UCB to form Tk 700cr funds

United Commercial Bank (UCB) has decided to form two funds totalling Tk 700 crore to cater to a growing demand for finance among promising local startups and e-commerce companies.

The UCB will invest Tk 100 crore to set up a Tk 350 crore "UCB Venture Capital Fund-One" following approval from Bangladesh Bank and the Bangladesh Securities and Exchange Commission, reads a Dhaka Stock Exchange website post yesterday.