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The board of Islami Bank Bangladesh PLC has approved a proposal to onboard US-based B100 Holdings LLC as a strategic investor in its mobile financial services subsidiary --- mCash Ltd to support the expansion of digital financial services.
The decision was taken at the bank’s 395th board meeting held on Sunday, the company said in a regulatory disclosure on Monday.
Under the proposal, the paid-up capital of mCash will be increased in phases to Tk 5 billion, with Islami Bank retaining at least 51 per cent ownership, while B100 Holdings may acquire up to 48.999 per cent equity through share subscriptions.
The investment plan remains subject to approval from the board of mCash and compliance with all applicable legal and regulatory requirements.
According to the bank, the proposed strategic investment is expected to strengthen the capital base of mCash and accelerate the expansion of digital financial services under the mobile financial services (MFS) platform.
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