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Govt to sell 5 to 10 pc HBL, UBL shares through bourses

RECORDER REPORT

KARACHI: Finance Minister, Shaukat Aziz on Wednesday said he government plans to sell 5 to 10 percent shares of Habib Bank and United Bank Limited through local bourses and then hand over the management to a strategic investor in order to privatise and corporatise the two large banks.

He was addressing a reception, he hosted to bid farewell to the outgoing Presidents of the two banks Ñ Shaukat Tarin, (HBL) and Zubyr Soomro, (UBL) Ñ and welcome Zakir Mehamood, President-designate HBL and Amar Zafar Khan, President-designate UBL.

Shaukat Aziz praised the efforts of Zubyr Soomro and Shaukat Tarin in steering the institutions from the verge of bankruptcy towards stability.

He said that through their professional approach in implementing the new plans and policies, they have laid a firm foundation for better banking practices in Pakistan.

The real challenge is to put plans and policies in place and then implement them with conviction and encourage, he added.

He further commended the undaunted spirit and courage with which they took the challenge particularly as both Shukat Tarin and Zubyr Soomro belonged to the private sector. He said that they proved themselves as true Pakistanis in braving the pressures of the public sector successfully for a national cause. He said that still only half the challenge has been achieved.

He said that in Habib Bank Shaukat Tarin faced great odds but he brought far-reaching reforms, which not only reduced the bad debts but also built the morale of the management.

In UBL, he observed, Zubyr Soomro, particularly had a greater challenge with the difficult and strong labour union but he overcame the it with his usual smile and established higher standards for the management.

"They both belled the cat and belled so well that they are still ringing," he quipped.

He welcomed the new incumbents and said they would also take the banks to newer heights and meet the challenges of the new millennium.

Both Zubyr Soomro and Shaukat Tarin responded to the good wishes of the finance minister and said that whatever they did as presidents of Habib Bank and United Bank they did it in the national interest and welfare of the country.

Presnet on the occasion were member of the boards of HBL, and UBL, Minister of Industries, Abdul Razak Dawood, provincial Minister for Industries Mohammad Yusuf Farooqui, the State Bank governor and senior bankers.