ISLAMABAD: The Privatisation Commission has signed a Financial Advisory Services Agreement with a consortium led by KPMG to steer the privatisation of the House Building Finance Corporation Limited (HBFCL), marking the government’s second attempt to sell off the state-owned housing lender.

Who’s on Board

Alongside KPMG, the consortium brings together corporate finance advisory firm Bridge Factor, law firm Haidermota & Co., HR firm HRSG, and Asiatic Public Relations for media handling. The Commission said the group combines financial advisory, transaction structuring, and execution expertise to push the privatisation process forward.

A Second Attempt

HBFCL’s first privatisation bid fell through after only one bidder, Pakistan Mortgage Refinance Company Limited, was pre-qualified — and even then, the Commission rejected its offer for coming in below the reference price set by the federal cabinet.

Since then, the Cabinet Committee on Privatisation approved a revised framework back in February, which is also exploring whether HBFCL could be merged or integrated with other state-run financial institutions such as Zarai Taraqiati Bank Limited.

What the Advisers Will Do

Under the new agreement, the financial adviser will carry out full due diligence on HBFCL, recommend the best transaction structure, handle valuation, and support the Commission through marketing and closing the deal.

The Bigger Picture

The Commission says a successful privatisation could strengthen Pakistan’s housing finance sector by bringing in private-sector know-how, improving governance, and widening access to housing loans — particularly for low- and middle-income families, in line with the government’s affordable housing goals.

Officials said the Commission will continue working with the adviser and other stakeholders to keep the transaction on track with the approved process and regulatory requirements.