The government has decided in principle to offload its remaining 26 per cent shares of the Rupali Bank. The advisory council committee on economic affairs, at a meeting on February 5 endorsed the proposal from the Privatisation Commission for selling off the 26 per cent shares through the Investment Corporation of Bangladesh (ICB). The shares will be sold through the share market.

The government is in the process to hand over 67.26 percent stake in Rupali Bank to Saudi Prince Bandar Bin Mohammad Abdur Rahman Al Saud, who won an international bid offering $330 million. Private sector investors own less than seven per cent share of the Bank, which was made public limited company few years back. Privatisation Commission was weighing a fresh offer from the Saudi prince of buying the rest of the government stakes in the bank.

As per an understanding, the Commission and Prince Bandar are supposed to sign the final sales and purchase agreement within February 12. The Ministry of Finance has also been made a party to the deal because of its ownership in and involvement with the Rupali Bank. The government of Bangladesh will get at least $143 million as price of the rest shares calculating the ratio of the one offered in the tender and proportionate recapitalisation in addition to the proposed value of the 67 per cent shares at $330 million.