Money, Finance and Banking Blog in Pakistan
Posts tagged Merger and Acquisition
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 >
Silkbank, Atlas Bank Fail to Raise Minimum Capital
Aug 6th
State Bank of Pakistan had required individual banks and DFIs to raise minimum paid up capital to Rs5 billion by the end of calendar year 2008 and Rs23 billion by the end of calendar year 2013 through it BSD Circular 19 on September 2005.
Atlas Bank Limited and Silkbank Limited (formerly Saudi Pak Commercial Bank Limited) had failed to raise the required level of paid up capital by the end of previous calendar year. Media reports suggest that these two banks were provided a special extension of seven months to meet the requirements by July 31, 2009.
In an economy growing at the More >
Fee Income of MCB to Grow, If It Acquires RBS Pakistan
Jul 24th
The fee income growth of the MCB Bank is expected to increase further if MCB succeeded in its bid to acquire the RBS Pakistan operations, which has both a strong infrastructure and quality human resource, says JS report.
This probable development could boost the consumer financing business of the bank, which is under pressure at present on account of higher growth in non-performing loans (NPLs).
It is important to note here that being one of the late entrants in the consumer financing, MCB’s fee income growth lagged that of its peers with lowest fee income in the big four banks.
MCB has superior More >
Arif Habib Bank to Acquire a Local Bank
Jul 7th
Arif Habib Bank, which just days back announced selling majority of its shares to a Mauritius-based investment firm, is looking forward to acquiring a local bank with a view to expanding the branch network, its President Hussain Lawai told The News.
Suroor Investment Ltd, owned by a sheikh of Dubai who also has a stake in Dubai Islamic Bank, signed a share purchase agreement on June 30 to buy 60 per cent shares of Arif Habib Bank (AHB). This agreement is part of a broader investment deal between Lawai and Arif Habib Securities, the sponsors of AHB.
Lawai is leading a consortium More >
Suroor Investment Led by Hussain Lawai Acquires Arif Habib Bank
Jul 2nd
According to news coming from Business Recorder, Suroor Investment Limited has acquired 297.034 million ordinary shares of Arif Habib Bank Limited (AHBL) for Rs2.673 billion at Rs9 per share under share purchase agreement, subject to the necessary regulatory approval.
Communiqué notice sent to Karachi Stock Exchange (KSE) states that the share purchase agreement was executed on June 30, 2009. (more…)
