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AGA KHAN FUND OFFERS HIGHEST BID FOR PAKISTAN'S LARGEST BANK - 2003-12-30

AKFED invested in Habib Bank Ltd., which was privatised by the Pakistan government.  2004-02-26
Date: 
Tuesday, 2003, December 30
Location: 

ISLAMABAD: The Aga Khan Fund for Economic Development (AKFED) on Monday gave the highest bid of Rs 22.409 billion ($389 million) for acquiring 51 per cent strategic stake in Habib Bank Limited (HBL). It was the biggest transaction in the history of Pakistan.

(AKDN reports below)

Islamabad, Pakistan, 26 February 2004 — The Privatisation Commission today formally granted the Aga Khan Fund for Economic Development (AKFED) rights to 51% of the shareholding in Habib Bank Limited against a committed investment of Pakistani Rupees 22.409 billion (US$389 million) in accordance with all statutory requirements and the terms of the successful bid as approved by the Cabinet Committee on Privatisation.

“This sale represents a very important step towards enhancing potential in the financial services sector and towards reinvigorating investment by those with a solid and proven interest in growing this country’s economy,” said Finance Minister Shaukat Aziz on the occasion.

Underlining the importance of a transparent process, Dr. Abdul Hafeez Shaikh, Minister for Privatisation and Investment said that “privatisation of Habib Bank Limited (HBL) is a manifestation of the Government policy that underscores privatisation in a fair and transparent manner for the people of Pakistan in the right way, to the right people, at the right price. The HBL transaction also highlights the professionalization and integrity of the process which has been universally lauded and appreciated by all the bidders.”

“AKFED is committed to building on the strength of the premier financial institution in Pakistan and to extending its range of activities into new areas both in Pakistan and abroad,” said Iain Cheyne, Director of AKFED.

In accordance with the Commission’s instructions, AKFED has effected payment for 26% of the shares, with the remaining 25% being payable over two years. The existing senior management is expected to continue to work with directors newly appointed to the Bank’s board by the Government of Pakistan and by AKFED. AKFED will be represented by Sultan Allana, who will serve as the Chairman, Zakir Mahmood, who will continue as President and Chief Executive Officer, Barrister Sajid Zahid, senior partner at Orr Dignam & Company and Iain Cheyne. The Government designees are: Mr. Ahmad Waqar, Secretary, Privatization Commission; Mr. M. Ismail Qureshi, Additional Finance Secretary, Finance Division; Mr. Arif Mansur, Additional Finance Secretary, Finance Division; Mr. Shaukat Hayat Durrani, Additional Secretary, Prime Minister’s Secretariat.

Habib Bank Limited was incorporated in 1941 in Bombay and moved its headquarters to Karachi in 1947 becoming the first commercial bank to be established in Pakistan. A pioneer in the introduction of new products such as automated teller machines, and travellers cheques into the Pakistani market, the Bank today has more than 1,400 branches and is present in 25 countries across five continents. HBL is the largest commercial bank in Pakistan with a customer base of over 5 million customers with customer deposits exceeding Rs 349 billion (US$ 6.1 billion) and total assets of over Rs. 430 billion (US$ 7.6 billion).

For further information, please contact:

The Information Department
Aiglemont
60270 Gouvieux, France

person_place_reference: 
H.H. Prince Karim Aga Khan IV


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PM, Aga Khan Fund director discuss economic situation, development projects 2022-09-14

Chairman of Habib Bank Limited and Director of the Aga Khan Fund for Economic Development Sultan Ali Allana called on PM Sharif
Source: 
www.pakistantoday.com.pk

ISLAMABAD: Chairman of Habib Bank Limited and Director of the Aga Khan Fund for Economic Development Sultan Ali Allana called on Prime Minister Muhammad Shehbaz Sharif on Wednesday.

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During the meeting, they discussed the areas of mutual interest including economic situation in the country and areas of development.

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