Foreign banks eye Pakistan market
Thursday, 7 June 2007
ISLAMABAD, June 6 (APP): The recent announcement from Pakistan's NIB Bank of its plans to acquire 70 per cent of Pakistan's PICIC bank in a $378 million deal is yet another event which will be well received in the markets, said an article published in Gulf News.
The Pakistani banking sector has been abuzz with reports of prospective buyouts in the past year. During this time, the decision by Standard Chartered bank to buy out Pakistan's privately-owned Union Bank has only confirmed the interest of international banks in Pakistan's banking sector. Additionally, ABN-Amro, the Dutch bank has bought Pakistan's privately owned Prime Bank to enlarge in the country.
NIB is indeed based in Pakistan but its largest shareholder - Temasek, the Singapore state investor company, is a large foreign entity. For overseas banks looking at the Pakistani market, interest in the country is driven mainly by the strong performance of Pakistani banks in recent years.
The Pakistani banking sector has been abuzz with reports of prospective buyouts in the past year. During this time, the decision by Standard Chartered bank to buy out Pakistan's privately-owned Union Bank has only confirmed the interest of international banks in Pakistan's banking sector. Additionally, ABN-Amro, the Dutch bank has bought Pakistan's privately owned Prime Bank to enlarge in the country.
NIB is indeed based in Pakistan but its largest shareholder - Temasek, the Singapore state investor company, is a large foreign entity. For overseas banks looking at the Pakistani market, interest in the country is driven mainly by the strong performance of Pakistani banks in recent years.