Family silver NBP, Exim Bank not to be sold

The Cabinet Committee on State-Owned Enterprises (CCoSOEs) has declared two banks “essential” entities, thus saving them from being privatised. The committee’s meeting on Monday, chaired by Finance Minister Muhammad Aurangzeb, examined the status of SOEs for their probable handover to the private sector. The meeting was also attended by Minister for Housing Riaz Hussain Pirzada, Minister for Maritime Affairs Qaiser Sheikh, Minister for Economic Affairs Ahad Cheema, SBP governor and SECP chairman. The meeting decided that the National Bank of Pakistan (NBP), being part of the Sovereign Welfare Fund, is exempt from the SOE Act 2003. Hence, the committee approved its exemption from the list of SOEs in line for privatisation. The committee also categorised the Export-Import Bank of Pakistan, or Exim Bank, as an essential SOE for promoting trade.