IFC makes $67 million Investment in Pakistan Bank Alfalah

September 19, 2014 Sanjeev Ramachandran Business 0

Karachi based Bank Alfalah has released a statement regarding their recent tie-up with the International Finance Cooperation that would result in an investment of $67 million in the bank by the latter.

The notice was sent out to the Karachi Stock Exchange on Thursday.

IFC of World Bank, which has been aiding and advising private sector banking ventures, including Bank Alfalah since 2007, would be taking up a stake of 15% in the paid-up capital of Bank Alfalah.


alfalah pakistan

 

As per the newly reached agreement, Bank Alfalah would be issuing shares at the value of Rs 28 per share to the IFC. An additional purchase of 5% equity by the end of this year has also been put as optional for the IFC. The agreement is pending the approval from the regulatory.

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Bank Alfalah, established in 1992, is run by the Abu Dhabi Group and is the nation’s sixth-largest lender. It operates across the countries of Afghanistan, Bangladesh and Bahrain alongside the representative office at UAE.

The after-tax profits of the bank during the period of first quarters of 2014 tallied to an amount of Rs 1.13 billion, showing the steady rise from Rs 1.01 billion for the first quarter of previous year.

The bank was allowed to be put under due diligence of IFC by Pakistan’s central bank back in the month of May. The new agreement is expected to raise the paid-up capital of the bank by Rs 6.7 billion as per the views of analysts.

The amount would be used for the steady growth of the bank with a vision of expanding its network to a total tally of 700 branches by 2015.

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About Sanjeev Ramachandran 145 Articles
Sanjeev Ramachandran has found ultimate joy all through his 23-year-long journalism career by writing for national and international newspapers, websites and blogs. From technology to politics to sports to entertainment, he has been able to express ideas and pen opinion pieces on whatever triggers his interest. Currently at the helm of his own content and public relations company, called Siyahi – The Content & PR People, he makes sure that he doesn’t always let administrative tasks take over his writing space.