Standard Chartered acquires Pakistan's Union Bank

Standard Chartered Bank of Pakistan has entered into agreements to acquire 80.86 percent interest in Union Bank Limited, the eighth largest bank of Pakistan in market share of assets, for cash consideration of 431 million U.S. dollars, the newspaper the Nation reported on Thursday.

Badar Kazmi, CEO of Standard Chartered Bank Pakistan, stated this in southern Pakistan's business city Karachi on Wednesday, according to the Nation.

Union Bank of Pakistan, having a total asset of two billion U.S. dollars, has 65 branches in 22 cities across Pakistan, with over 400,000 retail customers.

This is the largest investment by an international financial institution in the Pakistan banking industry, said the report.

"At present Union Bank would be delisted but in the mean time we intend to incorporates Standard chartered Bank Pakistan into stock exchange of the country," Kazmi was quoted as saying.

The legal formalities would be completed within three months and platform takeover would be done in six to nine months, he said.

Source: Xinhua