ISLAMABAD, Oct 18: The Privatization Commission has finalized all arrangements for handing over United Bank Ltd to the highest and successful bidder — the Consortium of Abu Dhabi Group (UAE) & Bestway Holdings Limited (UK) — on Saturday.

The group has made full payment to the Privatization Commission for acquiring majority shares in UBL.

The Privatization Commission had received the highest bid of Rs12.35 billion for 51 per cent GoP shares in UBL, which was also approved by the Cabinet Committee on Privatization.

The UBL privatization is being termed a historic and landmark transaction deal by the Privatization Commission which it said would pave the way for other upcoming transactions being scheduled for the near future and would have a positive impact on them.

The UBL transaction promotes the broad policy objectives of the government considering the private sector as the engine of economic growth and employment. The bank’s privatization would develop a sound and efficient banking system with the capacity to mobilize savings effectively and allocate them to the most economically productive uses.

The importance of UBL within Pakistan’s financial landscape cannot also be overemphasized, as it is the 4th largest bank in Pakistan. It has a 9-per cent market with 1,101 branches across Pakistan as well as a valuable franchise of 16 international branches in the US and the Middle East, with a subsidiary in Switzerland, representative offices in Egypt and Iran, and a 55-per cent stake and management control in a UK based joint venture with seven branches and a 25-per cent stake in a joint venture in Oman. “UBL today is a bank with a remarkable turnaround story,” a PC announcement said.