Capital Alliance Ltd., the newest entrant to the Primary Dealer fraternity, plans to tap the outstation market to promote government debt.
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The Central Bank on Tuesday appointed Capital Alliance as its third non-banking primary dealer.rn
rnA primary dealer is a distributor of treasury bills/bonds and participates in the primary and secondary markets of government securities.rn
rnCapital Alliance Chief Executive, Ajith Fernando says a series of awareness building workshops and strategic tie-ups with regional companies are being formed to promote gilt-edge securities in the provinces.rn
rnThe firm plans to introduce a number of new products, which gives investors the same convenience as investing in a commercial banking product.rn
rnCapital Alliance Holdings, its parent company, specialises in debt market transactions. The Group started operations in October 2000 as a fully owned subsidiary of the Asia Capital Group.
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rnInitially operating as a secondary dealer for government debt, the Group also offers corporate finance activities. rn
rnIn February, the Asia Capital Group subsequently sold its shareholding for Rs. 36 mn to a consortium led by the Jetwing Group and senior staff of Capital Alliance.rn
rnSenior employees currently hold around 30 percent of the debt market firm, with the balance split among a few key investors.rn
rnThe other ten primary dealers registered with Central Bank includes: Ceybank Securities, Ceylinco Shriram, Commercial Bank Primary Dealer, First Capital Treasuries, HNB Securities, HSBC, NSB Fund Management, Peoples Bank, Sampath Surakum and Seylan Asset Management.rn
rnNational Wealth Corp., a fully owned subsidiary of state-run Mahapola Trust Fund, has also applied for a primary dealer licence.
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