UCB cancels plan to sponsor new mutual fund | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
July 13, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JULY 13, 2025
UCB cancels plan to sponsor new mutual fund

Stocks

TBS Report
05 September, 2024, 10:40 pm
Last modified: 05 September, 2024, 10:44 pm

Related News

  • AL’s Boat symbol to remain in EC list; Shapla not approved for NCP yet: Commissioner Masud
  • 60 brands bag SDG Brand Champion Awards for driving sustainable impact
  • Two more remanded over trader's murder at Mitford
  • July Women's Day: Vehicular movement through DU to remain suspended tomorrow
  • World Bank to continue support to Bangladesh projects: Finance adviser

UCB cancels plan to sponsor new mutual fund

TBS Report
05 September, 2024, 10:40 pm
Last modified: 05 September, 2024, 10:44 pm
UCB cancels plan to sponsor new mutual fund

The board of United Commercial Bank PLC (UCB) has reversed its earlier decision to invest Tk50 crore as the sponsor of a proposed closed-end mutual fund, according to a regulatory disclosure shared by the bank through the Dhaka Stock Exchange (DSE).

In the disclosure, the private sector lender, which recently underwent substantial changes in its board composition due to the government transition, cited "the prevailing market situation" as the reason for the cancellation.

On 28 May, UCB announced that its board of directors had decided to sponsor a new closed-end mutual fund, which would be managed by CAPITEC Asset Management Limited.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

It was planned to be a growth mutual fund that tends to prefer investing in companies having significant growth potentials in their respective businesses eying hefty capital gains.

UCB was under the control of the family of the former land minister Saifuzzaman Chowdhury Javed during the Awami League regime.

Following the ouster of the Sheikh Hasina-led government on 5 August, the Bangladesh Bank, on 27 August, dissolved the previous board of the bank and formed a new one onboarding Sharif Zahir as a director and the chairman, Md Shazzad Hossain as the independent director and vice chairman, Md Tanvir Khan as a director and executive committee chairman, Obaidur Rahman, FCA as an independent director and chairman of the audit committee, and Md Yusuf Ali as an independent director and the chairman of the risk management committee.

UCB posted earnings per share of Tk0.86 for the first six months of this year, which was Tk0.65 for the same period of 2023.

UCB shares having a face value of Tk10, closed 0.82% higher at Tk12.3 on the DSE on Thursday.

UCB Bank / Stock Market / Bangladesh

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • BNP Secretary General Mirza Fakhrul Islam Alamgir speaks at a book unveiling event in Dhaka on 13 July 2025. Photo: Collected
    Fakhrul alleges conspiracy to eliminate Tarique from politics
  • Representational image. Photo: Mohammad Minhaj Uddin/TBS
    Ctg Port container handling boosted by Navy-run Dry Dock takeover
  • TBS Sketch
    Framework agreement: What experts say about US 'security concerns' regarding Bangladesh

MOST VIEWED

  • RAB Director General AKM Shahidur Rahman speaks at the press briefing on a fake bomb threat on Biman Bangladesh flight on Saturday, 12 July 2025. Photo: TBS
    Mother faked bomb threat on Biman flight to stop married son from flying with girlfriend: RAB
  • Bangladeshi garment workers make clothing in the sewing section of a factory in Gazipur, Bangladesh, April 9, 2025. Photo: REUTERS/Mohammad Ponir Hossain/File Photo
    Some Walmart garment orders from Bangladesh on hold due to US tariff threat
  • Infographic: TBS
    Dollar price plummets by Tk2.9 in a week as demand wanes
  • Bangladesh and US hold tariff talks on 11 July 2025. Photo: CA Press Wing
    Dhaka, Washington yet to agree on 20% of US tariff conditions: BGMEA
  • Infograph: TBS
    Matarbari power plant eyes G2G coal deal with Indonesia after quality setbacks
  • Dr Mohammad Zakir Hossain, managing director of Delta Pharma Ltd and secretary general of the Bangladesh Association of Pharmaceutical Industries (BAPI). Sketch: TBS
    Pharma industry grew with policy support, needs it again to survive: BAPI secretary general

Related News

  • AL’s Boat symbol to remain in EC list; Shapla not approved for NCP yet: Commissioner Masud
  • 60 brands bag SDG Brand Champion Awards for driving sustainable impact
  • Two more remanded over trader's murder at Mitford
  • July Women's Day: Vehicular movement through DU to remain suspended tomorrow
  • World Bank to continue support to Bangladesh projects: Finance adviser

Features

Photo: Collected

Grooming gadgets: Where sleek tools meet effortless styles

4h | Brands
The 2020 Harrier's Porsche Cayenne coupe-like rear roofline, integrated LED lighting with the Modellista special bodykit all around, and a swanky front grille scream OEM Plus for the sophisticated enthusiast looking for a bigger family car that isn’t boring. PHOTO: Ahbaar Mohammad

2020 Toyota Harrier Hybrid: The Japanese Macan

1d | Wheels
The showroom was launched through a lavish event held there, and in attendance were DHS Motors’ Managing Director Nafees Khundker, CEO Imran Zaman Khan, and GMs Arman Rashid and Farhan Samad. PHOTO: Akif Hamid

GAC inaugurate flagship showroom in Dhaka

1d | Wheels
After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

2d | Panorama

More Videos from TBS

News of The Day, 13 JULY 2025

News of The Day, 13 JULY 2025

1h | TBS News of the day
Countries where Bangladeshis are not getting positive responses to their visa applications

Countries where Bangladeshis are not getting positive responses to their visa applications

32m | TBS Stories
Has Trump's view on the Russia-Ukraine war changed?

Has Trump's view on the Russia-Ukraine war changed?

2h | Others
How tender rules and a lone bidder stall a $2.5b power plant

How tender rules and a lone bidder stall a $2.5b power plant

2h | TBS Insight
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net