DHAKA: A Saudi prince is expected to take over Bangladesh's fourth largest bank this month in a $458 million deal that saw repeated delays because of political turmoil, an official said on Sunday.

Prince Bandar Bin Mohammad Bin Abdul Rahman would control 93 per cent of Rupali Bank after becoming the highest bidder for the stake held by the government, said privatisation commission chief Abu Solaiman Chowdhury.

“We have already issued a letter of intent for the sale,” Chowdhury said. “We hope we can complete the handover when the prince visits the country later this month.” The remaining shares are owned by private investors.

The bank was put up for sale last year as part of a deal with the International Monetary Fund to ease the government out of the banking business because of a long history of major losses led by loan defaults.—AFP