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First Capital Limited (FCL), the largest non-banking Primary Dealer in Sri Lanka, moved into Bangladesh recently to function as a Primary dealer in association with a leading financial institution in Dhaka.

FCL signed a Management Services Agreement with International Leasing and Financial Services Limited (ILFSL), a multi-service financial solution provider in Bangladesh to actively work and assist the company in the development and management of an independent Primary Dealer unit for buying, selling and dealing with Government Bonds and Securities.

Under the agreement FCL will transfer technical know-how as well as develop a secondary market for securities, bonds, bills and other securities in Bangladesh.

Already two managers from FCL - Sudath de Silva and Shirantha Rajaratnam have left for Dhaka to set up the Primary Dealer unit at ILFSL. De Silva will function as the Head of the unit, Rajaratnam will be the Deputy Head.

Commenting on the FCL's first overseas venture, First Capital Group Managing Director/CEO Maninda Wickaramasinghe said that this was just the beginning and that it is envisaged to move over to other financial services such as products and securities, debt structuring and fund management. "There is a lot of potential in Bangladesh and we can provide the know-how to develop these services," he said.

Wickramasinghe signed the agreement on behalf of FCL with Managing Director Mafizuddin Sarker signing for ILFSL. ILFSL Chairman Mahbub Jamil, President and CEO-Singer Asia, Gavin Walker and ILFSL directors were present.

Jamil is also Chairman/Managing Director - Singer Bangladesh which holds a majority stake in ILFSL.

First Capital, the first non-banking financial institution in Sri Lanka to obtain a Primary Dealer licence in 1993, is currently involved in other financial services including fund management, structured financing, capital market and inter-bank brokering.

As a leading financial services provider, ILFSL offers lease financing, term lending, work order financing, factoring and capital market operation, in addition to being the only non-banking financial institution in Bangladesh functioning as a Primary dealer.

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