BOU does not reveal the names of the banks, but The New Vision has learnt that they are Barclays, Standard Chartered, Bank of Baroda and Centenary Rural Development Bank. The four are part of the original 11 banks that did a market test on UCBL, before applying to carry out a due diligence on the bank.
Due diligence involves a thorough financial analyst of the bank's long term viability.
Two of these banks have already started the due diligence and the other banks will conduct due diligence next month,' BOU has revealed. Financial matters are so sensitive and they must be handled with much care. If we find it a viable investment, we shall not hestitate to buy it. Under the Financial Institutions Statute 1993, BOU is presently the statutory manager, on behalf of Government, following the first aborted sale of the bank in 1998. The bank was retaken over by Government because the first sale to Malaysia's Westmont Group was riddled with controversy.