WSJ Reports on Grameen Takeover

Syed Zain Al-Mahmood reports from Dhaka on the growing struggle around the Bangladeshi takeover of Grameen Bank. This piece provides excellent background on the issues at work, but more importantly, salient context for the environment and hostilities toward the takeover.

"This is a suicidal decision," said Tahsina Khatun, a member of the board of directors. "How can the government, which is a minority shareholder, impose its will on us who own the majority? The Grameen model is based on trust. There will be no trust after this."

The move comes as Bangladesh faces criticism for corruption and lax oversight in the collapse of the Rana Plaza garment factory in April that killed 1,100 people. Supporters of the bank say it is relatively well run and has been scandal-free in a corruption-riddled country.

Takeover Plan for Microlending Pioneer Grameen Spurs Anger — WSJ.com