London-based firm wants to invest in Oriental Bank

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FE Report
London-based East Invest Private Equity Ltd has evinced keen interest to invest in Bangladesh's troubled Oriental Bank Ltd.
"We have already submitted our proposal to the Bangladesh Bank (BB) to become an investment partner under the newly-launched scheme of the central bank to turn the Oriental Bank a 'model bank'," MM Roni, director of Bangladesh operation of the company said.
In August 2006, a serious financial crisis and liquidity shortage in the Oriental Bank forced the BB to intervene and dissolve the bank's board of directors and sack the bank's managing director.
"East Invest Private Equity Ltd wants to diversify the line of business through obtaining a banking licence in any part of Asia, and Bangladesh is our top choice," Roni told reporters Thursday.
The central bank has announced a scheme on August 2 last to sell 57 per cent share of Oriental Bank through an open tender.
The new scheme envisages a rise of the bank's paid-up capital to Tk 7.0 billion from existing Tk 570 million.
The scheme stipulates Tk 4.0 billion as sponsor shares and the remaining Tk 3.0 billion as general shares.
East Invest Private Equity Ltd. is mainly involved in real-estate investments in Eastern Europe as well dealing in company merger and amalgamation.
"Business relationship has enabled our company to develop a very strong presence with the top European banks and financial institutions and we are ready to offer $ 40 million to purchase the shareholdings of Oriental Bank," the East Invest source said.
The company also has a plan to support the information technology (IT) infrastructure of rural Bangladesh.
"We will provide two million computers to the rural schools of Bangladesh aiming to strengthen the IT base of the country," the East Invest executive said.