Karachi (Express News): The presidents of 10 local banks at the State Bank of Pakistan signed a memorandum of understanding with the shareholders to form Pakistan Corporate Retructuring Company Limited in the presence of the Governor’s Bank.
Habib Bank, National Bank of Pakistan, United Bank, MCB Bank, Allied Bank, Mezzan Bank, Bank Alfalah, Bank Al Habib, Habib Metropolitan Bank and Faisal Bank Nicaraport Restructuring Company, as mentioned in the 2016 provisions with an initial capital disbursed of Rs. The company is the first of its kind in Pakistan.
The objectives of the establishment of the CRC include the rehabilitation of sick industrial units, which is in line with the efforts of the Government of Pakistan. It is important to note that, in accordance with the CRC Law 2016, the CRC has been granted assets liabilities of financial institutions. I have been given the option to take over, restructure and restructure and rehabilitate successful commercial or financial companies.
Inactive loans from the banking industry as of September 30, 2019 were 758 billion rupees in total. The total amount of inactive loans includes loans owed to these sick industrial units. These units can be restored and reactivated as long as the timely structuring of inactive loans and the sponsors of the sick units add new equity to demonstrate their willingness and sincerity in their recovery.
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