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Pakistan to raise $387 million in United Bank sale

Pakistan to raise $387 million in United Bank sale

ISLAMABAD: The ¬†government has sold its 19.8 per cent stake in United Bank Ltd for $387 million, the country's first capital market transaction in eight years, ARY News has learnt. The deal is part of Pakistan's initiative to privatise 68 public companies, including 10 banks, that was announced earlier this year. The government sees the sell-off as a life saver for Pakistan's struggling economy, crippled by power shortages, corruption and militant violence. Successful privatisation is Prime Minister Nawaz Sharif's top…