The bidders include Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saudi, Bank Muscat of Oman, Maa International Investment Ltd of Malaysia, and JJ Finance Ltd of the UK.

The commission also opened technical offers by the bidders yesterday.

"We will select technically-fit bidders from the four by August 28," said Privatisation Commission Chairman Enam Ahmed Chowdhury.

At this stage of evaluation, the commission in association with Bangladesh Bank will assess the bidders' efficiency, management and operations system and financial viability.

"We will open the financial offers by the technically-fit bidders on August 30," Chowdhury said, adding that he is confident that the commission will complete all the procedures within the stipulated time to sell the bank.

When asked about the commission's choice in case of non-receipt of expected value for the bank, he said, "Then we will invite the potential buyers to re-evaluate their price offers."

Chowdhury also said Rupali Bank will be sold to the highest bidder.

Meanwhile, a large number of law enforcement members were deployed in and around the Privatisation Commission office yesterday, the last day for tender submission to buy the state-run bank, to avert any possible chaos.

After submission of tenders, JJ Finance, one of the bidders, alleged the commission showed favouritism to a few bidders. "The commission did not also cooperate with us by providing information, although we had many queries before submitting the tender," said Shaha Jamal Ali, managing director of JJ Finance.

Denying the allegation, the Privatisation Commission chairman said every bidder got same treatment from the commission. He also said, "It is also not true that we did not give information to a certain bidder."

Earlier, the commission short-listed seven companies from home and abroad, including the Saudi prince, as potential buyers.

The government that owns 94 per cent of Rupali Bank's shares decided to sell 67 per cent of its shares in order to appease the World Bank and the International Monetary Fund, who conditioned loans from them with reforms in the banking sector.

Total assets of the Rupali Bank as showed in December 2005 stood at $1.07 billion and it has over 493 branches across the country.