Monday, March 14, 2005

Political interference in Banks?

Industrial Development Bank
The takeover of IDB’s current account business leaves more questions than answers. On what basis was Equity selected? Was there a tendering process open to all banks and financial institutions? Given that the assets of a public (state-owned) bank are being transferred to a private Bank, is this not a form of privatisation – that must be approved by Parliament?

Consolidated Bank
Also the previous owners of collapsed banks that were folded into consolidated Bank are pushing the Ministry of Finance to turn over the Bank to them – claiming they are the true owners of the Bank.

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