The ICB Financial Group Holdings AG, a Swiss-based company, has emerged as the highest bidder for over 50 per cent shares of the troubled Oriental Bank Limited. It has offered Tk 3.506 billion for the shares, officials said.

“The ICB Financial Group has offered Tk 350,67, 43, 888 for buying the shares of Oriental Bank Limited while the Domestic Investors Consortium, Bangladesh, quoted Tk 2.51 billion,” Deputy Governor of the Bangladesh Bank (BB) Murshid Kuli Khan told reporters after a meeting of the tender evaluation committee.

He also said the central bank will announce preferred bidder on the basis of technical revaluation committee report.

The ICB Financial Group Holdings AG is a holding company for several banks operating in Eastern Europe, Africa and Indonesia.

The Group made its foray into Asia in 2003 by acquiring an indirect stake of 11.3 per cent in Bank International Indonesia, one of the largest banks in Indonesia, according to the company’s website.

It also acquired a controlling interest in the mid-size Bank Bumiputera in Indonesia, thereby expanding its frontiers in the banking industry.

In 2004, the individual ownerships of the ICB Banking Group were corporatised under the umbrella of ICB Financial Group Holdings AG, a Swiss based holding company.

On May 17, 2007, the ICB Financial Group Holdings AG was listed on AIM market of the London Stock Exchange.

Earlier, a five-member tender revaluation committee was formed, headed by Murshid Kuli Khan, to recommend one potential investor after scrutinising all bidding documents submitted to buy the shares of the bank.

Under the tender timetable, the name of preferred bidder will be announced formally on February 14 next after approval of the central bank.

The central bank will approve the preferred bidder for purchasing the Oriental Bank shares on February 11 next, they noted.

“We are working to complete the entire process through singing a sale and purchase agreement by February 28 next,” another BB senior official told the FE.

The government has already extended the moratorium on some banking activities of the Oriental Bank Limited for six more months to protect depositors’ interest and facilitate restructuring of the bank.

The fresh order came into effect from January 25 last, they added.

Earlier on January 25, last year, the ministry imposed a six-month moratorium restricting the withdrawal of cash above Tk 10,000 by depositors. In case of new account holders, no such restrictions applied.

The Shariah-based private commercial bank that suffered a severe financial crisis was taken over by the central bank on June 19, 2006 to protect the depositors’ interest. The central bank then appointed an administrator to run the bank temporarily.

“We will be able to protect the interest of depositors of the bank through completing the process of transferring the shears to the qualified bidder,” Managing Director of the Oriental Bank Asaduzzaman Khan told the FE.

Asaduzzaman, who is also Executive Director of the BB, said the central bank is still working to protect the depositors’ interest.

The bank is now running its business through 30 branches across the country, where a total of 713 employees are engaged at different levels.