KP govt rejects allegation regarding BOK privitisation

Setting aside allegations regarding privatisation of Bank Of Khyber (BOK), Khyber Pukhtoonkhwa government made it clear that the lone financial institution is on improvement; therefore, there is no plan for its privatisation. “BOK in accordance with the previous plan is going to sale out around 19 per cent of its share,” remarked Information Minister Mian Iftikhar Hussain and Finance Minister Engineer Humayoon Khan during a joint press conference here on Friday. Provincial Finance Secretary Sahibzada Saeed and BOK Managing Director Bilal Mustafa both talked about the satisfactory performance of the bank.
Couple of days back, BOK invited bids for its share and in reaction, its employees and leaders of opposition parties went on a protest, alleging that Khyber Pukhtoonkhwa government is going for its privatisation. However, the provincial ministers have rejected such allegations, saying how is it possible for the present government to take such a decision?
Advocating in favour of his point of view, Finance Minister Engineer Humayoon Khan recalled that after coming into power the present government had initiated steps for reactivation of BOK. In this respect, the government acquired a loan of Rs3 billion from State Bank of Pakistan, which enabled BOK in becoming a stable financial institution. Now when the bank has become safe and stable, therefore, its management has decided to sell out its share. He said change of management is part of such bids, but it doesn’t mean that government is going to replace its MD or go for shifting of BOK’s headquarters from Peshawar to Karachi. Similarly, Humayoon Khan also recalled that during the previous Musharaf-MMA government, BOK was not allowed by SBP to open its branches. But now the bank has opened a number of branches in various cities and towns of the country. Even now BOK is planning to open its branches in Kabul and Jalalabad. In response to a question, the provincial information ministers said now Khyber Pukhtoonkhwa government owns 70 per cent of BOK shares. Whereas, the government has made a mind for further investment of Rs2 billion, which could help in its further promotion. On such grounds, they said the government is going to sell its 19 per cent share. They called upon BOK employees and leaders from opposition parties to be patient as the reports on privatisation of BOK are all false.