Mercantile Bank to invest Tk 12.5cr in Digi10 Bank

Mercantile Bank Ltd is going to invest Tk 12.5 crore to be a sponsor shareholder of a proposed digital bank initiative styled "Digi10 Bank PLC".

The board of directors of the bank recently took the decision in its 427th meeting held on August 9, said a press release.

According to the press release, Mercantile Bank will join a consortium of 10 private commercial banks who will apply for the digital bank initiative to the regulatory authority.

The initial paid-up capital of the proposed initiative "Digi10 Bank PLC" will be Tk 125 crore.

Mercantile Bank will invest Tk 12.50 crore which is 10 percent of the initial paid-up capital of the initiative.

The investment will be done subject to all regulatory approval.

Other banks in the initiative are City Bank, Eastern Bank, Pubali Bank, NCC Bank, Mutual Trust Bank, Dutch-Bangla Bank, Trust Bank, Prime Bank and Midland Bank.