Mercantile Bank to invest in a digital bank

Mercantile Bank limited is going to invest Tk 125 million to be a sponsor shareholder of a proposed digital bank. The board of directors of the bank took the decision in its 427th meeting held recently, said a statement.
According to this, MBL will join the consortium of 10 private commercial banks that will apply for licence for the proposed digital bank 'Digi10 Bank PLC' to the regulatory authority.
Mercantile Bank will hold 10 per cent share of the initial paid-up capital of Tk 1.25 billion. The investment will be done subject to all regulatory approval.
MBL plans to become a sponsor in the digi10 Bank Plc alongside City Bank, Eastern Bank, Pubali Bank, NCC Bank, Mutual Trust Bank, Dutch-Bangla Bank, Trust Bank, Prime Bank and Midland Bank, the statement said.