Corporate and Industrial Restructuring Corporation
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The Corporate and Industrial Restructuring Corporation (CIRC) was a state-owned entity in Pakistan that operated from 2000 to 2006.[1]
History[edit]
The government established the CIRC in September 2000 with the objective of acquiring, managing, restructuring, and disposing of non-performing loans and other assets from various banks and financial institutions.[2][3] The CIRC's stated goals were to clean the balance sheets of government-owned financial institutions, facilitate their privatization, revive struggling industrial units, and create employment opportunities.[1]
During its operational period, the CIRC was involved in the privatization and corporate mergers of several banks, including Habib Bank Limited, United Bank Limited, National Development Finance Corporation, Industrial Development Bank, National Bank of Pakistan, and Allied Bank Limited.[1] Four of these banks were privatized as a result of this initiative.[1] The corporation disposed of 151 non-performing assets (NPAs), resulting in a government surplus of over Rs 1 billion.[1] It also restructured and rescheduled 252 NPAs with a gross debt value of Rs 45.9 billion.[1]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "CIRC helped in revival of 100 sick units". DAWN.COM. September 20, 2006.
- ↑ "Banks, DFIs write off Rs11.9bn loans". DAWN.COM. June 15, 2003.
- ↑ Mangi, Naween A. (July 1, 2002). "The reformed trio". Himal Southasian.
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