Malaysia's Axiata Group has agreed to enter a joint venture with Trust Bank to provide mobile financial services in Bangladesh.
The companies have arranged to form Trust Axiata Digital, with Trust Bank owning 51% of the venture and Axiata holding the remainder, the Daily Starreported.
According to the report, Trust Axiata Digital will provide technology-driven financial services. As well as mobile financial services, this will include agent banking and cards.
Subject to regulatory approval, Trust Axiata Digital is expected to be up and running in around three months. Trust Bank plans to transfer its mobile-related and other operations to the joint venture.
Axiata operates Robi Axiata in Bangladesh, the nation's third largest mobile operator with more than 25.3 million subscribers as of the end of 2014. Axiata owns a 92% stake in Robi, with Japan's NTT DoCoMo owning the remaining 8%.
Trust Bank meanwhile has been operating in Bangladesh since 1999. The company has a network of 100 branches and 152 ATMs.