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| EoIs invited for SME Bank privatisation |
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Sunday, April 13, 2008
ISLAMABAD: The Privatisation Commission (PC) has invited Expressions of Interest (EoI) from reputed Pakistani and international parties/consortia interested in acquiring 93.88 per cent strategic shareholding in SME Bank Limited, along with the transfer of management control.
The early submission of EoI will enable interested parties to avail the maximum time for the submission of Statements of Qualifications (SoQs). The last date to receive SoQs is May 17.
The SME Bank’s privatisation represents an attractive investment opportunity for investors interested in entering into the commercial banking market of Pakistan. SME Bank has an unrestricted commercial banking license covering banking activities in Pakistan.
SME Bank is a public limited company, which was incorporated in Pakistan on October 30, 2001. At present, SME Bank has employee strength of approximately 630 permanent and contractual individuals, and is operating through a diverse network of 27 branches, which include 13 active commercial branches.
According to JCR-VIS Credit Rating as on February 22, 2007, SME Bank was rated BBB for long-term and A-2 for short-term credits. SME Bank also holds a 73 per cent share in SME Leasing Limited, listed on the Lahore Stock Exchange (LSE), which was incorporated as a wholly owned subsidiary of SME Bank.
The potential buyer will have to retain the name ‘SME Bank Ltd.’ for one year post Privatisation. The charter of SME Bank is to be maintained for at least three years post privatisation.
The leasehold land appearing in the books will not be a part of the transaction and will be returned to the lessor before the sale.
All permanent employees will be offered a severance package. GOP will reserve the right to appoint at least one director on the board of directors of SME Bank, post privatisation.
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ISSN 1563-9479 
