At least six US and European investors are in talks with Kuwait’s Noor Financial Investment to acquire a combined 9.59% interest in Pakistan-based Meezan Bank, according to Reuters.
The investors who are interested to purchasing stake in the sharia-compliant Meezan Bank are Ruane, Cunniff & Goldfarb, RWC Partners and Tundra Fonder.
According to the last annual report, Noor Financial held 49.1% stake in Meezan Bank which valued nearly $330m based on Meezan’s market capitalisation.
The sources also told the news agency that no investor will acquire more than 5% stake in this bank to ensure swift approval from the banking regulator.
Last week Noor stated that it is negotiating with international investors to sell a part of its Meezan stake without disclosing the names of the investors.
Besides Noor, Islamic Development Bank and Pakistan Kuwait Investment are major stakeholders in Meezan Bank.
One of the largest sharia-compliant Islamic banks in the country, Meezan commenced banking operations in 2002 and its retail banking network in the country comprises more than 600 branches across 150 cities.
Established in 1996, Noor Financial Investment focuses in different investment activities and financial services across the Middle East, Asia and other emerging markets.