Islamabad, The Federal Minister for Privatisation, Mr. Fawad Hasan Fawad, chaired a meeting with the management of the House Building Finance Company Limited (HBFC), where he was briefed on the company’s recent performance and future plans. The HBFC has experienced a significant improvement in its financial health, as evidenced by a recent upgrade in its credit rating.

According to Press Information Department, HBFC’s CEO, Mr. Imran Ahad, informed the minister about the company’s current status and its portfolio, which includes 14,000 active borrowers and a total issuance of 18 billion Rupees. Despite covering only 0.03% of the market share, HBFC has substantial growth potential, especially when compared to regional markets like India and Bangladesh. The meeting focused on immediate steps necessary for realizing fair asset value in the upcoming privatisation process. These steps include reprofiling real estate assets from residential to commercial use and HR reforms, particularly addressing the pension portfolio and transitioning to a market-based wage system. Efforts are underway to complete all necessary preparations by December 15, 2023, in consultation with financial advisors and the Secretary of the Privatisation Commission.