ISLAMABAD, June 8: The Privatization Commission has finalized all arrangements to privatize the United Bank Limited on Monday (June 10).

It is the first major transaction in the financial sector being privatized by the present government. The UBL transaction is being handled by financial adviser — Societe General & AMZ Securities.

All the three pre-qualified bidders — the Consortium of Abu Dhabi Group (UAE) & Bestway Holdings Limited (UK) c/o Bank Alfalah Limited, the Consortium of Muslim Commercial Bank & Associates and the Consortium of Union Bank Limited & Associates — have deposited the required earnest money to take part in the bid opening.

The Privatization Commission had earlier offloaded remaining GoP shares in Muslim Commercial Bank and offered 10 per cent shares of the National Bank of Pakistan through initial public offering in order to pass on the benefits of the privatization process to the common man and broaden the base of stock markets.

The UBL operates a focused international network of branches in UK, US, UAE, Yemen, Bahrain, Qatar and export processing zone of Karachi, operating a joint venture — Oman United Exchange Co., Oman Muscat and a subsidiary — United Bank A.G Zurich, Switzerland, and has representative offices in Cairo, Egypt and Tehran, Iran. The bank has over 11,000 employees.

After the bidding of UBL the privatization of Habib Bank Limited will be undertaken on a fast track basis, which had already been launched and targeted for bidding in September 2002.