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Tell the Bangladeshi Government: End the Attack on Grameen

This petition had 466 supporters

Grameen Bank, the Nobel-winning anti-poverty organization, is in peril.  A Bangladeshi government commission created last year has recommended breaking the bank into 19 pieces, filling the board with government officials, taking away the voting rights of over 5 million shareholders, and giving the government ownership of the bank.

Grameen has been a safe, stable, successful institution for more than 30 years.  The key is its independence, which has protected it from political turmoil.  Nationalizing Grameen Bank and the Grameen businesses, which do vital work on poverty-related issues, would lead to their decline and demise.  The commission is creating a problem where none existed.

Bangladeshi Prime Minister Sheikh Hasina has the power to reject the commission’s findings, and she should do so.  The letter below appeared with the signatures of 40 world leaders in the International Herald Tribune on August 13, 2013.  Please sign it, and join in preserving Grameen as a force for good in the fight against world poverty.


Honorable Prime Minister Hasina,

We are allies and friends of Bangladesh—men and women, public servants and businesspeople, and citizens whose countries have all known the sting of poverty.  We write to commend your leadership in the fight to end poverty in your country, and to urge you to reject the findings of a recent commission that would jeopardize the role that Grameen Bank and the Grameen family of businesses have played in that fight.

The Grameen family of businesses has delivered a profound and lasting benefit to the people of Bangladesh.

•    Grameen Bank has allowed millions to lift themselves and their families out of destitution, creating an independent, borrower-run company and a model for NGOs the world over.  Its borrowers, 97% of whom are women, have shown the power of an economic model centered on equality and inclusion.

•    The 54 other social businesses within the Grameen family have provided tailored services to the poor and underprivileged: rehabilitating Bangladeshi fisheries; bringing low-cost, nutritionally rich food to impoverished communities; building health clinics to offer affordable medical care; and introducing solar power to rural areas without electricity.

•    Their founder, Muhammad Yunus, has been a tireless advocate for Bangladesh’s success in improving the lives of its people.

Both Bangladesh and the international community have a compelling interest in the safety and soundness of these institutions.  We commend you for ensuring that Grameen Bank and the Grameen businesses are operating in the interests of the people they are meant to serve.

However, the “Special Commission on Grameen,” created in May 2012, has not shown the same concern for the well-being of these institutions.  We believe that it and its members are attempting to lead your government astray, and are putting the Bangladeshi people and their allies at great risk.

The Commission, which was set up to offer guidance on the future of the Grameen businesses, recently provided your Finance Minister with a set of recommendations.  These recommendations would disenfranchise nearly 5 million borrower-shareholders in Grameen Bank, dismiss the borrowers who sit on the bank’s board of directors, and replace them with government officials.  They would also result in the government seizing portions of the Grameen businesses.

These are recommendations which you and your finance ministry have the right to reject.  We believe that implementing them could be disastrous.  They would lead Bangladesh to violate its obligations under bilateral investment treaties, and to compromise the independence that has protected Grameen Bank from political turmoil over the last three decades.  Moreover, we are concerned that the Commission may not be presenting its work in good faith, after the prolonged absence of half the commission’s members was disclosed in the international press.

You have continued Bangladesh’s progress in combatting poverty and expressed a commitment to keeping Grameen Bank and the Grameen businesses healthy and stable for generations to come.  We share that goal, and we urge you to reject any effort by the Commission that would injure Grameen and the Bangladeshi people.


Madeleine Albright
Former U.S. Secretary of State; Chair, Albright Stonebridge Group

Roger Altman
Executive Chairman, Evercore

Sheila Bair
Former Chairman, Federal Deposit Insurance Corporation

Sir Richard Branson
Founder and Chairman, Virgin Group; Co-Founder, The B Team

Gro Harlem Brundtland
United Nations Special Envoy on Climate Change; Former Prime Minister of Norway

Ursula Burns
CEO, Xerox

Kathy Calvin
President and CEO, UN Foundation

Gil Crawford
CEO, MicroVest Capital Management LLC

Christopher Dodd
Former Senior U.S. Senator for the State of Connecticut; Former Chairman, Senate Committee on Banking

Vicente Fox
Former President of Mexico

Edward M. Kelley
Governor (Ret.), Federal Reserve Board

Kerry Kennedy
President, Robert F. Kennedy Center for Justice and Human Rights

Arthur Levitt
Former Chairman, U.S. Securities and Exchange Commission

Eugene A. Ludwig
Founder and CEO, Promontory Financial Group; Former U.S. Comptroller of the Currency

Susan McCaw
Former U.S. Ambassador to Austria

Mairead Maguire
Nobel Peace Prize winner and peace activist

Michael Moskow
Former President and CEO, Federal Reserve Bank of Chicago

Frank Newman
Former U.S. Deputy Secretary of the Treasury; Former Acting U.S. Secretary of the Treasury

Thomas Nides
Former U.S. Deputy Secretary of State for Management

Sally Osberg
President and CEO, Skoll Foundation

Jan Piercy
Former U.S. Executive Director, World Bank Group

Robert Post
Dean of Yale Law School and Sol & Lillian Goldman Professor of Law

Donald Powell
Former Chairman, Federal Deposit Insurance Corporation

Nicolas Retsinas
Former U.S. Federal Housing Commissioner

Donald Riegle
Former U.S. Senator from the State of Michigan; Former Chairman, Senate Committee on Banking, Housing and Urban Development

Jochen Sanio
Former President, Federal Financial Supervisory Authority, Bonn, Germany

Paul Sarbanes
Former U.S. Senator from the State of Maryland; Former Chairman, Senate Committee on Banking, Housing and Urban Development

Mary Schapiro
Managing Director, Promontory Financial Group; Former Chairman, U.S. Securities and Exchange Commission

George Shultz
Former U.S. Secretary of State

Ellen Seidman
Senior Fellow, Urban Institute

Jeff Skoll
Chairman, Participant Media

Yeardley Smith

Erik Solheim
Former Norwegian Minister of International Development and Minister of the Environment

Strobe Talbott
Former U.S. Deputy Secretary of State

Alejandro Toledo
Former President of Peru

Peter Tufano
Peter Moores Dean and Professor of Finance, Said Business School, University of Oxford

Ted Turner
Chairman, UN Foundation Board of Directors

Desmond Tutu
Nobel Peace Prize winner and former Anglican Archbishop

Melanne Verveer
Executive Director, Georgetown Center for Women, Peace, and Security; Former U.S. Ambassador-at-Large for Global Women’s Issues

Paul Volcker
Former Chairman, Board of Governors of the Federal Reserve System

Timothy Wirth
Vice Chairman, UN Foundation; Former U.S. Senator from the State of Colorado

Jochen Zeitz
Founder, Zeitz Foundation; Co-Founder, The B Team

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