KARACHI, Oct 8: Khadim Ali Shah Bokhari (KASB) & Co has acquired majority shares of Platinum Bank, making it financially viable to exist.

KASB, country’s one of the largest brokerage house, has entered into an agreement to acquire majority shareholding in Platinum Commercial Bank Ltd.

The transaction is subject to regulatory approval of the State Bank,” a statement of KASB said here on Tuesday.

At the close of session at Karachi Stock Exchanges on Tuesday share value of Platinum Bank surged from Rs5.80 to Rs6.10.

Two other companies — National Development Leasing Co, and Security Investment Bank — were also vying to buy stakes of Platinum Bank. Pak-Libya Holding Co was also interested to buy shares of the bank.

The State Bank’s condition of minimum paid-up capital requirement of Rs1 billion was another reason that Platinum Bank had to consider selling its stakes.

The Platinum Bank has 18 branches across the country. According to yearly review, the bank had an operational profit of Rs38.5 million which turned into loss due to huge provisioning requirements of the central bank.

The KASB is likely to take over the Platinum Bank’s management soon after the elections next week, a KASB official told APP.