Country's economy is going through a transformation followed by a continuous growth for decades passing through different stages, while the corporate sector is now about to reach its mature stage, which calls for a need for revitalization through corporate changes, experts opine at a workshop on Sunday.
They said revitalization, in turn, will call for various strategies where the Mergers and Acquisitions (M&A) are the most important options. The M&A as a strategy has been proved to be key driver in the corporate sectors of the developed economies, while the concept is relatively new in Bangladesh.
Realizing the need for corporate changes, the Government of Bangladesh has given due emphasis on the M&A Strategies. For this, in budget speech of 2019-20, it has been mentioned that the Bank Company Act can be amended so that amalgamation, merger, and absorption of banks can be legally processed.
The remarks were made in the inaugural session of the two-Day workshop on “Mergers and Acquisitions: A possibility in Bangladesh”, organised by the Prime Bank Investment Ltd (PBIL) at the Radisson Blu Water Garden in city.
The first session of two-day event was chaired by Professor Shibli Rubayat Ul Islam, Dean, Faculty of Business Studies, Dhaka University and the final day’s session will be chaired by Dr. Mohammed Farashuddin, Chief Adviser, East West University and Former Governor, Bangladesh Bank. Arif Khan, Managing Director & CEO of IDLC was present as moderator as well.
Alex Shteriev, IM&A, MBA, CBI, M&AP, Managing Partner of Beacon Mergers & Acquisitions, Toronto, Canada and Dr. Md. Tabarak Hossain Bhuiyan, IM&A, MBA, GPLLM (University of Toronto), Managing Director & CEO of Prime Bank Investment Ltd (PBIL) conducted the knowledge sessions.
The main concept of organizing this workshop on the title was to highlight the fundamental aspects of M&A to the stakeholders of our corporate sector and create positive awareness on the subject. The Prime Bank Investment Limited would conduct training on Merger and Acquisitions in the future as well.
An MOU was signed between The Prime Bank Investment Limited and The Beacon Mergers and Acquisitions to work in collaboration with each other. The respective head of companies singed the MOU.