Ismaili.NET - Heritage F.I.E.L.D.

ISLAMABAD, Feb 26: Pakistan on Thursday handed over its second largest bank - Habib Bank Limited (HBL) - to Aga Khan Fund for Economic Development (AKFED) against a two-phased Rs22.409 billion highest bid for 51 per cent shares along with management control received in December last year.

Secretary Privatization Ahmed Waqar and Sultan Allana signed the transfer of management agreement on behalf of the Privatization Commission and AKFED respectively. Finance Minister, Shaukat Aziz and Privatization Minister Abdul Hafeez Shaikh witnessed the signing ceremony.

The two most serious contenders for the privatisation of Pakistan?s Habib Bank Ltd are the consortium of Supreme Council and Qatar National Bank and the Aga Khan Fund, it has been learnt.Some 19 buyers have conveyed their interest to the Privatisation Commission for the acquisition of the management stake in Habib Bank, insiders have said.

The consortium of Supreme Council/Qatar National Bank and the Aga Khan Fund are considered to be serious contenders in the list of 19 buyers who have conveyed their interest to the Privatisation Commission (PC) in the acquisition of the management stake in Habib Bank Limited, privatisation pundits told Business Recorder on Sunday.