Project Category
Banking, Finance and Insurance
Project Description
The proposed project comprises a common equity investment of up to US$75 million in Habib Bank Limited ("HBL" or "Bank") through purchase of secondary shares being divested by the Government of Pakistan ("GoP"). HBL is the largest commercial bank in Pakistan with a market share of around 15 percent in terms of total assets and deposits. As of December 31, 2014, HBL had total assets of US$18.6 billion, total deposits of US$15.2 billion and total equity of US$1.7 billion. HBL was established in 1941 and was the first commercial bank to be established in Pakistan. It was nationalized in 1974 as part of a program of public ownership of the financial industry. In 2004, it was privatized as part of the GoP`s policy of financial sector deregulation by sale of 51% shares (and management control) to Aga Khan Fund for Economic Development ("AKFED"). As part of the IMF Program and to completely privatize the Bank, the GoP is now in the process of selling its remaining 41.5% shares in the Bank through a recently concluded offer for sale. The formalities for this sale are expected to be completed in April 2015.
Country
Pakistan
Our Reference Number
2000318150421
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