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South Asia News

Bangladesh's Janata Bank to be privatised



Dhaka, May 29 (IANS) State-owned Janata Bank is being privatised and handed over to the management of Ireland-based Development International (DI).

This is part of the process of corporatising four major banks nationalised in the 1970s.

With the handing over of Janata Bank to the private sector, the prescription of the World Bank and International Monetary Fund (IMF) for financial sector reforms will be partly fulfilled, the Bangladesh Observer said Monday.

The lending agencies had suggested in 2003 massive reforms in the corruption-ridden financial sector, emphasising the urgency of privatising all the four Nationalised Commercial Banks (NCBs) -- Sonali, Agrani, Janata and Rupali -- as prime preconditions for extending development assistance.



© 2006 Indo-Asian News Service

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