ISLAMABAD, June 13: The Privatization Commission (PC) has offered a minimum stake of 26 per cent of government shares in Habib Bank Limited (HBL) for sale to strategic investor to proceed with the privatization of another major transaction in the financial sector after the bidding process of UBL conducted on Monday.

It is envisaged that the terms of sale shall include the transfer of management control of HBL.

The bank is Pakistan’s second largest commercial bank, having countrywide and international branches. It has full service licence covering commercial, retail banking, consumer and investment banking activities in Pakistan and most of the other countries.

An extensive streamlining and restructuring programme is currently being implemented by HBL’s management towards the preparation for the privatization of the bank.

HBL has an extensive domestic network consisting of 1,468 branches with a market share of approximately 20 per cent. HBL operates a large international network of 28 branches in 26 countries spread over Europe, the Middle East, Far East, Africa and the United States.

The final date for submission of the information required as per the prescribed format contained in the Pre-qualification Documentation package by the interested parties shall be July 31, 2002.—PPI