Government asks state bank to sell entire stake in HBFC.

The federal government has directed the State Bank of Pakistan (SBP) to divest its entire shareholding in House Building Finance Company (HBFC), which will pave the way for the housing finance company's privatisation, officials say.

At present, the SBP has 90.31percent shareholding in HBFC - a major state-owned housing finance institution in the country.

Last week, the Privatisation Commission board approved MCB Bank, EY Ford Rhodes, Elixir Securities Pakistan (Private) Limited and Haidermota and Co (sub-contractor) as financial advisers for the privatisation of HBFC. The consortium will charge a minimum fee of Rs80.3 million.

According to the Finance Division, HBFC is a public limited company in which the government held 62.50percent shares while the remaining 37.50percent stake was held by the SBP as of December 31, 2016.

In a meeting held on...