After the Standard Chartered''s agreement to buy a majority stake in Union Bank, there are prospects of other western banks entering the country''s banking sector.
Analysts said there are talks of at least two other western banks looking to buy controlling stakes in Pakistani banks, according to a report published in the Financial Times on Thursday.
The report quoted Prime Minister Shaukat Aziz as saying that the Standard Chartered''s buying major stake in Union Bank could be a precursor to other western banks entering the country.
According to the report, the prime minister said the agreement confirmed that the reforms initiated to turnaround the performance of banks were beginning to pay off.
"We understand there is interest from other global players (international banks), which we welcome. Pakistan is a country of 165 million with a growing economy," Shaukat said.
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