The government will sell its stake in United Bank Limited for up to Rs42 billion ($426.27 million) on Wednesday, a person with direct knowledge of the deal said, as the state seeks to raise funds by selling assets.
The United Bank deal forms part of an initiative announced earlier this year in which Privatisation Commission Chairman Mohammad Zubair was tasked with finding buyers for 68 companies, including 10 banks.
An official in the media department of the government declined to comment. Zubair also did not respond to telephone calls.
If successful, the United Bank sale would be the first divestment via capital markets of a government stake in seven years.
Arif Habib, Credit Suisse and Elixir Securities will manage the United Bank deal, said IFR, a Thomson Reuters publication.
Published in The Express Tribune, June 11th, 2014.
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