KARACHI: Habib Bank Limited (HBL) wants to acquire Barclays Bank’s Pakistan operations, said company secretary of HBL Nausheen Ahmed.
Nausheen said that HBL was considering entering into negotiations for the proposed acquisition after approval of the State Bank of Pakistan (SBP), adding that proposed acquisition will be materialised only after the due diligence exercise, execution of definitive agreements between the parties involved and receipt of all relevant regulatory approvals.
Earlier, Meezan Bank has acquired country operation of Hong Kong and Shanghai Banking Corporation (HSBC) Middle East.
It is pertinent to mention here that with seven branches and Rs55 billion in net assets, Barclays earned profit of Rs426 million in financial year 2013.
