Pakistan appoints DIB as advisor to restructure PIA

The Government of Pakistan has appointed a consortium headed by Dubai Islamic Bank (DIB) as the financial advisor on the restructuring of Pakistan International Airlines Corporation (PIAC), leading to private sector partnership in the core operations of PIAC.

The consortium includes top relevant industry experts as required for the transaction, including IATA Consulting , the foremost aviation consulting firm part of IATA Group, Deloitte Pakistan, HaidermotaBNR, Freshfields Bruckhaus Deringer, Abacus Consulting, APCO Worldwide and Prestige Communications.

"The appointment of DIB’s advisory team on this landmark transaction is testament to the bank’s undisputed technical capability, sophistication, credibility and expertise in advising and executing transactions along a wide spectrum of financial requirements and across a varied and diverse customer base," said Dr. Adnan Chilwan, Chief Executive Officer at Dubai Islamic Bank.

"Our growth agenda for 2014 and beyond has a renewed focus on international expansion and cross border business as we forge ahead in our plans to establish DIB as a household name in the markets we operate.  The award of this mandate to the bank demonstrates the Government of Pakistan’s confidence in our continued support and commitment to the country and its economy." he added.

PIAC, the national flag carrier, has been swamped with diverse challenges for some time, including an ageing fleet, maintenance issues, fuel bills and competition from domestic and international carriers, which weighed heavily on its revenue line and significantly depressed its financial condition.

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