KARACHI: About 49.1 per cent shares of Meezan Bank Limited (MEBL) will be sold for $190 million, but the Bank said there would be change in the management.

Details about the possible deal after approval of the State Bank were revealed by the Noor Financial Investment Company Kuwait to the shareholders on Wednesday.

The company said it has decided to sell of 49.11pc stakes in MEBL to Vision Financial Holding Limited at a value of $190m.

It means per share of MEBL valued at Rs41.3 while the current price on Wednesday was Rs39.50.

Noor Company has finalised its deal with the Vision Holding while execution of the decision is possible in 2014 provided the State Bank approves the plan.

Meezan Bank is the largest Islamic Bank in the country having largest branch network, 35 per cent assets of Islamic Banking industry and a profit making progressive bank.

The Vision Holding is already in Pakistan through Mega Group which has diversified investment in Pakistan, like shipping, cement, etc.

Bankers said there would be no change in the MEBL’s performance since the interested buyer itself is heavyweight in the business field.

When contacted, a senior official of the Meezan Bank said neither they were informed about the change, nor was there any chance for change of management.

“The Bank has 11 board members and the Noor Company has two members which means new possible investors would get two members on board of the bank,” said the official

The Noor Company is the single largest stake-holder of the MEBL while others like Pak-Kuwait Investment has about 30pc stake, Islamic Development Bank Jeddah has about 8 to 10pc and the rest is with the general public.

Banking industry in Pakistan has been making profits while the Islamic banking has much better growth than the conventional banking and this growth was witnessed in the last 10 years.

Despite higher growth of Islamic banks, most of their profits are earned by investing into government papers, like conventional banks.

Like other Muslim countries, Islamic banking in Pakistan has potential to attract deposits which is why the MEBL fetched 35pc deposits of entire Islamic banking industry.