The Privatisation Commission has invited expressions of interest in the position of financial adviser for the sale of a strategic stake in United Bank (UBL). The deadline for applications is 7 October. The stake will carry management control. The financial adviser is expected to conduct a detailed review of the bank's current operations and carry out financial valuations. It will also structure, market and implement the sale.

The move follows a failed attempt to sell a 26 per cent stake in the bank to the Saudi Bisharahil group in February 1996. The State Bank of Pakistan then took over the management of the bank amidst widescale allegations of corruption by unions and management. The government appointed a new management team in July 1997.

The bank made a loss of Rs 1,523 million ($37.62 million) in 1996. It has assets of Rs 177,237 million ($4,378 million) and deposits of Rs 105,938 million

($2,617 million).

The commission has also invited expressions of interest in the sale of a strategic stake in National Bank of Pakistan. Prime Minister Nawaz Sharif has set the commission a deadline of March 1998 to privatise the banks (MEED 12:9:97; 18:7:97).