Drive launched for off loading shares of four state-owned banks

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Drive launched for off loading shares of four state-owned banks

The Financial Institution Division has instructed the four state owned commercial banks to conduct their fresh audit and valuation as part of the offloading drive.

The  ministry has asked the banks to undertake  legal formalities to off load their 25 per cent stake as soon as possible.

The ministry recently held a meeting with the Managing Director and CEOs of the four state owned banks, Bangladesh Development Bank Ltd (BDBL), Agrani, Janata and Sonali banks.

“We will soon hire a audit firm to conduct special audit of our bank. We want to start legal steps as soon as possible,” a CEO a state owned bank told Business Mirror preferring anonymity.

The government has formed a panel, which includes a representative from the banks. The Investment Corporation of Bangladesh (ICB) will coordinate with the panel during the process of going public.

The plan to prop up the share market also includes divesting 25 percent stake of already-listed Rupali Bank up from the existing 10 percent, according to Kamal.

Presently, more than 90 percent shares of the Rupali Bank Ltd are held by the government.

The meeting decided to bring first the Bangladesh Development Bank Limited (BDBL) into the capital market which will be followed by the Agrani Bank Ltd, the Janata Bank Ltd and lastly the Sonali Bank Ltd.

Since, the Sonali Bank Ltd performs the treasury function, it may take some more time to bring it to the share market but rest of the banks would be listed with the capital market within September or October of this year, the finance minister said.

Bmirrorhttps://bmirror.net/
businessmirror20@gmail.com

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