Finance Ministry Shelves Plan to Privatize SME Bank
According to sources, value of SME Bank has been hampered by privatization.
An initial decision has been taken to cancel the privatization of SME Bank, as it has found only one buyer for the state-owned bank, which is not serious.
According to sources in the Ministry of Finance, the issue of privatization of state-owned bank SME has come to a head. The decision to cancel the privatization of SME Bank will be taken by the Cabinet Privatization Committee.
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According to sources, the value of Bank has been hampered by privatization. The bank is in constant deficit and its total deficit is more than Rs.3 billion.
Federal Minister for Privatization Muhammad Mian Soomro himself has been a banker and knows the affairs of the bank well. According to sources, the government has not had any significant success in privatizing SME Bank.
Only one buyer was found in the privatization of Bank and that one buyer is not serious. Letters were written several times to the sole purchaser to complete the bank’s purchase process, but it still did not move. The Government of Pakistan may now consider dissolving Bank or merging it with National Bank.
