate enterprises in both private sectors would be able to raise required
amount of funds annually from the capital market to meet the growing requirement for funds for
establishing new enterprises, undertaking expansion, modernization and diversification of the
existing enterprises. This reinforces the need for a vigorous role to be played by Investment
banking. In view of multitude of enactment, rules and regulation, gridlines and offshoot press
release instructions brought out to the government from time to time imposing statutory obligations
upon the corporate sector to comply with those entire requirement prescribed there in the need of
a skilled agency existed which could provide counseling in these matters in a package form. An
Investment banker with their skills, and updated information and knowledge provide this service
to the corporate units and advise them on such requirement to be complied with for raising funds
from the capital market under different enactment viz. companies act, income tax act, foreign
exchange regulation act, securities contracts corporate laws and regulations.
Investment bank advice the investors of the incentives available in the form of tax relief, other
statutory relaxation, good return on investment and capital appreciation in such investment to
motivate them to invest their savings securities of the corporate sector. Thus, Investment banks
help industries and trade to rise and the investors to invest their saved money in sound and healthy
concern with confidence, safety and expectation for higher yields. Finance is the backbone of
business activities. Investment banker make available finance for business enterprises acting as
intermediaries between them raising demand for funds and the supplies of funds besides renderin
g variousother services. The following are some of the reasons why specialist Investment bank has
a crucial role to play in Bangladesh
i. Growing complexity in rules and procedures of the government
ii. Growing industrialization and increase of technologically advanced industries.
iii. Need for encouragement of small and medium industrialists, who require specialist
services.
iv. Need to develop backward areas and states which require different criteria
v. Exploring the possibility of joint ventures abroad and foreign market

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 7.0. Scope of investment banking during COVID-19
The scope for sound investments are being narrowed down. Deposit rates in Bangladesh have
decreased to match the single digital lending rates and high yield producing corporate bonds are
still a novelty. Gripped by fear, retail and institutional investors are relying more on secured
investment opportunities rather than high earning ones evidenced by low private sector credit
growth, low turnover in the stock market, and increasing investments in treasury bills and bonds.
Bangladesh's financial market requires the support of investment banks and structured finance
units more than ever to better tackle the supply and demand shock in a stressed liquidity scenario.
Businesses in tourism, transportation, real estate, consumer durables, steel, etc. are more prone to
pandemic impact as a decrease in income levels affect demand. There is scope to provide advisory
support for debt restructuring to these businesses.
According to a report of the Global Infrastructure Hub, between 2016 and 2040, Bangladesh needs
US$ 608 billion in infrastructure investment to become developed and the current trend indicates
at a shortfall of US$ 200 billion. Tapping into the bond market for infrastructure financing would
become more imperative in the coming days and investment banks are better equipped to offer
tailored solutions for such types of transactions. There is room for merger and acquisition,
amalgamation, balance sheet restructuring as well and innovative, doable financing solutions
would be key to helping businesses sustain in a post-Covid Bangladesh.
Post-Covid-19, companies will probably be more focused on rethinking business models and shock
proofing their operations. This will create a demand for experts, or strategists to help companies
revive and plan-- meaning opportunities for young graduates with relevant skills in the investment
banking landscape as well.

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8.0. Recommendations and Conclusion

8.1.Recommendations

i. Investment banks should tap into bond markets for infrastructure financing,
because it would become more imperative in the coming days and investment banks
are better equipped to offer tailored solutions for such types of transactions.
ii. Investment banks should hold webinars and seminars in universities because a
demand for experts would increase manifolds, or strategists to help companies
revive and plan. Which means opportunities for young graduates with relevant
skills in the investment banking landscape would be necessary to fight possible
shocks in the future and post-Covid-19, companies will probably be more focused
on rethinking business models and shock proofing their operations.
iii. Investment banking activity very crucial to monitor, government need to provide
proper governess in this sector for this political stability is must

8.2. Conclusion
Investment banking involves corporate advisory roles in Bangladesh- so relevant experience
helps. Understanding of regulatory framework, local and international investment policies,
analytical skills are a must to survive in this sector. Having a good grip over corporate finance
and accounting basics, can-do attitude with a knack for networking help understand customer
pain point and structure solutions that fit. Professionals having experience in corporate finance,
treasury operations, corporate banking may find it more comfortable transitioning into a job in
the investment space. Professional certifications in finance and accounting also help solidify
the knowledge and expertise required in an investment banker. Investment banking activities
also need emphasis and be monitored closely by a regulatory body and Bangladesh need to use
this sector to generate more and more sustainable investment for economic welfare of our
country.

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9.0. Bibliography

➢ Bangladesh Banking: Covid Overwhelms Dhaka's Weak System Sponsored Calastone-

Sponsored Suisse-Sponsored Mashreq-Sponsored Circle-Sponsored CITI -
https://www.euromoney.com/article/b1m2l2jp2q958m/bangladesh-banking-covid-
overwhelms-dhakas-weak-system
➢ Dhaka Tribune: Latest News Update from Banks in Bangladesh, World
https://www.dhakatribune.com/articles/business/banks/
➢ Bangladesh Bank Introduces New Rules For Investment in Alternative Investment Fund
By Banks https://resource.ogrlegal.com/bangladesh-bank-rules-investment-alternative-
investment-banks/
➢ Investment Banking http://en.banglapedia.org/index.php?title=Investment_BankingTop
of Form
➢ Investment Banking in Banglades https://www.bartleby.com/essay/Investment-Banking-
in-Bangladesh-FKY4PZ4KRYYA

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