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BCCI may be refloated as Eastern Bank Ltd

By Inam Ahmed and Soh el Manzur
Bank of Credit and Commerce International (BCCI) will be refloated as a new bank by August 12 after clearance from the World Liquidator in 1-ondon, according lo sources close lo the Bangladesh Bank and the BCCI.
The refloated bank may be named Eastern Bank Limited.
The World Liquidator has already reviewed the BCCI situation and expressed satisfaction, Finance Ministry sources said. However, clearance on some issues is yet to comb.
The authorities will have to take a decision on the bank by August 12 as the one-year moratorium period of the BCCI ends on the date. Government will have to formulate new laws for further extension of the period.
According lo the existing law the government can suspend the operation of a particular bank for six months and it can be extended by another six months if required.
A convening committee of the BCCI cell has already been formed to sec that the refloating process goes smoothly.
Bank sources hinted that it would have a new name. The reorganisation scheme of the bank mentioned the name of the bank as Eastern Bank
Limited.
However, concerned authorities were pondering over whether the name would be in Bangla or tn English. Finance Ministry sources said .
As soon as this question was solved, the name would be finalised. However, depositors suggested that the bank be refloated tn its own name fearing that there might be some difficulties tn realising the loans disbursed by the BCCI.
Bangladesh Bank sources said after emergence of the new bank it would be watched carefully as to how the depositors responded . A BB source on condition of anonymity told The Daily Star that the refloating would be made experimentally to sec If It could gather people's confidence.
After evaluating this, the fate of the new bank would be determined, he said.
The convening committee of the BCCI cell meanwhile, has asked the BCCI to realise its loans. BCCI sources said that the realisation was still very poor but expressed optimism that it would Improve in the near future.
The new bank would have a major contribution from government as well as other financial institutions. The rest would be left to public subscription. The present assets and liabilities of BCCI would be considered as the assets and liabilities of the new bank.
The deposit of the BCCI was estimated at Taka 6220.7 million while its Investments stood at Taka 983.9 million with loan and advances of Taka 4734 million. The capital of the bank was Taka 212.8 million while its provision of bad debt Taka 1762.7 million.
Employees of the BCCI arc likely to be transferred lo the new bank and would become Its employee on the same terms and conditions.
However, the new bank with the approval of the Bangladesh Bank could alter these conditions. At present the employees of BCCI draw only their basic salary.
The operation of the BCCI has been suspended since July 1991.