MetLife subscribes Tk 116cr bond issued by DBH

MetLife Bangladesh has further diversified its investment portfolio through its subscription of Tk 116 crore in the Zero-Coupon Bond issued by Delta Brac Housing Finance Corporation Ltd. (DBH).

MetLife, which is the largest institutional investor of this bond, plans to continue providing sustainable financing to local corporates and better returns on customers’ insurance policies through this initiative.

UCB Investment Limited, which is a 100% owned Subsidiary of United Commercial Bank, is the lead arranger of this bond issuance, states a press release published on Saturday.

The recent subscription complements MetLife’s strong investment portfolio in the country, which also includes over Tk 13,000 crore investment in Bangladesh Government Bonds, and Tk 210 crore subscription in Bangladesh’s first private sector guaranteed bond.

A signing ceremony was held recently with the presence of Deputy Managing Director & Chief Financial Officer of MetLife Bangladesh Ala Uddin, Managing Director and CEO of DBH Nasimul Baten, Managing Director and Chief Executive Officer of UCB Investment Ltd Tanzim Alamgir, among other senior officials.

Through this bond issuance, DBH has completed raising Tk 300 crore in face value to meet ongoing financing requirements for extending housing financing to more people of the country.

MetLife Bangladesh’s CEO, Ala Ahmad, said, “MetLife believes in the outstanding potential of Bangladesh and its people. We are enabling local corporates to thrive through our long-term, sustainable investments in the country.

“At the same time, he added, “we are utilizing our international standard portfolio management expertise to meet our promises to our customers.”

“DBH is rapidly facilitating housing financing in Bangladesh in the most prudent manner, and we are glad to see the confidence of investors like MetLife to invest a significant amount in our company.”, said DBH’s Managing Director and CEO, Nasimul Baten.

“The team UCBIL always endeavour to bring innovative instruments to make our capital market more vibrant. We thank MetLife and DBH for trusting in us and coming forward to make a successful transaction,” said UCBIL’s Managing Director and CEO, Tanzim Alamgir.

DBH is the largest Housing Finance Institution in the private sector of the country. After commencing operation in 1996, the company has registered commendable growth in creating home ownership in Dhaka and other major cities of the country. Among all Banks and Financial Institutions of Bangladesh, only DBH has been rated the highest ‘AAA’ credit rating for the 16th consecutive year.

MetLife is the leading life insurance company in Bangladesh. With its presence in the country since 1952, MetLife has been providing world-class financial protection solutions to over 10 Lakh customers and contributing to the development of the financial sector through investments and global best practices in insurance solutions, talent development and risk management.