Prime Bank to set up 2 subsidiaries, invest in digital bank

Prime Bank has decided to set up two subsidiaries to provide financial and asset management services.

The board of the private commercial bank has approved the decisions, it said in a disclosure on the Dhaka Stock Exchange today.

As per the decision, the bank will launch a subsidiary with an initial minimum paid-up capital of Tk 45 crore to provide mobile financial services under a bank-led MFS model.

It will also set up another subsidiary with an initial minimum paid-up capital of Tk 10 crore to provide asset management services and alternative investment fund.

The bank board also approved a proposal for joining a consortium of 10 commercial banks that together will apply for a digital bank licence with the proposed name of "Digi10 Bank PLC".

It will also to become a sponsor shareholder by way of investing an initial minimum paid-up capital of Tk 12.50 crore only out of total initial paid-up capital of Tk 125 crore.