KASB Bank Limited’s announcement regarding Chinese Private Sector Investment
Karachi: Further to our latter dated April 5, 2011 regarding announcement of financial results for the year 2010 as well as issuance of Right Shares at a discount on receipt of shareholders / regulatory approves, we enclose herewith copy of press release dated May 23, of KASB Group with regard to Chinese private sector investment attached by KASB Group, content of which are self explanatory.
This investment would primary be for raising the equity of KASB Bank in accordance with Capital Enhancement plan disc louse of which also been made in the Annual Report 2010 of the Bank.
KASB attracts First Ever Chinese Private Sector Investment in the Finance Industry in Pakistan
Asia International Finance Company Limited (AFIC), a leading Chinese business group, has invested US$.40m in KASB Finance Limited. AFIC is part of a business conglomerate which hold significant interests in industrial concerns, minerals activity and financial service corporation amongst other China and Asia.
KASB Financial is the holding company of the KASB group, which is a fully integrated financial services operation covering commercial banking, investments banking, Islamic banking, funds managements and securities trading amongst its interests, Bank of America Merrill Lynch is a business partner with KASS Securities since 1993 and BlackRock, with assets under management of over $4 trillion, is a shareholders in KASB Funds.
This investment by AFIC is part of the Company’s long term commitment to investing in Pakistan, and a first step in an envisaged long term strategic relationship with the KASB Group, where the partners anticipate that Group companies will become significant financial players in Pakistan’s ever increasing trade with China and Asia and the expected influx of further investments from China.
The investment represents the first entry by a private sector Chinese firm in the finance industry in Pakistan.
Commenting on this investment Mr. Munir Saleem – Acting President KASB Bank said. “this investment shall prove to be a landmark deal in reinforcing Sino-Pak relations in the investment and finance sector and will further expand KASB Group’s outreach in international financial and business markets.”
For more information, contact:
KASB Bank Limited
Razia Sharif Plaza,
90-Blue Area Islamabad
Tel: +9251 2270725
Fax: +9251 2270727