State run Peoples Bank is looking at alternative options if its proposed capital raising exercise fails to attract the necessary funds.
The bank needs Rs. 13.5 bn to cover past losses of around Rs. 6 bn and bring its Tier I capital in line with local standards.
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rnTalks with the IMF and World Bank teams last week proved fruitful but donors were cautious as to how much of funds could be raised locally.rn
rnldblquote We are talking to one or two local consortiums, but there is a limit as to how much monies can be sourced locally,
dblquote the banks CEO, Derek Kelly said.rn
rnThe government has also tapped donor assistance to further revamp the bank. The World Bank recently paid for a consultant B D O Binder to draw up a terms of reference for the banks impending privatisation.rn
rnDespite a major internal restructuring to demonstrate that the bank can return a decent profit even without capital, Kelly says it is apparent the bank is lquote worth less than the sum of its parts to its stakeholder