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Habib Bank Handed Over To Aga Khan Fund For Economic Development - 2004-02-26

Thursday, 2004, February 26

Pakistan's second largest commercial bank, Habib Bank has been handed over to Aga Khan Fund for Economic Development.
An agreement was signed in Islamabad this afternoon by the Privatisation Commission and the Fund for transfer of management of the bank.
Aga Khan Fund had given the highest bid of over 22 billion rupees in December last year for acquiring 51% strategic stake and acquiring management control in the Bank.
Speaking on the occasion, the Minister for Privatisation, Dr. Hafeez Sheikh described it as the largest ever strategic sale in the history of the country. He said the bank has been handed over to the highest bidder having good reputation, professional background and deep commitment to Pakistan. Speaking on the occasion, Finance Minister Shaukat Aziz pointed out that it is in line with the world wide trend of private sector running financial institutions. He said 90% of the proceeds would be spent on debt retirement and 10% on the social sector.
The End.

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