MCB, KASB and UBL interested in HSBC acquisition

Karachi: MCB Bank and KASB have shown interest in acquiring Hong Kong and Shanghai Banking Corporation (HSBC) stakes in Pakistan.

According to Alfalah Securities Limited, the bank has decided to wind up its operations from Pakistan under the restructuring plan it is examining the potential sale of businesses in Pakistan. In this regard, HSBC has officially informed the State Bank Pakistan that it has plans to sell its stakes in the Pakistani financial market. MCB Bank, United Bank Limited and KASB have shown intention to buy HSBC stake, where MCB Bank and KASB have already have applied for No Objection Certificate (NOC) from the SBP to conduct the due diligence. HSBC Pakistan started operations in 1982 and operated as a full service bank. HSBC Pakistan has earned a profit after tax of PkR 971 million during CY11 as compared to PkR 491.59 million in CY10. It has a network of 11 branches in Pakistan in all major cities having net assets of PkR 7.505 billion in CY11. The acquisition of the Bank would enable the acquirer improve it presence and add deposit base to its portfolio.

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