BANGLADESH

100 pc shares to remain with governmentStaff Correspondent

100 percent ownership of state-owned Sonali Bank, Janata Bank and Agrani Bank will remain in the hands of the government even after the three financial institutions’ transformation into private limited company.

Sources said, the three public banks will start working under three public limited companies soon.
The banks have been handed over to three private limited companies in compliance with the ‘Vendors Agreement’ signed between the government and the companies on Thursday.
The government paved the way for the three public banks to become private limited companies on October 31 by approving the proposals to sign the vendors agreements and for issuance of circular cancelling the Bangladesh Banks Nationalisation Order -1972.
After transformation into the three private limited companies, the banks will be governed by the respective board of directors. The boards will make all decisions regarding commerce and business of the financial institutions.
On March 3, the government approved a proposal to transform the three nationalised banks into private limited companies so that the financial institutions can cope with the private commercial banks of the country.
Price of all shares of these banks will be paid by the government or any other organisation authorised by the government.
All the members of the managing committees will be appointed by the government.Source: www.thebangladeshtoday.com