Islamabad, The Federal Minister for Privatisation, Mr. Fawad Hasan Fawad, chaired a meeting with the management of the House Building Finance Company Limited (HBFC). The company’s CEO, Mr. Imran Ahad, briefed the minister on HBFC’s recent performance and its short-term plans, highlighting a notable improvement in its financial health, as evidenced by a two-scale credit rating upgrade to AA(-).

According to the Privatisation Commission, the HBFC has a portfolio of 18 billion Rupees with 14,000 active borrowers, yet it covers only 0.03% of the market share. The company’s potential for growth is significant, especially compared to regional countries like India and Bangladesh. The meeting focused on immediate steps to enhance the company’s asset value in preparation for privatisation. These steps include reprofiling its real estate assets from residential to commercial use and implementing HR reforms, particularly addressing the pension portfolio and transitioning employees to a market-based wage system. Efforts are underway to complete all necessary work by December 15, 2023, in consultation with a financial advisor and the Secretary of the Privatisation Commission.