Prime Bank has decided to set up two subsidiaries to provide financial and asset management services.

The board of the private commercial bank has approved the decisions, it said in a disclosure on the Dhaka Stock Exchange today.

As per the decision, the bank will launch a subsidiary with an initial minimum paid-up capital of Tk 45 crore to provide mobile financial services under a bank-led MFS model.

It will also set up another subsidiary with an initial minimum paid-up capital of Tk 10 crore to provide asset management services and alternative investment fund.

The bank board also approved a proposal for joining a consortium of 10 commercial banks that together will apply for a digital bank licence with the proposed name of "Digi10 Bank PLC".

It will also to become a sponsor shareholder by way of investing an initial minimum paid-up capital of Tk 12.50 crore only out of total initial paid-up capital of Tk 125 crore.