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Download PDF Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saudi, preferred buyer of the state-run Rupali Bank, has expressed his willingness to buy the rest 26 per cent shares of the bank owned by the government.
The Saudi prince conveyed the message to the Privatisation Commission while unveiling future reform plans for the bank, sources said.
Privatisation Commission Chairman Enam Ahmed Chaudhury yesterday quoted the Saudi prince as saying that if the government wants to sell the rest shares in the bank, the prince will buy those.
The prince is also interested in investing in other sectors in Bangladesh, he said adding that authorised representatives of the Saudi prince are conducting studies to assess the potential fields.
Talking about the Saudi prince’s future reform plans for the Rupali Bank, he said the prince will introduce helicopter service, set up offices abroad to offer remittance services, initiate a US$ 20 million fund for human resource development and put emphasis on small and medium enterprises.
“The prince also informed us that he will not shut down any branch of the bank, rather he will introduce a scheme to modernise the bank,” Chaudhury said.
At present, a representative committee of the Saudi prince headed by Sir Frank Peters is working with the Bangladeshi committee, formed by the Privatisation Commission, to prepare a deed of share sell and purchase document, he said adding that all the procedures will be completed by the commission by next Sunday.
“Now, it depends on the arrival of the Saudi prince in Bangladesh to sign the agreement.”
The prince will have to pay $330 million in a single chunk before signing the sale and purchase agreement, he said.
On August 27, the commission declared the Saudi prince the highest bidder. On October 5, Prime Minister Khaleda Zia okayed the bid of US $330 million for buying 67.26 per cent share of the Rupali Bank.
The government that owned 94 per cent shares of the Rupali Bank, decided to sell 67 per cent of them in order to appease the World Bank and the International Monetary Fund (IMF), who demanded reforms in the banking sector of the country as a prerequisite for receiving loans from them.
In March last year, the government assigned the Privatisation Commission to sell the bank. The rest six per cent shares are held by general public.
Total assets of the Rupali Bank as showed in December 2005 stood at $1.07 billion and it has over 493 branches across the country.
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