Japanese SoftBank to buy back 20% of bKash shares


Japanese multinational conglomerate SoftBank Group Corporation will buy a 20 percent stake in bKash, one of the largest mobile financial service providers in Bangladesh.

Brac Bank made the decision yesterday at its board meeting, according to a statement released today by the financial institution on the Dhaka Stock Exchange (DSE) website.

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With this information, the lender’s stock topped the winning list with a 9.97% rise to Tk 48.7 at the time of writing.

“This latest round of investment validates our dedication and tireless efforts over the past ten years and places its confidence in the potential of a well-regulated fintech space,” said Kamal Quadir, Founder and CEO of bKash.

“This is an important vote of confidence on bKash’s current and future growth trajectory. It also paves the way for attracting global investments for other entrepreneurs and innovators in Bangladesh by showcasing the successful digital transformation of our country and its economy. “

“Expanding access to financial services can be key to building a strong economy,” said Greg Moon, managing partner at SoftBank Investment Advisers.

“We believe bKash strengthens Bangladesh’s financial system by providing a safe and convenient way for people to embrace digital payments.”

Moon also said, “bKash’s simple and accessible mobile app provides essential financial services to both banked and unbanked populations in Bangladesh. We are excited to partner with Kamal Quadir and the bKash team to help support the company’s vision to achieve greater financial inclusion in Bangladesh. thanks to affordable, reliable and accessible services.

During the board meeting, Brac Bank approved the signing of a share purchase and subscription agreement between bKash and its existing shareholders.

Existing shareholders included Brac Bank, Money in Motion LLC, International Finance Corporation, Bill & Melinda Gates Foundation, Alipay Singapore E-Commerce Private Limited and the board of directors of bKash Employee Share Option Plan Trust, and the proposed investor, SVF II BEAM (DE) LLC (SoftBank), he says.

“In accordance with the terms and conditions of the agreement, the primary and secondary investments will be made by SoftBank in bKash, with SoftBank acquiring 20 percent of the shares (on a fully diluted basis) of bKash,” he said in the statement. .

There will be no change in the number of shares held by Brac Bank in bKash and, upon completion of the transaction, the bank will remain the majority shareholder of bKash, he added.

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