Meeting with Management of House Building Finance Company Limited (HBFC)

Federal Minister for Privatisation Mr. Fawad Hasan Fawad chaired a meeting with the management of House Building Finance Company Limited (HBFC). Mr. Imran Ahad, CEO HBFC apprised the minister on the recent performance of the company together with immediate and short term plans. The company has seen a significant turnaround in its financial health which is also reflected in the recent upgrade of credit rating by two scales to AA(-). HBFC has issued a total portfolio of 18 billion Rupees with 14000 active borrowers. It presently covers only 0.03% market share with a manifold growth potential considering even the regional countries like India and Bangladesh. It was decided that immediate steps, that can help the government to realise a fair asset value at the privatisation, need to be completed at the earliest including, but not limited to, reprofiling its real estate assets from residential to commercial wherever applicable and HR reform with particular emphasis on clearing up of the pension portfolio while bringing the employees to a market based wage system. It was also agreed that efforts will be made to complete all necessary work by 15^th December,2023 in consultation with financial advisor and Secretary, Privatisation Commission.