In a bid to promote co-operative banking in the country, Japan-Bangla Credit Bank Co-Op Ltd started its operation in Dhaka yesterday.

The bank, a concern of Japan-Bangla Group, is a joint venture between Japan and Bangladesh having a paid up capital of $10 million. Japanese entrepreneurs hold 30 percent stake in the bank while local partners have the rest 70 percent.

Masaaki Shibata, president of Eiiwat Company Ltd, as chief guest inaugurated the principal branch at Planners Tower on Sonargaon Road while Salim Prodhan, chairman of the bank, was also present.

"We will provide such banking service, which is totally different from that of the existing private banks. We are starting with initial investment of Tk 1200 crore," said Salim Prodhan explaining the goal of the bank at a press briefing at its principal branch.

The bank will extend loan facility without guarantee and promote young entrepreneurs in the country who are really interested in doing business, he mentioned.

The bank will have ATM (automated teller machine) booths, officials said adding that it will open 12 branches by this year and the number of branches will reach 100 by the next year.

Yoshito Igarshi, vice-president of the bank, and other senior officials were also present at the inaugural function.