The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting at the Finance Division to review the progress on the Privatization of the SME Bank.
The Minister of Finance was briefed that the pre-bidding process is complete and that the interested parties have been shortlisted. The PC Board has also completed initial discussion/consultations with the shortlisted bidders to facilitate them in the completion of their due diligence process.
The PC informed Minister Tarin about the equity requirement of the SME Bank, after which the latter directed SAPM Masood to assess the requirements and prepare a proposal for the strengthening of the balance sheet of the SME Bank.
The Minister for Privatization stated that the ministry is constantly in touch with potential investors and will keep updating the Ministry of Finance, the SBP, and all the other relevant stakeholders of the new developments.
Minister Tarin affirmed his support for the Privatization Commission for the successful completion of the transaction.
The meeting was attended by the Minister for Privatization, Muhammad Mian Soomro; the Special Assistant to the Prime Minister (SAPM) on Finance and Revenue, Dr. Waqar Masood; the Governor of the State Bank of Pakistan, Dr. Reza Baqir; and senior officials from the Ministry of Finance, the Privatization Commission (PC), and the State Bank of Pakistan (SBP).