IT firm Polaris Software today said it has entered into a MoU with two Bangladesh-based banks to form a joint venture company, which will provide software solutions to both the financial institutions.
Polaris Software, Sonali Bank and Bangladesh Commerce Bank have signed a memorandum of understanding (MoU) to form a joint venture (JV) company -- Sonali Polaris Financial Technology -- in which the IT firm will hold a 51% stake, Polaris Software said in a filing to the Bombay Stock Exchange (BSE).
The JV firm will provide end-to-end intellect core banking solution that would allow the banks to run a single application for its different functions, thereby facilitating easy operations to its customers.
"The banking, financial services and insurance (BFSI) sector in Bangladesh is all set to undergo a major overhaul. Through this JV, we will be able to offer quality service in the rapidly emerging financial marketplace," Bangladesh Commerce Bank Managing Director SA Choudhary said.
Sonali Bank is the largest state-owned commercial bank in Bangladesh with 1,188 branches and operations in UK, the US, Middle East and India, the filing added.
Bangladesh Commerce Bank Ltd is a commercial bank with private-partnership, it said.
Shares of Polaris Software were trading at Rs 174.50 apiece on the BSE, up 0.84% from the previous close.
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