Along with the Privatisation Commission's recommendation on the government-owned shares of Rupali Bank, the proposal would be placed at the Cabinet Committee on Economic Affairs for its decision on the bank's fate, said Finance and Planning Adviser Dr Akbar Ali Khan yesterday.

Earlier, a commission meeting on November 15 put forward its recommendation to the government about the sale of the remaining government-owned shares of Rupali Bank with a price of US$134 million to the Saudi prince.

On August 27, the commission declared the Saudi prince as the highest bidder. On October 5, the then prime minister, Khaleda Zia, okayed the bid of $330 million to buy 67 percent stake in the bank.

The government that owned around 94 per cent shares of Rupali Bank decided to sell 67 per cent of them in order to appease both the World Bank and International Monetary Fund (IMF), which conditioned their loans with the country's banking sector reforms.

In March last year, the government assigned the commission to sell the bank. If the 93.26 percent stake in the bank is sold out, then the general public will hold the bank's remaining 6.74 ercent shares.

The government first decided to sell out 67 percent Rupali Bank shares to the Saudi prince and keep the remaining 26 percent at its disposal. But, following further proposal of the prince to the state-run agency for privatisation, the government is now set to reconsider its previous stance.