Meezan Bank to Acquire HSBC Pakistan

It was recently reported from Karachi that HSBC has decided that they are going to handover their local operations to Meezan Bank. Now HSBC has entered the list of several foreign banks who have decided to pack up their business from Pakistan.

Since the beginning of the financial crisis which struck Pakistan in the year 2007, many foreign banks have decided to leave Pakistan. A leading example is Citibank which has reduced its operations in the country altogether.

“Meezan Bank Limited has entered into an agreement with HSBC Bank Middle East Limited (HBME), an indirect wholly owned subsidiary of HSBC Holdings plc, to acquire (through a process of amalgamation) HSBC’s banking business in Pakistan (HSBC Pakistan).”

The amalgamation of the two banks is going to be completed by the second half of this year. Most of the foreign banks in Pakistan are not doing real banking as they like to remain at a distance from the private sector. The foreign banks, without a doubt, have been making profits but most of the income comes from investment into the government papers.

A representative from Meezan Bank stated that it has had an experience of acquiring a foreign bank and now it will be converting its operations into Islamic Banking.

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0 ? ital for tomorrow’s progress.”

Pakistan has sent 3 projects as well.

Short URL: https://www.newspakistan.pk/?p=43921

Posted by Ahmad Mehdi on May 12 2014. Filed under Business, Latest News, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.