Pakistan’s first Islamic bank Meezan Bank has completed the acquisition of HSBC Pakistan.
The State Bank of Pakistan has given its approval to the acquisition, which will lead to the addition of 10 branches along with an incremental deposit worth PKR 23bn.
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Meezan Bank, largely owned by foreign Financial Institutions, already comprises 383 branches in 109 cities of Pakistan, with a total Capital more than PKR 20bn.
Irfan Siddiqui, the founding president & CEO of Meezan Bank said that following the acquisition, Meezan will retain all customers of HSBC Pakistan, as well as will grow the financing book for these customers as Meezan’s Balance Sheet offers a bigger platform.
"By December end, our per-party ceiling will be around Rs 6 billion which is sizeable for Pakistan’s market," adds Siddiqui.
Meezan Bank also intends to make HSBC’s operations Shariah-compliant.
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By GlobalData
