'Chinese businessman to become KASB Bank chairman'

BEIJING: A prominent businessman of China will become chairman of KASB Bank Ltd after approval from the State Bank of Pakistan (SBP) and promised for more investment in various sectors of the economy, the Executive Vice-President Nasir Ali Shah Bukhari said here Saturday.

"I am delighted to say that Suo Lang Duo Ji (Li Yan), has accepted the request to be the chairman of KASB Bank," Nasir Bukhari, who was on a visit to China told APP in an interview before leaving home.

He said that Li has already made an investment of $40 million in KASB Finance, a holding company of KASB Bank. Chinese investors would also make further investments in the Bank, he added.

This big investment is first ever in any private bank in Pakistan from China, said Bukhari. It also illustrates the confidence of investors in the financial institutions of Pakistan, he added.

Li aged 48, is the founder of Hong Kong listed company, China Lumena New Materials Corp.

Bukhari said that keeping in view the chronic energy problem in Pakistan, Li has expressed his keenness and agreed for making investment in these fields.

Bokhari pointed out that Li has agreed to make investment in building a new power plant and Oil Exploration sector. KASB is also investing in New Horizon Exploration and Production Ltd.

Permission for setting up of this power plant from government has already been obtained, he said. The supply of gas for the plant has also been approved, he added.

Bukhari said that KASB group in partnership with Li is taking 30 percent equity for the 164 MW power project.

Bukhari said that Li also evinced keen interest in helping Pakistan for setting up of Zulfiqarabad Industrial Zone near Karachi. In this connection, Bokhari further said that Li would be visiting Pakistan later this month.

He pointed out that during his stay in China he held meetings with major Chinese corporations to attract investments in the country.

He also highlighted that Pakistan has a unique value for Chinese investors. He was confident that after his interaction more investments would be forthcoming from China.

Copyright APP (Associated Press of Pakistan), 2011