KARACHI, Sept 16: Arif Habib group and Rupali Bank on Friday signed a formal agreement to set up a joint venture bank in Pakistan to be called Arif Habib Rupali Bank Limited.

A press release issued by the Group stated that Arif Habib Securities and its affiliates would own around 80 per cent of the Bank, which would have a paid-up capital of Rs1.5 billion as required by the SBP. Rupali Bank would control the remaining 20 per cent.

The press release stated that Rupali Bank Limited had over 600 branches in Bangladesh. It was substantially owned by the Bangladesh government and listed on the Dhaka Stock Exchange. It is being prepared for privatization and would be the first Bangladeshi bank to be privatized.

Rupali Bank was represented in the signing ceremony by Mr Mohammad Abdul Hamid Miah, MD Rupali Bank, Bangladesh and Mr Hafeez Ibrahim, Director Rupali Bank, Bangladesh and also a sitting member of the Bangladeshi parliament. Mr. Arif Habib signed the agreement on behalf of the Arif Habib Group, the press noted said.