ISLAMABAD, April 18: The National Assembly was told on Friday in a written reply that the privatization of Habib Bank Ltd and Pakistan Telecommunication Company Ltd (PTCL) were in process.

Minister for Privatization Dr Abdul Hafeez Shaikh informed the assembly that the reasons for the privatization was to attract new management, capital and technology to improve the efficiency and quality of the service.

The proceeds from the privatization of the HBL and PTCL would also help in retiring the national debt and for implementation of poverty alleviation programmes, besides it would help in generating higher tax revenues as well as increased profits for the shareholders through enhanced profitability in the private sector.

The purpose was also to provide customers with modern and innovative financial products and to create and induce greater corporate governance improving thereby the performance of the company for the benefit of the sector and all the stakeholders especially the deposit holders.

The privatization of PTCL would also create corporate governance culture in a deregulated environment through which the performance of the company would be improved, he said.