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- Title
The House Building Finance Corporation (HBFC) -- Pakistan.
- Authors
Rizvi, Zaigham Mahmood
- Abstract
This article offers a look at the successful turnaround of Pakistan's House Building Finance Corporation (HBFC). According to a June 7, 2002 World Bank report, HBFC may be in a situation economically equivalent to bankruptcy given its low rate of provisioning. A new management was appointed at HBFC, which conduucted a comprehensive review of the situation. Some of the challenges facced by the new management include non-performing loans (NPL), poor accounting practices, and poor personnel policies. The objectives of its restructuring program include establishing the direction for the corporation, setting the house in order, and instituting a business plan for the future. Technological aids were adopted by the management in a bid to achieve effective and cost-efficient operations.
- Subjects
PAKISTAN; CORPORATE turnaround management; HOUSE Building Finance Corp. Ltd.; GOVERNMENT corporations; BANKRUPTCY; CORPORATE reorganizations; NONPERFORMING loans; ACCOUNTING; PERSONNEL management; BUSINESS planning; TECHNOLOGICAL innovations; WORLD Bank Group
- Publication
Housing Finance International, 2008, Vol 22, Issue 3, p3
- ISSN
1534-8784
- Publication type
Article