Vendor agreements on NCBs' corporatisation soon

FE Team | Published: August 02, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The government has nearly completed the preparation of draft vendor agreements with a view to expediting ongoing corporatisation process of three nationalised commercial banks (NCBs).
This was disclosed at a meeting of the managing directors (MDs) of the three NCBs, held in the finance ministry Wednesday with Acting Finance Secretary Mohammad Tareque in the chair.
The finance ministry will meet again with the MDs of three NCBs next week to complete all preparations to sign the vendor agreements, meeting sources said.
"We are hopeful of signing the vendor agreements by the end of this month," Managing Director and Chief Executive Officer of the Agrani Bank Syed Abu Naser Bukhtear Ahmed told the FE.
Besides, the meeting decided that the vendor agreements will be signed on the basis of accounts prepared until June 30, 2007.
The three NCBs - Sonali, Janata and Agrani - will transfer all of their existing assets and liabilities to the newly formed public limited companies through the signing of such vendor agreements with the government.
The Bangladesh Bank (BB) earlier issued licences to the three NCBs allowing them to operate as public limited companies (PLCs).
Besides, the central bank asked the NCBs to submit the copies of their respective vendor agreements along with the list of all branches to execute the ongoing corporatisation process.
The NCBs have already submitted the list of branches to the BB for taking necessary measures.
Currently, the Sonali bank is operating business through 1180 branches while the Janata and the Agrani have 848 and 866 branches respectively.
The government is likely to issue a gazette notification after completion of all process relating to corporatisation of the NCBs.
The government is likely to issue a gazette notification after completion of all process relating to corporatisation of the NCBs.