Regulatory Alerts2024-06-03
Added · Updated
BRPD Circular Letter No. 26: Exemption from Compliance of Section 14(ka)(1) of the Bank Company Act, 1991
The Bangladesh Bank declares that Section 14(ka)(1) of the Bank Company Act, 1991, does not apply to the shareholding of Nagad Digital Bank PLC by Hoveen Ventures LLC, Series Capital Partners LLC, and Finclosure Ventures Pvt Ltd. This declaration is issued pursuant to the powers granted under Section 121 of the Act and is supported by Notification No. BRPD(D-1)/DBU/907(DB-01)/2024-4646 dated June 3, 2024. The notification is attached for the information of all scheduled banks operating in Bangladesh.
Bangladesh Bank Chief Executive Office Motijheel, Dhaka-1000 Bangladesh. Ref No.: BRPD Banking Regulation and Policy Department 20 Joishtho 1431 BRPD Circular Letter No.-26 Date: ------------------ 03 June 2024 Managing Director/Chief Executive Officer All Scheduled Banks operating in Bangladesh. Dear Sir, Regarding the exemption from Section 14(ka)(1) of the Bank Company Act, 1991, in the context of shareholding of 'Nagad Digital Bank PLC'.
Pursuant to the powers conferred under Section 121 of the Bank Company Act, 1991, the Bangladesh Bank has declared that Section 14(ka)(1) of the said Act shall not apply to the shareholding of 'Nagad Digital Bank PLC' by Hoveen Ventures LLC, Series Capital Partners LLC, and Finclosure Ventures Pvt Ltd.
A copy of the Notification No. BRPD(D-1)/DBU/907(DB-01)/2024-4646 dated 03 June 2024 issued by the Bangladesh Bank on this matter is attached herewith for information.
Attachment: 01 (One).
Yours faithfully, (Mohammad Shahriar Siddique) Director (BRPD) Phone-9530252