The House Building Finance Corporation (HBFC) is initiating a visionary plan to relocate the HBFC branches to visible and easily approachable locations. These branches would be customer-friendly and work as one-window operations to eliminate difficulties faced by the customers.
According to reliable sources, the HBFC Chief Executive Officer, Zaigham Mahmood Rizvi, was planning positive steps to usher it in a new era where old bottle-necks and bureaucratic tangle would be removed completely.
The HBFC has a bold corporatisation plan to enhance its activities in the finance sector. It had set targets that would be achieved in four quarters between July-September 2005 to April-June 2006. During the first quarter July-Sept, 2005 the HBFC had to finalise HBFC charter (Articles and Memorandum of Association), and its clearance from the Ministry of Finance.
The sources said the Ministry of Finance had directed HBFC to set up a new company under the Company's Ordinance in the name of "House Building Finance Company Ltd" And styled as a private limited Company. It is in the process of finalisation.
The second quarter from October-December, 2005 would see the incorporation of House Building Finance Company Ltd with the Security and Exchange Commission of Pakistan (SECP).
The third quarter of January-March 2006 would see transfer of assets and liabilities of HBFC (old company) to the newly established HBFC Ltd (new company). HBFC from this point onward would start functioning as a Public Limited Company and regulated by SECP under the company's ordinance. As a result of this the HBFC (old Co) would survive as "shell" company, the sources maintained.
The fourth quarter would bring death knell for the Shell Company as the legal procedure and formalities at the Ministry of Finance would be adopted as per the requirements of law.
"The computerisation of HBFC is on the anvil as the record keeping of its customer is manual that creates lot of chaos when a customer pays all the dues and wants to close his account. This results in considerable delays in getting the property documents released from the HBFC," the sources added.
They said a software firm had been given the task to develop a comprehensive software for all the areas of HBFC like Housing Finance, Accounts, Billing, recoveries and follow up.
At present the HBFC was facing stiff competition from its rivals as more than 24 commercial banks are doing the same business as HBFC, he added. It has to improvise product innovation, market development, market penetration, time and cost efficiency to be an active player in the financial market.
The human resources in the HBFC are to be elevated to a state of highest excellence to counter the present weak spots in its working. The remedial steps are the strengthened accounts, audit with the induction of professionals, MIS and Risk Management function cemented with the enrolment of the professionals.
The sources said that the induction of 40-50 MBAs at the entry level as Management Trainees was on the line to for future leadership. Preference would be given to the local candidates in various districts at the time of employment. This would make the induction process transparent and HBFC could claim to be an equal opportunity employer.
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