Rupali Bank 'road show' today in Dhaka to woo buyers
3 local firms show interest to buy the state-run bank
Rejaul Karim Byron
Three local companies have expressed interest to purchase Rupali Bank as the Privatisation Commission holds a 'road show' in Dhaka today to woo potential buyers of the bank.In the 'road show', the Privatisation Commission will describe the present status of the state-run bank, the government's role in sale process, and the banking and financial system in Bangladesh. The three local companies likely to show their formal interests in the 'road show' include Industrial and Infrastructure Development Finance Company Limited (IIDFC), Paradise Cables Ltd and A & A Investment Limited. Abdul Awal Mintoo of A & A Investment and M Matiul Islam of IIDFC will represent their companies in the 'road show' in Privatisation Commission headquarters. Sources at the Privatisation Commission said a UK-Bangladesh joint venture, JJ Finance, which participated in the London ‘road show’, is trying to buy Rupali Bank. An MP from the BNP is involved with the joint venture. Buyers including foreigners and locals will have to submit their detail proposals to buy the bank by April 9. The commission held 'road shows' in Mumbai, Karachi, Kuala Lumpur, Dubai and London from March 13 to 25 to find prospective buyers for the bank. Commission Chairman Enam Ahmed Chowdhury led the delegation at the 'road shows'. Around 15 buyers showed interest in buying the bank. They include Alliance Bank, Malaysia, Melewar Group Berhad, Malaysia, United Bank Ltd of Pakistan, India's ICICI Bank, Sabre Capital Ltd and State Bank of India, Prince Bandar of Saudi Arabia, Muscat Finance Limited of Oman and JJ Finance, UK/Bangladesh. Enam Ahmed Chowdhury yesterday said the 'road shows' achieved huge success as it helped build confidence in prospective buyers about the bank. According to the commission plan, the government is working out the privatisation process to complete it by September through signing sale and purchase agreement. The prospective buyers will have to collect tender documents between April 30 and May 4 by depositing non-refundable $ 2,000. As per the privatisation timetable, the buyers will have to submit tender proposals with a deposit of $100,000 by July 6. The Privatisation Commission will announce the selected bidder on August 31.
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