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Bangladeshi prime minister OKs sale of state-run bank to Saudi prince

Bangladeshi prime minister OKs sale of state-run bank to Saudi prince

Bangladeshi Prime Minister Khaleda Zia on Thursday approved the sale of the state-run Rupali Bank to a Saudi prince for US$330 million, an official said.
Zia's approval came more than a month after the country's Privatization Board announced Prince Bandar Bin Mohammad Bin Abdul Rahman Al-Saud was the highest bidder, the board's chairman, Enam Ahmed Chaudhury, told reporters.
The offer from the prince was higher than the selling price a government commission had expected.
The government, which owns 94 percent of the bank's shares, decided to sell 67 percent of its stake to satisfy banking sector reforms that were a condition set by the World Bank and the International Monetary Fund for loans.


Updated : 2020-12-03 08:19 GMT+08:00