PC Offers Habib Bank Limited For Privatisation
Islamabad, June 13, 2002
Privatisation Commission (PC) has invited Expressions of Interest (EOIs) to strategic investors interested in acquiring a minimum stake of 26% of GoP's shareholding in Habib Bank Limited (HBL). It is envisaged that the terms of the sale shall include the transfer of management control. Invitation of EOIs for the privatisation of HBL follows shortly after the bidding ceremony for United Bank Limited conducted on Monday.
An extensive streamlining and restructuring programme is concurrently being implemented by HBL's management towards the preparation for the privatisation of the bank. HBL's privatisation represents an attractive investment opportunity for investors interested in leveraging the bank’s extensive presence and market share.
HBL is Pakistan's second largest commercial bank boasting both a domestic and international branch network. HBL has a full service licence covering commercial, retail banking, consumer and investment banking activities in Pakistan and most of the other countries where it is present. The extensive domestic network consists of 1,468 branches with an approximate 20% market share. HBL’s large international network includes 48 branches in 26 countries spread over Europe, the Middle East, Far East, Asia, Africa and the United States. It operates three wholly owned subsidiaries namely Habib Bank Financial Services (PVT) Ltd. – Karachi, Habib Finance International Ltd. - Hong Kong, and Habib Finance Australia Ltd. - Sydney; joint ventures include Habib Nigeria Bank Ltd. (40%) and Himalayan Bank Ltd. (20%). HBL also has two representative offices
in Iran and Egypt.
Expression of Interest documentation should be accompanied by a Bank Draft of US$1000/- (United States Dollars One Thousand Only) or Rs.60,000/- (Pak Rupees Sixty Thousand Only) as non-refundable processing fee. Once EOIs have been submitted, potential investors may receive a Request for Statement of Qualifications (RSOQs) document which will be made available as early as 20 June 2002. The SOQ document must be completed and returned no later than 31 July 2002. Interested parties have been asked to submit their EOIs as early as possible in order to maximize their time for preparation and submission of the requisite information. 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 EOI as provided by any interested investor or consortium shall not be reclaimable or returned. This offer is not intended to be, and should not be construed as an offer or invitation to acquire any securities or assets of HBL and any representation or warranty, express or implied, with respect to any statement made herein.
Further information on HBL operations can be obtained from the HBL website: www.habibbankltd.com
