ADBL heads for strategic partnership, Baker Tilly to hold special audit

ShareSansar, January 27:

The state-run Agricultural Development Bank Limited (ADBL) has officially initiated the process to forger international strategic partnership for better management and performance of the bank.

As part of its objective to forge the strategic partnership by September, ADBL is signing a contract with Dev Associates within a day or two for the special audit of the bank.

Dev Associates, Chartered Accountants has been appointed as an independent member firm of Baker Tilly International with effect from October 2011. As per the deal, Dev Associates and Baker Tilly Nepal are jointly representing as Baker Tilly International member firms in Nepal.

“The special audit will be completed in four to five months time,” a highly placed source at ADBL told ShareSansar today. “We will then immediately issue international tender to seek a strategic partner.

As an audit conducted by a domestic firm is not usually recognized for global tenders, ADBL has effectively hired Barker Tilly International, which is one of the top ten global audit firms in the world that works in 131 counties across the world.

ADBL, one of the largest banks in the country, is seeking the strategic partnership as per the government’s decision to divest its 30 percent of its stake in the bank and to bring in strategic partners to improve the management and performance of the bank.

The privatization cell of the Ministry of Finance He also informed that the bank had recently directed the bank to forge the strategic partnership by September.