Karachi, Bangladesh (BBN)- International Finance Corporation (IFC) has completed financial due diligence of Bank Alfalah Limited to acquire its share worth of $67.1 million.
It has signed an agreement with Alfalah Limited to acquire 20 per cent strategic in the Bank to increase access to finance in Pakistan.
The IFC will initially subscribe to 15 per cent of the Bank’s overall stakes against the share price value of Rs 28, according to a statement.
In September 2014 State Bank of Pakistan allowed IFC to commence due diligence of Bank Alfalah for the purpose of considering the possibility of strategic minority investment in the Bank.
The final approval of the central bank is required by IFC before taken over its granted control over the Bank.
The IFC’s plans to invest in the Bank are encouraging for the banking industry witnessing competition and expansion as well.
“The banking industry remained profitable despite global financial crisis. No bank in Pakistan failed, though thousands of banks were closed globally in the aftermath of global financial crisis.”
BBN/SSR/AD-21Nov14-11:48 am (BST)