Money, Finance and Banking Blog in Pakistan
Posts tagged Foreign Direct Investment
BankIslami Intends to Acquire EGIBL
Jan 20th
The board of directors of BankIslami Pakistan Limited has decided to enter into a memorandum of understanding (MoU) with Emirates Global Islamic Bank Limited, Pakistan in relation to a proposed acquisition or merger in such a way that BankIslami remains the surviving entity.
The transaction, however, is subject to satisfactory due diligence, regulatory consents and execution of a bidding agreement between the parties.
EGIBL started operations in February 2007 with sponsors from the United Arab Emirates and Saudi Arabia, and a business model to deliver Shariah compliant financial instruments through an urban and rural branch network. It currently has a branch network More >
Maybank’s Investment in MCB Paying Dividend
Jul 24th
MCB Bank Limited (MCB) of Pakistan is well placed to gain synergies both at the strategic and operational levels following its recent association with Malayan Banking Bhd having 20 percent stake in MCB.
The Pakistan Credit Rating Agency (PACRA) in its report made public this month, maintained the long-term and short-term entity ratings of MCB Bank Limited at “AA+” (Double A Plus) and “A1+” (A One Plus), respectively.
A statement issued by the Pakistan High Commission in Kuala Lumpur on July 22, 2009 says the ratings reflect MCB’s robust financial profile and remarkably consistent performance in an increasingly challenging operating environment, reports More >
Government to Introduce Insurance Scheme for Foreign Investors
Jul 24th
The Pakistan government is introducing insurance scheme for foreign investors besides initiating hedge fund in the upcoming trade policy. The scheme would guarantee foreign investors that their investments would remain secure.
The government had also planned to introduce hedge fund for the first time in the country to provide capital to the industrialists and businessmen for overcoming the scarcity of financial resources.
The inland freight on petroleum products would also be subsidized in the new trade policy, the sources added. The business community has suggested for ban on import of luxury items for reducing the import bill.
Ministry of Commerce received more than More >
Barclays Pakistan Celebrates its First Anniversary
Jul 24th
Barclays Bank (Pakistan chapter) celebrated its first anniversary of on July 23, 2009 marking the successful completion of a year of operations in Pakistan.
The first year celebrations took place simultaneously in Karachi, Lahore and Islamabad and the cake cutting ceremony was attended by management, senior officials and staff members.
A statement by the bank said that Barclays recognized its employees achievements and the branches celebrated the day in true spirit.
On the occasion, Mohsin Nathani, Managing Director of Barclays Pakistan, said that after reaching this momentous juncture, he would like to thank the customers who contributed significantly towards the Bank’s success.
Furthermore, he More >
Orascom Telecom and Rojhan Capital Eyeing Royal Bank of Scotland (RBS) Pakistan
Jun 1st
“The State Bank of Pakistan has granted in-principle approval to Orascom Telecom Holdings and Rojhan Capital on the application of Orascom International Holdings, Egypt to conduct due diligence of Royal Bank of Scotland (formally ABN Amro Pakistan Ltd.),” Royal Bank of Scotland Pakistan said in a statement to the Karachi Stock Exchange
RBS Pakistan on February 26, 2009 had sent a notice to the Karachi Stock Exchange (KSE) to divest from Pakistan as part of its global strategy and restructuring process. Royal Bank of Scotland Group had been badly affected from the global financial crisis therefore, the group had decided to dissociate More >
