ISLAMABAD: The government is working to improve the privatization policy. The public sector institutions would not be sold out at through away prices, Minister for Information and Broadcasting Sherry Rehman told the Upper House of the Parliament here on Tuesday.
To a question regarding privatisation in the banking sector and of SME bank, She replied on behalf of Minister for Privatisation, that under the privatisation policy, the government would sale out 26 percent shares of the institutions and would keep the rest of 76 percent with it.
She said the SME bank has been showing increasing losses in banking operations and is not sustainable in its present form.
The Minister assured the House that the employees of the bank would not be forced to retire, however, if any employee wants to leave the institution he would be given all the privileges.
Earlier, the Minister for Privatisation Syed Naveed Qamar in a written reply informed the House that privatisation in banking sector has been highly successful.
He said the operating profit of SME bank was standing on Rs. 231.69 million in December 2006, but the amount reduced to Rs. 152.10 million in December 31, 2007.
He said there are 27 SME’s branches across the country of which 13 branches are commercial and 14 Recovery Operations Division branches.
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