Saudi Arabian Prince Bandar Bin Mohammad Bin Abdul Rahman al Saud is to buy Bangladesh's state-run Rupali Bank Ltd for $330 million, more than three times the size of the next highest bid, a senior government official said on Monday.
Following suggestions from the World Bank and International Monetary Fund, Bangladesh is selling a 67 percent stake in Rupali Bank, which has 493 branches and employs 5,731 staff. After the sale, the government will retain a 27 percent stake, with another 6 percent held by investors.
Rupali had assets of $1.07 billion at end-2005, according to bank data.
Rupali shares have doubled in the past four sessions on the Dhaka stock exchange, with bourse officials saying the stock was quoted at 1,990 taka on Monday.
"The prince offered $330 million in the bid, which was much more than others and beyond our expectations," said Abdul Qayum, spokesman for the state Privatisation Commission.