A MAJOR bank, with a long history, has been privatised after a strenuous exertion. It is the third largest bank in the country — after the National Bank and Habib Bank, which too is earmarked for privatization. The United Bank Chief, Amar Zafar Khan, thought the eventual successful privatization called for a proper celebration, and so he and his wife held a largely attended dinner.

Sir Anwar Parvez, the remarkably successful retailer knight from Britain — who is a significant partner of the UAE Group that had taken over the bank, outbidding Mian Mohammad Mansha of MCB — had come over from Islamabad where the signing of the transfer agreement had taken place the day before. Prince Al Nayhan of UAE, the other partner, had gone back to Dubai after signing the agreement. Sir Anwar is a modest man who had earlier invested on the large Bestway cement factory in the north.

Governor Mohammadmian Soomro was there to cut the cake. He left immediately after that because of his preoccupation with the post-election exertions of his group. His political future depends on President Musharraf, he says.

Governor Ishrat Husain of the State Bank of Pakistan was there to congratulate the UBL chief on the successful privatization and the new owners for acquiring a major asset. He was confident the new UBL would now make major headway.

Bankers there included Zakir Mahmud of Habib Bank, Shaukat Tareen of Union Bank and Tawfiq Husain, deputy governor of the State Bank of Pakistan, who was formerly with the American Express Bank. M.R. Khan, former director of the State Bank, who later headed the UBL and turned it around, was there and his contribution was acknowledged.

Yusuf Shirazi, who is a banker, insurer and automobile maker, was there on return from a visit to Harvard University. His son has been elected a member of the governing body of the Harvard Business School after the father’s term ended. Saquib is a Harvard graduate. Javed Saifullah from Peshawar and Mian Abdullah from Lahore were among the upcountry industrialists there. Javaid Iqbal of the CMC, who looked after the public relations of UBL earlier, was there too.

While UBL has gone to outsiders, Shaukat Tareen, of Union Bank, can claim he has taken over two foreign banks here — Bank of America and Emirates Bank — which is creditable.