'Takeover of banks are like hijacking'

Staff Correspondent | Published: 17:02, Nov 08,2017 | Updated: 19:24, Nov 08,2017


PricewaterhouseCoopers Bangladesh Private Limited managing partner Mamun Rashid on Wednesday termed recent time hostile takeover of a number of banks by a Chittagong-based group of companies as hijacking.

He came with the remark while addressing at a panel discussion organised by Bangladesh Association of Publicly Listed Companies on ‘Raising awareness on various aspects of the Capital Market’ at Bangabandhu International Conference Centre in the city.

Mentioning about the absence of reward and punishment in the capital market, Mamun said punishment in the capital market has been given in small frizz.

Hinting at the recent time takeover of Social Islami Bank Limited and Islami Bank Bangladesh Limited, Mamun said, ‘We have witnessed hostile takeover of banks but regulator said that they have nothing to do with the issue?’

Takeover may happen, as it happens in other countries, but it happened in presence of law enforcing agencies. It’s not takeover of a bank its hijacking, Mamun said.

Finance minister AMA Muhith, Bangladesh Securities and Exchange Commission chairman M Khairul Hossain, BAPLC president Muhammed Aziz Khan, IDLC Investments managing director Arif Khan, among others, were present at the seminar.

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