Brac Bank to invest in establishing bKash digital bank

Brac Bank's board has decided to invest in establishing a digital bank, the private bank said today.

The establishment of the proposed digital bank named "bKash Digital Bank PLC" is subject to the approval of the Bangladesh Bank, it said in a disclosure for general investors in the stock market.

Brac Bank is fourth publicly listed company that has disclosed plans to invest in digital banks after three listed companies — ACI Ltd, Bank Asia and Crystal Insurance — shared a similar plan.

The central bank had invited applications for forming digital banks from June 21 to August 1 this year.

The deadline was extended to till August 17 to give entrepreneurs more time to prepare detailed and quality applications with all the necessary documents.

In its disclosure, Brac Bank said the earnings per share (EPS) rose 41 per cent year-on-year to Tk 1.93 in the January-June of 2023 from a year ago.

Its EPS in the April-June period also soared.