BB asks NCBs to submit copies of vendor agreements with govt

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FE Report
The Bangladesh Bank (BB) has directed the three nationalised commercial banks (NCBs) to submit the copies of their respective vendor agreements that they are supposed to sign with the government along with the list of their all branches to complete the ongoing corporatisation process.
The BB's directive came following the issuance of licences to three NCBs - Sonali, Janata and Agrani - allowing them to operate as public limited companies (PLCs).
"We have asked the NCBs to submit such documents to complete their corporatisation process," a BB senior official told the FE Monday.
He also said the NCBs have already sent the list of their all branches across the country.
Currently, the Sonali bank is operating business through 1180 branches while the Janata and the Agrani have 848 branches and 866 branches respectively.
Under the existing provisions, the banks will have to apply to the central bank seeking permission to allow all branches of the respective banks to operate as PLCs after signing vendor agreements with the government.
"We will issue such permissions to the NCBs after receiving all the relevant documents," the official said, adding the banks will operate as PLCs after publication of a gazette notifications by the government to this effect.
Meanwhile, the NCBs are now preparing to sign vendor agreements with the government facilitating the transfer of all existing liabilities and assets to the newly formed PLCs.
"We have sent letter to the ministry of finance seeking completion of next steps for corporatisation process," a senior official of a NCB told the FE Monday.
He also said the management of the bank is now waiting for the finance ministry's decision in this connection.
The government is likely to issue a gazette notification by the end of this month after completion of all process relating to corporatisation of the NCBs.