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, 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 per cent owned subsidiary of United Commercial Bank, is the lead arranger of this bond issuance, a press release said 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 has recently been held with the presence of MetLife Bangladesh Deputy Managing Director and Chief Financial Officer Ala Uddin, DBH Managing Director and Chief Executive Officer Nasimul Baten, UCB Investment Ltd Managing Director and CEO Tanzim Alamgir and 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. Through our long-term, sustainable investments in the country we are enabling local corporates to thrive and, at the same time, utilizing our international standard portfolio management expertise to meet our promises to our customers.”
DBH MD and CEO Nasimul Baten said, “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.”
UCBIL MD and CEO Tanzim Alamgir said, “The team UCBIL always endeavors 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.”