Shaukat Tarin, the Banker behind Union Bank and its successful sale to Standard Chartered Bank for about 500 million dollars in 2006, quit this morning as Pakistan’s Finance Minister. Post Union Bank, Shaukat along with a consortium of multination investors acquired Saudi Pak Commercial Bank from SAPICO for a second Union run. The acquired bank was re-branded as Silk Bank and after Shaukat’s elevation as Finance Minister went off track from its planned growth story. With Shaukat back at the helm, Silk Bank’s fortunes should certainly revive.
Unfortunately what is great news for Silk Bank is possibly not the best of news for Pakistan. Shaukat’s recent stint at the top slot at Ministry of Finance helped provide continuity in the finance policy framework, closed and then extended the SBA facility with IMF, removed fuel and food subsidies, partially addressed the circular debt issue, stabilized the rupee and added degrees of confidence compared to the disastrous stint of Senator Ishaq Dar in that role.
We will miss you Mr. Tarin.