The shares of BRAC Bank have soared after Japanese investment company SoftBank agreed to acquire a 20 per cent stake in its subsidiary bKash, the leading mobile phone financial service provider in Bangladesh, reports bdnews24.com. BRAC Bank currently holds a 51 per cent stake in bKash while US investment company Money in Motion LLC owns 29 per cent of its shares, according to a financial report. International Finance Corporation or IFC, an organisation of the World Bank Group owns 9.9 per cent shares and the remaining 10.10 per cent belongs to Alipay Singapore E-Commerce Private Limited. There will be no change in BRAC Bank’s shareholding of bKash even after the sale to SoftBank, the bank said. The company has more than 1.39 billion shares in the capital market, with the directors holding 46.24 per cent.

Source: bd News24 November 11, 2021 09:34 UTC