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29 November 2023

Consortium in $200m Pakistan bank deal

By Agencies

A consortium including Bank Muscat and Japan's Nomura Holdings has signed a deal to buy 85 per cent of Pakistan's Saudi Pak Bank for about $200 million (Dh730 million), a banker involved in the deal said on Monday.

The consortium, led by Pakistani financier Shaukat Tarin, also includes International Finance Corp, an arm of the World Bank.
"The deal has been finalised at 29.30 rupees a share," the banker said, speaking on condition of anonymity because the deal had then not been officially announced to the market.
"We will buy a 68 per cent stake from the parent company, and another 17 per cent from local institutions," he said.
Saudi Pak Industrial and Agricultural Investment Co., the parent of Saudi Pak Bank, confirmed the deal.
"We will be selling them 68.01 per cent of the bank that we hold at 29.30 rupees a share," Rashid Zahir, chief executive of Saudi Pak Industrial and Agricultural Investment, told Reuters.
The price is around 2.8 times Saudi Pak Bank's current net asset value. The stock was up 4 per cent at 0552 GMT. (Reuters)