Yunus asks Grameen Bank members to guard against takeover bids

Yunus asks Grameen Bank members to guard against takeover bids Dhaka: Ousted Grameen Bank founder Muhammad Yunus has asked 83 lakh members of the bank to guard against attempts to takeover the pioneering micro-lending agency.

"Grameen Bank is a priceless wealth for you. Do not give away this to anyone. You are the owners of this bank. Do not let go of this ownership," Yunus said in a letter addressed to the bank members, the Daily Star reported.

The Nobel Laureate's caution came after his resignation as the managing director of Grameen Bank amid speculations that his removal was part of a coordinated government ploy to take the full control of the bank, the paper said.

Yunus had said he was quiting to prevent 'undue disruption' in the working of the pioneering microfinance bank he founded.

Yunus' resignation came as he lost his final legal battle in the apex court to thwart a Bangladesh Bank decision removing him from the position on March 2.

"If anyone speaks about taking away the ownership of Grameen Bank, if anyone speaks against your bank, then you must protest against it... If you remain silent, the bank will be taken away from your possession," he said.

The government controls 25 per cent shares of the bank in paper, while 75 per cent belongs to the borrowers, the majority of them are rural women. However, the government now effectively has only 3.29 per cent share in terms of paid-up capital and the borrowers own the rest.

"Soon you will be put under difficult tests. You must prepare yourself from now on to come out successfully from these tests. If you are able to protect this bank, then your children and descendants will be benefited from its wealth," Yunus said.