KARACHI: Habib Bank Limited (HBL) has entered into an agreement Barclays Pakistan to buy its local business. Net assets Barclays which operates seven branches in Pakistan were recorded at Rs52.402 billion as of December 31, 2013.
HBL disclosed this in a bourse filing. In October last, the lender had announced that it was considering negotiation for the acquisition and planning to start a due diligence, subject to approval by the State Bank of Pakistan and other regulatory approvals.
Barclays’ fixed and saving deposits amounted to Rs12.834 billion and Rs16.286 billion, respectively. In 2013, Barclays Pakistan earned profit after tax of Rs426.193 million.
Nausheen Ahmed, company secretary at HBL, said, “Upon the completion of the proposed transaction, the Barclays Pakistan’s business will be amalgamated into HBL, whilst ensuring that the transition of the business is smooth and seamless so as to provide continuous and uninterrupted service to customers.”
