Khyber Pakhtunkhwa government rules out possibility of BoK privatisation

Khyber-Pakhtunkhwa government has ruled out any deal for privatisation of Bank of Khyber (BoK), but mere selling 26 percent share of the Bank for brining change in the exiting management. The government has no intention to sell out a revenue generating Bank of the province, said Mian Iftikhar Hussain while briefing the media men here on Friday.
He said that the Bank's financial position is very strong and sound, which would be further strengthened after selling out it's a few shares. Accompanied of Khyber-Pakhtunkhwa, Minister for Finance, Hamayun Khan, Managing Director, BoK Bilal Mustafa, Secretary Finance, he said that there are some people raising negative propaganda against the Bank for gaining political mileage, which will never be succeeded.
He added that the government will not take any step to weaken the economic situation of the province. "We will not accept any political interference in Bank of Khyber", he warned. He added that government is going to bring change in management to avoid politics and mere selling out 26 percent shares of the Bank. Mian Iftikhar informed that the provincial government's share in the Bank was swelled from 51 to 70 percent in last fiscal year, but there will remain 51 percent share with the government, while mere 26 percent additional shares would be sold by an open bidding.
He said that the Khyber-Pakhtunkhwa government had received Rs 3billion bailout package for the Bank. He informed that the bidder will be liable to return Rs 1billion on head of loan to federal government every year under the terms and conditions.
After selling out a few shares, he further added the Bank Board of Directors would be liable to take any decision regarding the Bank instead of the provincial government. He, however, said that the provincial government member would be part of the board. He dispelled the perceptions regarding huge unemployment after selling out a few shares of the Bank. The Bank has grown its operational network from 34 to 87 branches in the country, he added.
He maintained there is no question about the unemployment through selling out mere 26 percent share of the Bank. He said that government didn't interfere in affairs of Bank of Khyber, but it was taking to make Bank's financial position further stronger.
Khyber-Pakhtunkhwa, Minister for Finance, Hamayun Khan, while speaking on the occasion dispelled the impression that the Bank's headquarters would be shifted to other province and deprived employees from their jobs after selling out its a few shares. He assured that the Bank of Khyber name and headquarters will not be replaced under Act of the Bank. He informed that the Bank earned Rs 11billion in last fiscal year. He said that provincial government wants to make Bank's financial position further stronger by minimising its interference in the affairs of the Bank.