Government-owned National Bank of Pakistan (NBP) has expressed interest to purchase operations and assets of Burj Bank after its deal with MCB Bank collapsed a few months ago.
According to a filing with the Karachi stock exchange, NBP management has formally sought permission from State Bank of Pakistan (SBP) for due diligence of Burj Bank for the proposed takeover.
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Burj Bank operates as an Islamic bank in Pakistan with a network of 75 offices. If the planned move materializes, it will boost NBP’s plans to expand Islamic Banking business in the country.
NBP plans to set up 100% wholly-owned Islamic banking subsidiary, with 175 branches by the end of 2014.
Earlier, MCB Bank initiated the due diligence process to acquire 55% shareholding in Burj Bank in collaboration with Islamic Corporation for development of private sector, but failed to continue its plan owing to difference over various issues with the bank.
The central bank of Pakistan is boosting its effort to develop Islamic banking, encouraging lenders to expand their operations in the country.
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