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MCB Bank submits SOQ for privatization process of SME Bank

MCB Bank submits SOQ for privatization process of SME Bank

KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited.

In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer.

Accordingly, MCB Bank Limited submitted an expression of interest to the Privatization Commission on December 16, 2019, and consequently received a request for statement of qualification (RSOQ) issued by the Privatization Commission in respect of the proposed transaction.

In response to the RSOQ, MCB Bank Limited is required to submit a Statement of Qualification (SOQ) to the Privatization Commission by February 10, 2020.

As per the stated requirement, MCB Bank Limited has submitted the SOQ today (February 10, 2020). MCB Bank Limited said that it would keep updated the market participants about any further developments as and when they occur.