ACI to enter aviation business, invest in digital bank

ACI Ltd, one of the leading business houses in Bangladesh, has decided to enter into the aviation business and invest Tk 10 crore in a digital bank, said the company.

The company, in a board meeting on July 26, decided to form a subsidiary ACI Avionics and Airlines Services Ltd with a Tk 50 crore authorised capital and Tk 1 crore paid-up capital.

ACI will have a 77 per cent stake in the subsidiary.

With operations in diversified areas ranging from agribusiness, chain retailing, consumer goods and pharmaceuticals, ACI said it plans to take a 5 per share in a digital bank named Kori Digital PLC by investing Tk 10 crore subject to the approval of authorities.

ACI is going to be the latest company that has disclosed plans to invest in digital banks after two listed companies — Bank Asia and Crystal Insurance — shared a similar plan.

As of 10:24 am today, shares of ACI remained changed at Tk 260.20 on the Dhaka Stock Exchange.

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 must have a minimum paid-up capital of Tk 125 crore and the capital will have to come from the sponsors.