Crystal Insurance to invest Tk 12.5 crore for digital bank

Crystal Insurance Company Ltd has decided to invest Tk 12.5 crore as a sponsor shareholder to establish a digital bank.

SM Shahidullah, company secretary of the insurer, said several names have come up in the proposal as the name of the bank, but it is not final yet.

The company took the decision in a board meeting held on July 18, according to a posting on the website of Dhaka Stock Exchange today.

The amount of investment is 10 per cent of the total paid-up capital of a digital bank, the company said.

The Bangladesh Bank last month invited applications from entrepreneurs interested in establishing digital banks. The BB will accept applications until August 1 this year.

The BB in its guideline said investors willing to set up a digital bank will have to have a minimum paid-up capital of Tk 125 crore and the capital will have to come from the sponsors.