Federal Minister for Finance and Revenue Shaukat Tarin on Thursday chaired a meeting to review the progress on the privatisation of the SME Bank. Minister for Privatisation Muhammad Mian Soomro also participated in the meeting along with Finance and Revenue SAPM Dr Waqar Masood, Governor State Bank of Pakistan (SBP) Dr Reza Baqir.
Senior officials of Privatisation Commission (PC), Ministry of Finance and SBP also attended the meeting.
It was briefed to the finance minister that the pre-bidding process is complete and interested parties have been shortlisted. The PC Board has also completed initial discussion/consultation with the shortlisted bidders to facilitate them in the completion of their due diligence process.
The PC also informed Shaukat Tarin about 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 privatisation also informed that they are constantly in touch with the potential investors and will keep updating the finance ministry, SBP and all the other relevant stakeholders of the new developments. Shaukat Tarin affirmed his support for the privatization commission for the successful completion of the transaction.