AGL 38.15 Decreased By ▼ -1.43 (-3.61%)
AIRLINK 125.07 Decreased By ▼ -6.15 (-4.69%)
BOP 6.85 Increased By ▲ 0.04 (0.59%)
CNERGY 4.45 Decreased By ▼ -0.26 (-5.52%)
DCL 7.91 Decreased By ▼ -0.53 (-6.28%)
DFML 37.34 Decreased By ▼ -4.13 (-9.96%)
DGKC 77.77 Decreased By ▼ -4.32 (-5.26%)
FCCL 30.58 Decreased By ▼ -2.52 (-7.61%)
FFBL 68.86 Decreased By ▼ -4.01 (-5.5%)
FFL 11.86 Decreased By ▼ -0.40 (-3.26%)
HUBC 104.50 Decreased By ▼ -6.24 (-5.63%)
HUMNL 13.49 Decreased By ▼ -1.02 (-7.03%)
KEL 4.65 Decreased By ▼ -0.54 (-10.4%)
KOSM 7.17 Decreased By ▼ -0.44 (-5.78%)
MLCF 36.44 Decreased By ▼ -2.46 (-6.32%)
NBP 65.92 Increased By ▲ 1.91 (2.98%)
OGDC 179.53 Decreased By ▼ -13.29 (-6.89%)
PAEL 24.43 Decreased By ▼ -1.25 (-4.87%)
PIBTL 7.15 Decreased By ▼ -0.19 (-2.59%)
PPL 143.70 Decreased By ▼ -10.37 (-6.73%)
PRL 24.32 Decreased By ▼ -1.51 (-5.85%)
PTC 16.40 Decreased By ▼ -1.41 (-7.92%)
SEARL 78.57 Decreased By ▼ -3.73 (-4.53%)
TELE 7.22 Decreased By ▼ -0.54 (-6.96%)
TOMCL 31.97 Decreased By ▼ -1.49 (-4.45%)
TPLP 8.13 Decreased By ▼ -0.36 (-4.24%)
TREET 16.13 Decreased By ▼ -0.49 (-2.95%)
TRG 54.66 Decreased By ▼ -2.74 (-4.77%)
UNITY 27.50 Decreased By ▼ -0.01 (-0.04%)
WTL 1.29 Decreased By ▼ -0.08 (-5.84%)
BR100 10,089 Decreased By -415.2 (-3.95%)
BR30 29,509 Decreased By -1717.6 (-5.5%)
KSE100 94,574 Decreased By -3505.6 (-3.57%)
KSE30 29,445 Decreased By -1113.9 (-3.65%)

Industrial and Commercial Bank of China (ICBC) is exploring options to enter the growing Pakistani market, which has seen a number of acquisitions by foreign banks in recent months, a top banker said on Thursday.
ICBC, China's biggest lender, is in talks with the National Bank of Pakistan (NBP), and both banks are likely to sign a memorandum of understanding (MoU) by the end of this month, NBP President Syed Ali Raza said.
"They probably want to look at financing infrastructure projects here, as many Chinese companies are working here, especially in the development of the Gwadar port," Raza told Reuters. NBP is Pakistan's biggest bank and both banks were working on how to develop a relationship, he added.
"We have agreed to work on the proposal of mutual co-operation, and an MoU in this regard is expected to be signed by the end of June, after approvals from the respective boards and stock exchanges," he said. He did not give any more details.
China's banks, cashed-up from share sales including ICBC's record 21.9 billion dollars IPO last year, are looking for opportunities to expand overseas as Chinese firms boost outward investment.
In Pakistan, major foreign companies, including Standard Chartered, ABN Amro and Temasek Holdings have been pushing to benefit from financial reforms that have laid the platform for rapid growth and rising incomes.
Standard Chartered, whose Standard Chartered Bank Pakistan Limited is listed on the Karachi Stock Exchange, became the largest foreign bank in Pakistan after the 487 million dollars purchase of Union Bank last year. Dutch bank ABN Amro is the second biggest foreign bank with 83 branches after the acquisition of Prime Bank this year.
Pakistan's NIB Bank Ltd, a subsidiary of Singapore state investor Temasek Holdings, said last month it would buy 70 percent of Pakistan's Picic, which controls Picic Commercial Bank, for 378 million dollars.

Copyright Reuters, 2007

Comments

Comments are closed.