Bank Alfalah Limited (Bank Alfalah), the majority shareholder of Alfalah Securities (Private) Limited (Alfalah Securities), and CLSA JV Holdings Limited (CLSA), a subsidiary of CITIC Securities, are pleased to announce a strategic partnership in Pakistan that will leverage Alfalah Securities market leading position and CLSA's award-winning research and outstanding client base of global institutional investors.
The partnership will see CLSA acquire 24.9% of the capital of Alfalah Securities alongside individual investors M Aliuddin Ansari and Atif M Khan who will acquire a combined 12.6% stake.
The transaction is expected to complete by November 2018 following which Alfalah Securities will be renamed Alfalah CLSA Securities (Pvt) Limited (Alfalah CLSA).
Alfalah CLSA will offer equity broking, research and investment banking services to clients in Pakistan and CLSA will distribute Alfalah CLSA research to CLSA's global clients.
President & CEO of Bank Alfalah, Nauman Ansari said: "This is a very exciting time for Bank Alfalah and Alfalah CLSA. We are committed to growing Alfalah CLSA into the leading securities firm for equities broking, research and investment banking in Pakistan. Through the award winning global brands of CLSA and CITIC Securities, Bank Alfalah's wide local presence and the knowledge and expertise of Alfalah Securities management, Alfalah CLSA will offer unrivalled expertise, services and credentials in Pakistan." CEO of CLSA, Jonathan Slone said: "Pakistan is a key market for CLSA and one where we have had a long-standing interest. 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."-PR
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