Habib Bank IPO, GDR approved

Habib Bank president Zakir Mahmood said on Monday the government of Pakistan has given green light for the issuance of IPO and GDR of the bank, authorizing the Privatization Commission to set a deadline and work out details.

Addressing a press conference on the launch of new corporate identity of the bank, he said the bank had already applied to different regulatory authorities of foreign countries to allow it to start business.

He said HBL has plans to extend its presence in key international markets, which include the United Kingdom, UAE, South and Central Asia, Africa and the Far East.

Govt to float GDR of three banks

The government is considering floating Global Depository Receipts (GDRs) of shares of three banks – Habib Bank, United Bank and National Bank – and a power generation company in the international market.

These will be followed by an international GDR offer of 10-15 per cent shares in state-owned Oil and Gas Development Company (OGDC) on the London Stock Exchange.

Federal Minister for Privatisation and Investment Zahid Hamid was speaking in an interview with a UK-based daily Financial Times, a press statement said.

Zahid Hamid said: “This (OGDC offer) will give us access to international capital markets. It will not only enhance the country’s profile but also help in the OGDC’s transformation”.