GulfBase Live Support
Leave a message and our representative will contact you soon
21/09/2014 01:38 AST
The World Bank’s International Finance Corporation (IFC) will take a 15 percent stake in the paid-up capital of Pakistan’s Bank Alfalah, the Karachi-based lender said in a statement.
Under the agreement, which still requires regulatory approval, Bank Alfalah will issue shares to IFC valued at 28 rupees per share, while IFC has an option to buy additional equity of 5 percent before year-end.
The statement did not give a monetary value for the transaction.
Setup in 1992, Bank Alfalah is Pakistan’s sixth-largest lender and operates the second-largest Islamic banking operation in the country.
In May, Pakistan’s central bank allowed IFC to conduct due diligence on Alfalah, owned and operated by the Abu Dhabi Group.
IFC has been providing investment and advisory services to Bank Alfalah since 2007, and in April they launched a joint initiative to support small and medium-sized businesses.
As of June, the bank held 672.5 billion rupees ($6.6 billion) in assets and had 13.5 billion rupees worth of paid up capital.
It operates in Afghanistan, Bangladesh and Bahrain with a representative office in the United Arab Emirates.
Arab News
Index | Closing | Change |
---|---|---|
NIKKEI 225 | 21,292.29 | -96.29 (-0.45 |
DAX | 12,002.45 | -94.28 (-0.77 |
S&P 500 | 2,614.45 | 32.57 (1.26 |
05/04/2018
Stock markets recoiled on Wednesday as China retaliated in an escalating trade war with the United States, leaving investors reluctant to take positions in anything but the safest of assets.
The Gulf Today
04/04/2018
Egypt will start meeting bond investors in Europe this week ahead of a potential euro-denominated bond issue, a document from one of the banks appointed to arrange the meetings showed on Tuesday.
Gulf News
04/04/2018
Foreign investment in France rose 16 per cent in 2017 to levels not seen for a decade as President Emmanuel Macron’s (pictured) bid to attract money from abroad gains pace, a government report said o
Oman Daily Observer
03/04/2018
Explaining Japan’s economy to foreign audiences is hard.
One big reason for this is that explaining something as large and complex as a $5 trillion economy is an inherently difficult task - the
The National
03/04/2018
China raised import duties on a $3 billion list of US meat, apples and other products on Monday in an escalating dispute with Washington over trade and industrial policy.
The government of
The Gulf Today