Two Saudi prince aides arrive to negotiate final Rupali deal

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Refayet Ullah Mirdha
Two representatives of the Saudi prince arrived in Dhaka Sunday to negotiate with the government of Bangladesh on signing the final deal on purchase of a majority portion of the shares of largely state-owned Rupali Bank.
Sources said the names of the two representatives of Saudi prince Bandar Bin Mohammad Bin Abdulrahman Al Saud could not be known immediately.
However, talking to the FE the local representatives of the prince said they hope the final deal for transfer of ownership of Rupali Bank to the Saudi prince might be completed by November next.
When asked Privatisation Commission (PC) Chairman Abu Solaiman Chowdhury said he was not informed about the arrival of the Saudi prince's men in Dhaka Sunday.
"The Saudi prince has been assuring the PC verbally that the final deal will be completed by November next although it has not come in black and white," Abu Solaiman Chowdhury said.
Earlier, the PC completed all formalities for handing over the Rupali Bank's more than 93 per cent share at a cost of US$458 million to highest bidder Saudi prince Bandar Bin Mohammad Bin Abdulrahman Al Saud.
Meanwhile, recently the International Monetary Fund (IMF) suggested for adoption of a new strategy on the Rupali Bank divestment following delay by the Saudi prince to strike the final deal. This was also reported by several local newspapers.
Key steps are needed to advance the divestment programme of the National Commercial Banks (NCBs), including development of a new strategy for Rupali Bank divestment, said an IMF letter sent to the Finance and Planning Adviser Mirza Azizul Islam recently.

The Washington-based multilateral agency, according to the letter, also suggested divestment of Agrani Bank in line with international norms and practices.
The recommendations that were prepared after an IMF mission visited the Bangladesh capital in August last came at a moment when the government is awaiting response from the Saudi prince for striking the final deal on Rupali Bank.
"The IMF is for a fresh start on the Rupali issue," said MoF Additional Secretary ATM Fazlul Karim.
The MoF, meanwhile, informed its position saying that it will wait until November 30 before adopting a new strategy for divesting the largely state-owned commercial bank, he added.