BB verifying info of 5 foreign shareholders of Nagad Bank

Bangladesh Bank today asked the foreign ministry to verify a number of information of five foreign shareholders of Nagad Digital Bank PLC.

The shareholders -- which hold a majority of the digital bank's shares -- are Blue Haven Ventures (USA), Osiris Capital Partners (USA), Zen FinTech (USA), Finclusion Ventures Pte Ltd (Singapore) and Trupay Technologies (USA).

The foreign ministry was requested to collect the information about the five companies through Bangladesh's embassies in Singapore and the US.

The information includes the registration of the companies, their address or location, business activities, including those of subsidiaries in case these were holding companies, net revenue after tax in the last three years and net assets.

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Govt allows Nagad Digital Bank owners to hold higher-than-usual stake

The central bank also sought to verify the ownership structure of the companies, organisational structure during their formation, current ownership and the citizenship status of the owners.

The board of directors of the regulator gave the final approval for Nagad Digital Bank PLC on May 28 after it met the criteria mentioned in the letter of intent (LoI) handed over to it in October last year.