Management changes at HBFCL to lead transformation

Karachi, January 06, 2011: House Building Finance Corporation Limited (HBFCL), the country’s oldest housing finance institution is poised for a major transformation with the continued induction of highly experienced specialists into the senior management cadre. Most recently, joining the organization are Ms. Farah Husain as Group Head Internal Audit, Mr. Mehdi Zaidi as Group Head Credit, Collections and SAM, and Mr. Yazdi R. Sidhwa as Group Head of Operations and IT . Each individual brings a wealth of expertise and experience to the designated areas of responsibility, and the greatly strengthened management team is determined to transform the organization into an efficient, customer-focused and profitable entity.

Ms. Husain has 14 years of broad-based professional experience and was previously with Citibank, KPMG UK, among others. Mr. Zaidi has over 26 years of professional experience and has been associated with Citibank, Habib Bank Limited and Bank T&D Consulting. Mr. Sidhwa is also a financial services sector expert, having 22 years of prior work experience to include Habib Bank Limited, Standard Chartered Bank and National Bank.

“HBFCL is undergoing a management-led rapid transformation that is bringing about a positive change across all operations,” stated HBFCL MD/CEO, Azhar A. Jaffri, and added: “Pakistan is facing a massive housing shortage and we aim to lead the industry in addressing this issue. My team and I are committed to doing whatever it takes for HBFCL to play the role it should, and at the same time transform itself into a streamlined and profitable company.”

HBFCL’s transformation will have far-reaching implications, not only in terms of tackling the housing shortage estimated at 8 million units, but also in terms of stimulating national economic growth. According to a State Bank of Pakistan report, over 50 industries are aligned with the housing and construction sector, providing direct and indirect employment to millions of people.

The House Building Corporation Limited (‘HBFCL”) is now an unlisted Public Limited Company. Its Vision is “to be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in small & medium housing (SMH) sector.” Since its inception it has provided a range of housing finance products and services for nearly half a million housing units. 

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