Pakistan to raise $387 million in United Bank sale – The Express Tribune
They need to get out of the banking business. The Government has no role in operating banks. You can thank ZAB for such horrible economic policies.
We should sell off all our shares in banks that were nationalized in the 1970s.
Re: Finally. Some of the mistakes of ZAB are being fixed
Agreed… but unfortunately for Pakistan, privatization process is as dreadful and rife with corruption as was the nationalization process.
Re: Finally. Some of the mistakes of ZAB are being fixed
4 privatized Banks in Pakistan pay billions in tax now contrary to annual cash injection they used to receive prior to privatization. They employ more than double the work force.. 10 times the salaries.. Non performing loans are almost zero.. Compared to mostly infected political loan portfolios when they were in nationalized form..
Privatization of banks was the best thing which happened to our financial sector. I hope the government can learn from this experience and go for fast track privatization of other sectors also.
There will always be people who will talk against privatization.. But we must look at the bottom line..
Re: Finally. Some of the mistakes of ZAB are being fixed
This should have been done long ago, anyhow, good step.. managing and running business in not govt job, they should be focused on regulator's role and having a strong watch-dogs looking over sectors... thats about it..
Re: Finally. Some of the mistakes of ZAB are being fixed
This should have been done long ago,.
pasha sb ko al leeny do zara
Re: Finally. Some of the mistakes of ZAB are being fixed
pasha sb ko al leeny do zara
konsay walay, ju ab Dubai maiN baiTh per Pakistan kay khilaf sazishaiN ker rahay haiN???
Re: Finally. Some of the mistakes of ZAB are being fixed
PA waly... the real deal :ASA:
Re: Finally. Some of the mistakes of ZAB are being fixed
PA waly... the real deal :ASA:
I really miss him. Where is the 'Real Deal'?
Re: Finally. Some of the mistakes of ZAB are being fixed
We are Waiting... did you not see the title of the thread. :D
Re: Finally. Some of the mistakes of ZAB are being fixed
We are Waiting... did you not see the title of the thread. :D
bee jamalo :)
Re: Finally. Some of the mistakes of ZAB are being fixed
:D
Re: Finally. Some of the mistakes of ZAB are being fixed
I guess that the govt sold them but I think that these businesses should have been given back to the original owners from whom they were snatched. Banks became profitable again but I know some auto part producers who refused to take back their business in punjab when zia govt offered them in the eighties.
Now if they can privatize PIA and railway also
Re: Finally. Some of the mistakes of ZAB are being fixed
I guess that the govt sold them but I think that these businesses should have been given back to the original owners from whom they were snatched. Banks became profitable again but I know some auto part producers who refused to take back their business in punjab when zia govt offered them in the eighties.
They were payed that time
Re: Finally. Some of the mistakes of ZAB are being fixed
4 privatized Banks in Pakistan pay billions in tax now contrary to annual cash injection they used to receive prior to privatization. They employ more than double the work force.. 10 times the salaries.. Non performing loans are almost zero.. Compared to mostly infected political loan portfolios when they were in nationalized form..
Privatization of banks was the best thing which happened to our financial sector. I hope the government can learn from this experience and go for fast track privatization of other sectors also.
There will always be people who will talk against privatization.. But we must look at the bottom line..
Privatization is good. But does the 'alls well that ends well' mantra apply here as well? Yes the privatized banks are doing well, and yes they are paying taxes, generating jobs etc. But is it ok to ignore/forgive the corruption, nepotism and cronyism that takes place during the process? In most democratic countries, people are sent on lengthy jail terms for these crimes. In Pakistan, they are rewarded.
I dont think these organizations should be privatized. If bad performance is the only benchmark for privatization, then someone rightly said that heck, our government should be privatized as well....perhaps some western country should be given a contract to come and run our government. It cant go wrong.
Re: Finally. Some of the mistakes of ZAB are being fixed
Privatization is good. But does the 'alls well that ends well' mantra apply here as well? Yes the privatized banks are doing well, and yes they are paying taxes, generating jobs etc. But is it ok to ignore/forgive the corruption, nepotism and cronyism that takes place during the process? In most democratic countries, people are sent on lengthy jail terms for these crimes. In Pakistan, they are rewarded.
Which corruption are you talking about? I am sure you have no idea about the topic of discussion which you are keenly insisting to take.
The privatization of banking sector began with disinvestment of 26% MCB shares. the highest bidder was Tawakkal who had a rent a car business with public money they used to take at 4% per month without any banking or investment license. They had no formal audited account of their business. Eventually they ran away with billions of this public money.
The bank was sold to a group of 10 largest exporters of the country at that time who made a consortium to buy these offered shares. The were asked to match the Tawakkal bid which they did. Thanks God bank was not handed over to Tawakkals. In fact they should not have been allowed to bid for the bank in the first place. The original owners of MCB were given first choice but they refused to match the highest bid. Their financial capacity at the time of MCB privatization became quite week also..
Later the second bank to be privatized was HBL which was handed over to Agha Khan foundation. the third bank UBL was sold to a consortium of Bestway Group and Abu Dhabi group. The last to be privatized was ABL which was handed over to Ibrahims.
MCB was privatized by first Nawaz Sharif government.. while the other 3 were privatized by Musharraf.
All the banks were privatized to the best available buyer.. not necessarily the highest bidder.. but the price was negotiated and often the deal was finalized at a higher price than the original bids.
But I am sure you will refuse to understand all this. Probably it's too much to ask from you to understand the logic that when a financial institution in privatized which deals in public money.. you have to ensure that the institution is being sold to the people who also have management capabilities and credibility. Some people also try to give this an ethnic color.. forgetting the fact that out of original 10 people consortium for MCB.. 7 including Bashir Jan Mohammed, Shafi, Din, MIma, Sapphire were Karachi based business houses.
Re: Finally. Some of the mistakes of ZAB are being fixed
Which corruption are you talking about? I am sure you have no idea about the topic of discussion which you are keenly insisting to take.
The privatization of banking sector began with disinvestment of 26% MCB shares. the highest bidder was Tawakkal who had a rent a car business with public money they used to take at 4% per month without any banking or investment license. They had no formal audited account of their business. Eventually they ran away with billions of this public money. .
Nice to see that all of a sudden, the Sharifs are an epitome of transparency and straight business, and that they have never committed any corruption.
If the Tawakkals had such awful fiscal discipline, then I agree that they should not have gotten MCB. But then why were they given 3 or 4 other smaller companies in the same privatization process, supposedly under the same government, supposedly under the same rules? oh right, different strokes for different folks.