KABUL - Government has issued a final announcement for privatizing 100% shares of New Kabul Bank (NKB) saying it is in “the final stages”.

The announcement posted on the Ministry of Finance website urges interested investor to maqa2005@gmail.com.

“Banks, Funds, financial institutions and professional investors who have experience of investing in and managing banks in developing economies and who are interested in participating in the privatization of NKB should respond to this advertisement no later than 03:00PM Kabul Time on Thursday 28 January 2016,” the announcement states, adding that further information will be provided to qualified investors.

According to the announcement, Key features of NKB are SWIFT and Western Union licenses , More than 100 operating locations, Correspondent banking relationships with major European (EU) and other international banks,  IT development and backup center in Dubai,  Customer Deposits – approx USD 330 Million and  Leading in alternate channels Banking products.

Kabul Bank which was one of Afghanistan’s largest private financial institutions was seized by government in 2010 after the exposure of a staggering $900 million fraud, which led the International Monetary Fund (IMF) to temporarily halt its hundreds of millions of dollars of loans to the country.

Government has managed to collect nearly 60 percent of the outstanding debts from the defaulters and efforts have been made to collect the remaining loans. (KP)