KARACHI, Aug 8: National Bank of Pakistan hopes to divest its shares in Saudi-based Al Jazira Bank in three months, but expects the sale to be at a discounted price, a top official said on Tuesday.

NBP holds around 5.8 per cent of Al Jazira Bank, or 6.5625m shares, which at the current price would cost around $548 million.

“Because it is not going to be an open market sale, the likelihood of getting a premium is out of question,” said Syed Ali Raza, president of the NBP.

“It would probably be at a discount, and that has been the experience of other foreign banks as well,” Mr Raza told Reuters in an interview.