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News Release |
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Consortium Acquires Majority Stake in Pakistan’s SPCB |
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Karachi, April 1, 2008: The consortium comprising International Finance Corporation (a member of the World Bank Group), Bank Muscat, Nomura International and Sinthos Capital announced the completion of its majority stake in Saudi Pak Commercial Bank (SPCB). The consortium is led by senior bankers Shaukat Tarin and Sadeq Sayeed. The consortium has acquired an 86.55% stake in SPCB for around $213 million or $0.47 per share (PKR 29.3 equivalent per share). |
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Mr. Tarin will assume the position of CEO of the new bank and implement a plan to make SPCB a significant player in the local market. The re-branded bank will concentrate on expanding its consumer banking and SME businesses.
"We are excited to be working with the customers and employees of Saudi Pak Commercial Bank," said Shaukat Tarin on the eve of the completion. "With new management direction we plan to create a strong institution. Our vision is to make the rebranded SPCB a top ten bank in the country in a period of five to six years.” |
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Commenting on the acquisition, Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman, Bank Muscat, said: “Pakistan and Oman have historically had longstanding economic and social ties. Our entry into the country is therefore both strategically and commercially important to us. We will be pleased to be of service to the local business community in Pakistan and hope this move will further strengthen our ties with members of the community who are well settled across the GCC region. We definitely look forward to contributing significantly to the economic and social development of Pakistan.” |
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Michael Essex, IFC Regional Director for the Middle East and North Africa, said, “We are confident that the new Saudi Pak management and team will deliver high-quality and innovative services to Pakistan’s consumers and that the bank will continue to play a key role in developing the country’s financial sector. Through our investment and advisory services, IFC seeks to improve access to finance to underserved people and to support and accelerate the process of consolidating the local banking sector.” |
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Yugo Ishida, CEO of Nomura Europe, said: "We are delighted to be working in partnership with the consortium’s highly regarded bankers to develop Saudi Pak’s position in the local market and more broadly, to help strengthen Pakistan’s financial sector.. Pakistan is a key global market and we believe its economic potential, including its growing financial services sector, will pay dividends for foreign investors like ourselves. This acquisition is part of our continuing commitment to develop our Asian and emerging market franchises and will allow us to gain a secure foothold into a dominant regional market.”
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