UBL

Government of Pakistan, Privatisation Commission 
Invites Expressions of Interest (EOI)
From Strategic Investors to Participate in the Privatisation of

United Bank Limited

The Government of Pakistan, acting through the Privatisation Commission ("PC"), is proceeding with the privatisation of United Bank Limited ("UBL"), by the intended sale of a minimum stake of 26% of UBL's share capital to a strategic investor. It is envisaged that the terms of a sale shall include the transfer of management control of UBL. 
UBL is one of Pakistan's three leading commercial banks, having a countrywide and international branch network. UBL has full service licence covering commercial, retail banking, consumer and investment banking activities in Pakistan and most of the other countries where it is present. 
An extensive streamlining and restructuring programme is concurrently being implemented by UBL's management towards the preparation for the privatisation of the bank.

UBL's privatisation represents an attractive investment opportunity for investors interested in leveraging UBL's extensive presence and market share. 
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UBL has an extensive domestic network consisting of 1,370 branches with a market share of 9%.
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UBL operates a focussed international network of 20 branches in UK, USA, UAE, Yemen, Bahrain, Qatar and in the Export Processing Zone of Karachi.
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It operates a joint venture - Oman United Exchange Co., Oman Muscat and a subsidiary - United Bank A.G. Zurich, Switzerland.
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UBL also has representative offices in Cairo-Egypt and Tehran-Iran. 

 

Financial Highlights of UBL as on December 31, 1998, 1999 & 2000 (PKR & USD in Millions)

  1998 (PKR) 1998 (USD) 1999 (PKR) 1999 (USD) 2000 (PKR) 2000 (USD)
Shareholders Equity 7,715 133 8,050 139 8,803 152
Total Assets 139,992 2,416 154,450 2,665 155,211 2,678
Deposits 117,718 2,031 127,133 2,194 128,679 2,220
Loans and Advances 48,468 836 61,714 1,065 74.156 1,280
Investments 47,955 827 44,954 776 33,102 571
Operating Profit / (Loss) 78 1 760 13 2,013 35
                Exchange Rate Dec. 31, 2000,  PKR 57.9522/1USD 
  1998 1999 2000
Number of Staff 14,885 13,984 11,873
Number of Branches 1,494 1,417 1,390
Information on UBL operations can be obtained from the UBL website. www.ubl.com.pk

 

The Privatisation Process

Expressions of Interest ("EOI") are hereby invited from reputed International and / or Pakistani parties (participating solely, or as part of a consortium) who have an interest in entering the process towards acquiring the indicated shareholding in UBL. 

On receipt of EOI from interested party(ies), PC/ Financial Advisors will provide an information package containing the Statement of Qualification (SOQ) documentation which will require the potential investors to provide detailed information including, but not limited to, the following:

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The financial strength and net worth

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Management Experience / track record in the banking and financial services industry and / or track record of Corporate Governance

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Experience / track record in developing / emerging countries.

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Profile and Overview of Activities of the interested party(ies)

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Annual report/financial statements for the last 3 years in respect of corporate entities.

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Details of shareholding/ownership structure of the interested party.

 

It is envisaged that once the selection of qualified potential investors has been made on the basis of information provided by party(ies) in the SOQs, participants in the process shall be provided with additional information on UBL whereupon the PC together with its appointed Financial Advisors SG Corporate Finance Advisory / AMZ Securities shall commence with a competitive bid, negotiation and sale process in accordance with the privatisation laws of Pakistan. 

 

EOI should be submitted in writing to the office of the Privatisation Commission, at the address indicated below. The closing date for the receipt of Expressions of Interest shall be 23rd July 2001, and should contain brief information on the interested party(ies).

The EOI documentation should be accompanied by Bank Draft of US $ 400/-(United Stated Dollars Four Hundred Only) or Rs. 25,000/- (Pak Rupees Twenty Five Thousand Only) as non-refundable processing fee draw in favour of " The Privatisation Commission, Government of Pakistan/ UBL". For any further information please contact the PC at the address given below or the Financial Advisors at the following addresses:

 

SG Corporate Finance Advisory 
PNSC Building, 3rd Floor, MT Khan Road,
Karachi, Pakistan 
Fax (9221) 561-0679 / 561-1672 
Pierre Wolmarans Tel: (33) -6-0300-6696
Syed Iqbal Ashraf  Tel: (9221) -111-331-331

 

AMZ Securities (Private) Limited
316, Clifton Centre, Khayaban-e-Roomi,
Karachi, Pakistan
Fax (9221) 587-5030
Ikram H. Mian Tel: (9221) 587-5026

The Government of Pakistan and its advisors reserve the right not to respond to any request for preliminary or other information. Documentation accompanying and comprising an expression of interest as provided by any interested investor or consortium shall not be reclaimable or returned. This advertisement is not intended to be, and should not be construed as; (a) an offer or invitation to acquire any securities or assets of UBL; or (b) any representation or warranty, express or implied, with respect to any statement made herein.

 

Mr. Ahmad Waqar (Additional Secretary),
Tel: (9251)-920-3881, 

Mr. Abdul Ahad Effendi (Consultant Banking),
Tel: (9251)-920-1955

Privatisation Commission
Government of Pakistan
5-A, Constitution Avenue,  EAC Building Islamabad, Pakistan. 
Tel # (92-51)-920-5146, 
Fax # (92-51)-920-3076, 921-1692.

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