Hong Kong based firm CLSA is returning to Pakistan after almost two decades and agreed to buy a 24.9 percent shares in Alfalah Securities. CLSA is backed by the World Bank's International Finance Corporation Credit Lyonnais Securities Asia.
This transaction comes a year after Pakistan was upgraded from MSCI frontier market index to Emerging-Market status.
It is a good time to establish a formal presence," CLSA CEO Jonathan Slone said in an interview. "Our strategy is to establish an on-the-ground presence in all major Asian markets, with a particular focus on markets in the Belt and Road Initiative."
CLSA exited Pakistan in 2001 due to "considerable instability" at the time, he said.
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