Forum

Dear friends plz share your opinion of the impact of this news.

ADBL’s EoI for strategic partnership in July; deal expected at high premium rate
ShareSansar, June 13:

Agricultural Development Bank Limited (ADBL) is planning to issue Expression of Interest (EoI) in the international media within July first week to seek applications from some of the world’s top banks for strategic partnership.

“The special audited is expected to be completed within June,” a senior ADBL official who is handling the process to bring strategic partner within this year told ShareSansar today. “Meanwhile, the EOI is already ready at the Ministry of Finance, and we are planning to issue it by the first week of July.”

He further informed that the deal with a leading international bank will be signed in a premium rate, which will be much higher than the prevailing price of ADBL in the secondary market.

The state-run ADBL is not just an huge asset-based company with one of the largest network all over the country, but also a bank with one of the highest income.

“We are confident that the strategic partner will be operating with us within 2014,” he added. “This will not only drastically enhance capital, technical aspects of ADBL with efficient manpower, but will also set a benchmark for rest of the commercial banks to follow.”

ADBL, one of the largest banks in the country, is seeking the strategic partnership as per the agreement reached by the government with the Asian Development Bank to divest its 30 percent of its stake in the bank by September, bringing in a strategic partner to improve the management and performance of the bank.

In February, the state-run bank had signed a contract with Dev Associates, which is affiliated to Baker Tilly International for the special international audit of the bank, officially initiating the process to forge international strategic partnership for better management and performance of the bank.

Dev Associates Chartered Accountants has been appointed as an independent member firm of Baker Tilly International with effect from October 2011. As per the deal, Dev Associates and Baker Tilly Nepal are jointly representing as Baker Tilly International member firms in Nepal.

As an audit conducted by a domestic firm is not usually recognized for global tenders, ADBL has effectively hired Barker Tilly International, which is one of the top ten global audit firms in the world that works in 131 counties across the world.