WEB DESK
The government of Bangladesh has decided to start the process of disinvestment in four State Owned Commercial Banks (SOCB) by October this year.
Announcing this in Dhaka today, Finance Minister of Bangladesh AHM Mustafa Kamal said that the Bangladesh Development Bank Limited (BDBL), Agrani Bank Ltd, Janata Bank Ltd and Sonali Bank Ltd would be listed on the stock market while the share of Rupali Bank limited offered to the public would be raised from current 9.91 percent to 25 percent.
Sonali Bank serves as the treasury of the government.
He said the process could be completed in one go or two depending upon the market response for the bank shares.
The process will start first with bringing the Bangladesh Development Bank Limited (BDBL) into the capital market. It will be followed by the Agrani Bank Ltd, the Janata Bank Ltd and lastly the Sonali Bank Ltd.
The Minister said that a committee has been formed with representatives from each of the SOCBs to complete the process with Investment Corporation of Bangladesh (ICB) as the Coordinator.
All the four banks being listed on the Stock Market are profit making entities.
Government of Bangladesh is also going ahead with the process of disinvestment in the seven state owned enterprises in the energy sector.