Polaris Software 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 Ltd - in which the IT firm will hold a 51 per cent 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.
