Saudi prince given final date to buy Rupali Bank

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FE Report
The Ministry of Finance (MoF) has set July 15 as the final date for signing of deal on handing over of the largely state-owned Rupali Bank to Saudi prince Bandar Bin Mohammad Bin Abdulrahman Al Saud.
"If you want to know precisely, the prince or his representatives have got only three more working days for signing the Rupali Bank purchase deal," said a senior MoF official Monday.
He said the government cannot wait for an indefinite period on the Rupali Bank handing-over issue. This is a serious matter in a sector like that of banking.
The Saudi prince was the highest bidder for the Rupali Bank, which the government put on sale as part of privatisation of public enterprises. The prince quoted US$ 458 million for more than 93 per cent share of the bank.
If the prince does not respond before July 15, the security money worth US$100,000 for participating in the bidding will be forfeited, he said.
"We have little to do other than forfeiting the security money," he said.
"If the deal is not signed with the prince, the ministry will sell the bank either through the Investment Corporation of Bangladesh (ICB) or through re-tendering process," the finance ministry official said.
He said as calling a fresh tender takes a lengthy process, the ministry may opt for selling the bank through the ICB like other state-owned enterprises.
If the bank is sold through the ICB, it will give shares to some other government institutions, he said.
Privatisation Commission (PC) authorities also said they cannot wait for an indefinite period for handing over of the ownership of the bank as the shareholders have been passing their days anxiously due to the dilemma.
Talking to the FE, PC chairman Abu Solaiman Chowdhury, however, said the prince's representatives have been maintaining communication with the PC over telephone.
He said the representatives of the prince still maintain positive attitude towards signing of the purchase deal.
"But we cannot believe the words over telephone. We want the specific assurance in black and white as it is considered serious for both Bangladesh and the prince," Solaiman Chowdhury said.
"The PC will not wait for long to sign the final deal as the stock market investors as well as the officials and employees of the bank are getting frustrated," he said.
A source close to the representatives of the prince said the prince has undergone surgery in Germany. On his return home, there might be a positive response on the issue in the near future.
"We have worked a lot and spend a long time to strike the final deal of the Rupali Bank. So, we are determined to sign the final sales and purchase agreement," he said.