Saudi Prince bids to buy 4th largest B'desh bank
A Saudi prince and five local and foreign firms have lined up to bid for cash-stricken Rupali Bank Ltd, Bangladesh's fourth-largest bank, an official said on Friday.
By PTI |
DHAKA: A Saudi prince and five local and foreign firms have lined up to bid for cash-stricken Rupali Bank Ltd, Bangladesh's fourth-largest bank, an official said on Friday.
Rupali, with over 500 branches across the South Asian country, will be sold by August 31 so that it can get access to desperately-needed funds, the head of country's privatisation commission Enam Ahmed Chowdhury said.
Six bidders are participating in the tender and they will make their offers by August 8, he said, adding representatives of all six were in the city to discuss the sale.
The bidders include Saudi prince Bandar bin Mohammad bin Abdulrahman al Saud, J J Finance of Britain, Sabre Capital and Muscat Bank of Oman, Maa International of Malaysia and two domestic firms.
Rupali, one of four state-run commercial banks in Bangladesh, has on its book bad debts of 7.72 billion taka ($128 million).
The bank was put up for sale under an agreement between the Bangladesh government and the International Monetary Fund.
The IMF had delayed disbursement of a $70 million soft loan to the government after it failed to start the privatisation process early last year.
Rupali, with over 500 branches across the South Asian country, will be sold by August 31 so that it can get access to desperately-needed funds, the head of country's privatisation commission Enam Ahmed Chowdhury said.
Six bidders are participating in the tender and they will make their offers by August 8, he said, adding representatives of all six were in the city to discuss the sale.
The bidders include Saudi prince Bandar bin Mohammad bin Abdulrahman al Saud, J J Finance of Britain, Sabre Capital and Muscat Bank of Oman, Maa International of Malaysia and two domestic firms.
Rupali, one of four state-run commercial banks in Bangladesh, has on its book bad debts of 7.72 billion taka ($128 million).
The bank was put up for sale under an agreement between the Bangladesh government and the International Monetary Fund.
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The IMF had delayed disbursement of a $70 million soft loan to the government after it failed to start the privatisation process early last year.
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