ISLAMABAD: Four potential bidders are in competition to acquire SME Bank Ltd (SBL) as the Privatisation Commission is gearing up to open data room for buy-side diligence of the bank.

In response to the Privatisation Commission’s invitation for acquiring majority stake in the SBL, five parties expressed interest and three of them are internationally recognised financial institutions — FINCA Microfinance Bank, Saudi-Pak Industrial and Agricultural Investment Bank and Lanka Orix Leasing Company — have been pre-qualified after a thorough evaluation.

However, Lanka Orix Leasing Company, a Sri Lanka-based financial institution, withdrew from the process citing its inability due to strict exchange control regime of Sri Lanka.

Privatisation Minister Daniyal Aziz on Wednesday approved fresh measures to proceed with the sell-off process of the SBL, aiming to conclude the transaction before the end of 2017-18.

SME Bank has been incurring continuous losses since 2010 resulting in accumulated losses to the tune of Rs2.7 billion, while continuing to remain exempted from the Minimum Capital Requirement (MCR) prescribed by the State Bank.

Published in Dawn, February 1st, 2018

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.