Friday, October 20th, 2006Saudi 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 ...
(read more) Wednesday, September 6th, 2006The nationalised commercial banks (NCBs) in the first half of the year have attained only 3.62 percent of the target they set for recovering loans from the top 20 defaulters.The rate was 3.90 in cash recovery from the other defaulters.The information came up at a meeting between Bangladesh Bank (BB) and the NCBs to review the latter's performance in the last six months in achieving the targets they set in their memorandum of understanding (MoU).Earlier this year, four NCBs--Sonali, Janata, Agrani and Rupali Bank--had committed themselves to recovering Tk 232 crore from their top 20 defaulters in the first ...
(read more) Friday, September 1st, 2006Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saudi has proposed to invest a total of $500 million in the state-run Rupali Bank, of which $330 million for buying the bank's 67 per cent shares and the rest for modernising it.The Privatisation Commission sent the Saudi prince's proposal to the Cabinet Division yesterday for approval of the Cabinet Committee on Economic Affairs.The Saudi prince, declared the highest bidder by the Privatisation Commission on Sunday, proposed to invest $12 million for the development of Rupali Bank's human resources, $55 million for its IT infrastructure and $33 million for the refurbishment ...
(read more) Tuesday, August 29th, 2006The Privatisation Commission yesterday approved the bid of US $330 million offered by Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saudi for buying 67.26 percent share of state-run Rupali Bank."We will send the approved financial offer to the prime minister by tomorrow for the final approval for the bidding," said Privatisation Commission Chairman Enam Ahmed Chaudhury yesterday.On getting the nod from the prime minister, the commission can wrap up the process within the next month, Chaudhury hoped. "As soon as we receive the final approval of the prime minister we will start negotiations and sign the sell and ...
(read more) Monday, August 28th, 2006Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saudi is poised to take over Rupali Bank as he bids $330 million for the state-run bank.The Privatisation Commission yesterday declared the Saudi prince the highest bidder. Of the two technically fit bidders, the other one, Domestic Investors Consortium, offered $ 100million.Earlier in the day, an evaluation committee comprising representatives from Bangladesh Bank, finance ministry, law ministry and consultants from the Privatisation Commission selected the two bidders out of four. Maa International Investment Ltd of Malaysia and JJ Finance Ltd of the UK were disqualified for technical reasons."The price offer we've ...
(read more) Wednesday, August 23rd, 2006The Supreme Court (SC) yesterday suspended for a week the execution of the High Court's (HC) stay on the process of selling the state-run Rupali Bank.The Appellate Division chamber bench of Justice Amirul Kabir Chowdhury issued the rule in response to an application filed by the Privatisation Commission.The court also asked the original petitioner ABM Abu Taher to file by this time a regular application for leave to appeal seeking overturning of the HC decision.Attorney General AJ Mohammad Ali moved for the government and barrister Ajmalul Hossain QC for the Privatisation Commission. Dr M Zahir stood for the Rupali Bank ...
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