Islami Bank approves US-based B100 Holdings as strategic investor in mCash
Islami Bank Bangladesh PLC has approved a proposal to bring US-based B100 Holdings LLC as a strategic investor in its mobile financial services subsidiary mCash Ltd, according to a price sensitive disclosure issued yesterday (8 March).
The decision was taken at the bank's board meeting held yesterday at its head office in Dhaka.
According to the statement, the bank approved the onboarding of B100 Holdings as a strategic partner in mCash Ltd, which operates the bank's mobile financial services platform, subject to compliance with applicable legal and regulatory requirements.
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As part of the plan, the paid-up capital of mCash will be increased in phases to Tk500 crore, with Islami Bank maintaining a minimum 51% equity stake in the company. B100 Holdings may acquire up to 48.99% ownership through the subscription of shares, subject to approval from the mCash board and relevant regulatory authorities.
The proposed investment is expected to strengthen the capital base of mCash and support the expansion of digital financial services under its mobile financial services platform.
