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3 years ago
World Bank's IFC considering stake in Pakistan's Bank Alfalah
May 21, 2014 / 6:02 AM / 3 years ago

World Bank's IFC considering stake in Pakistan's Bank Alfalah

1 Min Read

May 21 (Reuters) - The World Bank's International Finance Corporation (IFC) is considering buying an equity stake in Pakistan's Bank Alfalah, the Karachi-based lender said in a statement.

Setup in 1992, Bank Alfalah is owned and operated by the Abu Dhabi Group, which is owned by a member of Abu Dhabi's ruling family, and is the sixth-largest bank in Pakistan.

The statement said Pakistan's central bank had allowed IFC to conduct due diligence on the bank. No details were given on the potential size of the stake.

The bank held 31.9 billion rupees ($322.8 million) worth of assets as of December and has a presence in Afghanistan, Bangladesh, Bahrain and a representative office in the United Arab Emirates.

Bank Alfalah also operates the second-largest Islamic banking operation in the country.

$1 = 98.8250 Pakistani rupees Reporting by Bernardo Vizcaino; Editing by Praveen Menon and Matt Driskill

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