KARACHI, June 22: The Saudi Pak Bank is in talks with several prospective buyers, including some from the Gulf, for the sale of a majority stake that could fetch more than $100 million, banking sources said on Friday.

The bank is majority owned by the Saudi Pak Industrial and Agricultural Investment Co., a joint venture between the governments of Pakistan and Saudi Arabia.

A bank official, who declined to be identified, confirmed that the main sponsors were in talks with prospective buyers for the sale of its stake.

Among the local parties interested are unlisted Arif Habib Rupali Bank, owned by Arif Habib Securities Ltd., and ex-banker Shaukat Tarin, the chairman of the Karachi Stock Exchange, banking sources said.

“Some Middle Eastern firms and a few other local parties are also interested in the bank,” one banking source said.

Another banking source familiar with developments said the sponsors had asked interested parties to submit bids next week. —Reuters