IFC, a member of the World Bank Group, and Bank Alfalah Limited, one of Pakistan's leading banks, have reached an agreement on IFC's proposed $67 million investment in Bank Alfalah by subscribing to 15 percent equity investment in the bank to help it to increase access to finance in Pakistan.
"We view this potential partnership with IFC as a long-term strategic collaboration which will strengthen our competitive position and allow us to increase our capital for growth both in Pakistan and international markets," said Atif Bajwa, President and CEO of Bank Alfalah. "It also represents a significant contribution to foreign direct investment in the country." The transaction is expected to close post execution of all transaction documentation/agreements and obtaining all necessary regulatory / shareholder approvals.-PR