Nine private banks in Bangladesh have joined forces to establish a groundbreaking digital bank consortium, marking a significant stride in the nation’s financial landscape. Spearheaded by City Bank, the consortium includes Mutual Trust Bank Limited (MTBL), Eastern Bank Limited (EBL), Dutch-Bangla Bank Limited (DBBL), Trust Bank, Prime Bank, Pubali Bank, National Credit and Commerce Bank Limited (NCCBL), and Midland Bank. The collective investment of nearly BDT 14 billion, amounting to BDT 126 billion in capital, underscores the consortium’s commitment to advancing digital banking. The move comes as Bangladesh Bank, the central bank, has initiated steps to permit digital bank formations, leading to a surge of interest from diverse sectors, making this City Bank-led consortium a pioneering endeavor in the digital banking landscape.
The consortium’s establishment signals a pivotal moment in Bangladesh’s digital transformation journey. This unified effort, encompassing nine major banks and serving a combined customer base of around 50 million, aligns seamlessly with the government’s vision for digital banking.
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