KARACHI: For the first time in history, 10 Pakistani Banks takeunprecedented decision to revive Pakistani economy.
In a bid to revive sick industrial units,10 banks of the country signed anagreement to establish Pakistan Corporate Restructuring Company Ltd (PCRCL)the other day.
The Securities and Exchange Commission of Pakistan (SECP) granted licenseto the PCRCL on Dec 31, 2019. Under the provisions of CorporateRestructuring Companies Act 2016 with an initial paid-up capital of Rs500million, the banks the other day decided to establish the CorporateRestructuring Company (CRC) which will be first of its kind in the country.
The shareholder agreement was signed by presidents and representativesfrom Habib Bank, National Bank of Pakistan, United Bank, MCB Bank, AlliedBank, Meezan Bank, Bank Alfalah, Bank Al-Habib, Habib Metropolitan Bank andFaysal Bank at the State Bank of Pakistan (SBP) headquarters.
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The CRC will help the government revive sick industrial units.
The CRCs, under the CRC Act 2016, are empowered to acquire, restructure andresolve the non-performing assets (NPAs) of financial institutions andthereby reorganise and revive commercially or financially distressedcompanies.
