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Meezan finds buyer

May 17, 2018

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DUBAI: Kuwait’s Noor Financial Investment said on Wednesday a foreign financial firm has shown interest in buying part of its stake in Pakistan’s leading Islamic lender Meezan Bank.

Noor Financial said in a statement the foreign financial firm, which it did not identify, wants to purchase 9.59 per cent of Meezan Bank’s capital.

Noor Financial owns 49.1 percent of Meezan Bank, according to the bank’s last annual report. The stake is worth about $330 million based on Meezan’s market capitalisation.

Last year, Noor had said it was continuously looking for strategic alternatives for its investment in Meezan.

Meezan is Pakistan’s biggest Islamic bank with a retail banking network of more than 600 branches in more than 150 cities of the country.

Published in Dawn, May 17th, 2018