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Reading: Meezan Bank set to acquire HSBC Pakistan
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PhotoNews Pakistan > Business > Meezan Bank set to acquire HSBC Pakistan
Business

Meezan Bank set to acquire HSBC Pakistan

Web Desk
By Web Desk Published May 10, 2014 1 Min Read
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HSBC has decided to sell its local operations to Meezan Bank.

Since the beginning of financial crisis in 2007, many foreign banks have either left or curtailed their business in Pakistan.

“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),” said Meezan Bank on Friday.

The amalgamation is expected to be completed in the second half of this year, and is subject to regulatory and other relevant approvals including the approval of direct shareholders of Meezan Bank and HMBE.

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1 Comment
  • Moeen Qureshy says:
    July 21, 2014 at 9:53 pm

    Any expected date?

    Reply

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