KARACHI: Standard Chartered Bank and ORIX Leasing Pakistan Limited have reached a sale-purchase agreement for divestment of the laters shareholdings in Standard Chartered Modaraba by 20 per cent and Standard Chartered Services of Pakistan (SCSP) by 100.
The SCM stake is held 10pc directly and 10pc indirectly through Standard Chartered Services of Pakistan (Private) Limited.
Moreover, OLPL announced the amalgamation of Standard Chartered Leasing (SCLL) (86.45 per cent shareholding) with and into OLPL. The transaction is subject to regulatory approvals. SCM operates mainly out of Karachi, along with two other branches in Lahore and Islamabad.
Commenting on the transaction, Shazad Dada, Chief Executive Officer, Standard Chartered Pakistan said, “Pakistan is a core market for the Bank and we remain fully committed to our business in the country. This transaction represents a further step in Standard Chartered’s focus on the growth of our core client businesses including Retail, Corporate and Institutional, Commercial and Islamic banking.”
On the occasion, Teizoon Kisat, Chief Executive, ORIX Leasing Pakistan Limited was of the opinion that acquisition of Standard Chartered Modaraba will provide the ORIX Group an opportunity to enter the Country’s growing Islamic finance (Ijara) market.
