Daily Times

ISLAMABAD: The pre-bidding process for the privatization of SME Bank has been completed while parties interested in the transaction have been shortlisted, Privatisation Commission (PC) said Thursday.

According to press statement issued by the Finance Ministry, Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting here at the Finance Division to review the progress on the privatisation of the SME Bank. Minister for Privatization Muhammad Mian Soomro also participated the meeting along with Special Assistant to Prime Minister (SAPM) on Finance and Revenue, Dr Waqar Masood; Governor State Bank of Pakistan (SBP) Dr Reza Baqir and senior officials of the Ministry of Finance, Privatization Commission and State Bank of Pakistan.

The commission informed the meeting participant that the PC Board had also completed initial discussion/ consultations with the shortlisted bidders to facilitate them in the completion of their due diligence process.

The Privatization Commission also informed the Finance Minister of the equity requirement of the SME Bank on which the minister directed SAPM on Revenue to assess the requirements and prepare a proposal for strengthening the balance sheet of the SME Bank.

The Minister for Privatization also informed the meeting that they were constantly in touch with the potential investors and would keep updating the Finance Ministry, SBP and all the other relevant stakeholders of the new developments.

On the occasion, the Finance Minister affirmed his support for the Privatization Commission for the successful completion of the transaction, the statement added.