Dutch-Bangla Bank to join proposed Digi10 Bank

To expand the business quickly and retain the existing smart customer base, Dutch-Bangla Bank has decided to invest in the proposed Digi10 Bank PLC - a consortium of ten private commercial banks.
The board of directors of the bank took the decision in its 270th meeting held on August 14, said a press release. The bank believes the move will help acquire a new set of new-generation tech-savvy clients.
Other members of the Digi10 Bank consortium are: City Bank, Eastern Bank, Mercantile Bank, Midland Bank, Mutual Trust Bank, NCC Bank, Prime Bank, Pubali Bank and Trust Bank.
Referring to the Banking Company Act 1991, Dutch-Bangla Bank said that each of the sponsors will hold a 10 per cent share of the digital bank.
As per the digital bank guideline, the minimum paid-up capital of the proposed bank will be Tk 125 crore, which means that initially each of the member banks will have to invest Tk 12.50 crore.
Therefore Dutch-Bangla Bank will invest Tk 12.50 crore against its 10 per cent share. The authorised capital of the bank will be Tk 250 crore.