SME Bank has attracted the interest of another interesting acquirer from the textile sector named Zahidjee Textile Limited.
The company has submitted an expression of interest to acquire 93.88 percent shareholding to be a strategic buyer.
The Privatisation Commission back in December 2019 had advertised about the privatization of the said bank via the sale of 93.88% of its shares to a strategic buyer.
Zahidjee Textile Mills Limited had submitted an expression of interest to the Privatization Commission on January 21, 2020, and consequently received a request for a statement of qualification (“RSOQ”) issued by the Privatization Commission for the proposed transaction.
Zahidjee is a Lahore-based textile group producing fabric and textile-made up.
The banking regulator usually prefers a financial institution in case of the privatization, merger, and acquisition of the bank including the experience of the acquirer in the financial sector. However, the acquirer can qualify with an experienced team of bankers on the board and the management of the acquiring banks. The acquirer also may retain the existing team of the privatized bank.
Earlier, SME Bank already received interest from MCB Bank.