Two Companies Vie To Buy New Kabul Bank

News - Afghanistan

Wednesday, 06 April 2016 10:38 Written by Zabihullah Jehanmal

New-Kabul-Bank

Officials at the Ministry of Finance (MoF) said Tuesday that two companies have completed a purchase process and one will soon be granted the go ahead to purchase the New Kabul Bank.

According to officials, one company is a local firm and the other is Pakistan's Muslim Commercial Bank.

They said that one of the two companies will be selected within four months to purchase the bank.

Head of Treasury at the MoF, Mohammad Aqa Kohistani, said that GSS, a local company has put up a $168 million USD guarantee and the commitment of $1 billion USD investment to purchase the bank.

He added that Pakistan's Muslim Commercial Bank has a guarantee of $20 million USD and has presented an offer to purchase the bank.

"These companies will complete their assessments within four months and after these four months we will tell you about our decision of which company is the winner," he said.

A number of experts believe that the New Kabul Bank is in better shape now and should be sold off to a local investor.

"The government should not act as if the bank is running at a loss. It should be sold to someone who completes the conditions so that to it can be favorable for Afghanistan's economy," said Azrakhsh Hafizi, an economic expert.

Source : tolonews[dot]com
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