Addressing a press conference here on Monday, Bank Alfalah (BAFL) President Sirajuddin Aziz termed news reports regarding an intended merger between BAFL and Silkbank “baseless, unfounded and untrue.”
Aziz and BAFL Director Ikram Sehgal had returned from a visit to Abu Dhabi where they met with ADG Chairman Sheikh Mubarak Al-Nahayan following divergent media reports about the bank’s future and investments of ADG.
Reading out a statement issued by the chairman of the group, Aziz said that the group has expressed total confidence in the bank, Pakistan as well as the country’s economy.
Referring to the recent sale of ADG’s stake in United Bank Limited, Aziz highlighted that while some members of ADG have sold their shares in the bank, Sheikh Nahayan has not sold a single share.
He reiterated the group’s commitment to the institution by pointing out that in 2010 alone, BAFL has added 65 branches to its network in the country. “Sheikh Nahayan has taken the bank from just three branches to a network of about 386 branches,” said Sehgal.
Alluding to further consolidation of ADG’s stake in the bank, Sehgal said this is an opportunity to look into more investments here. The Express Tribune had earlier reported that ADG may be considering new investments in Bank Alfalah.
Though the duo stressed that the Abu Dhabi Group is not interested in selling its stake, Sehgal acknowledged that talks had taken place with the management of another bank. However, he added, “any viable commercial organisation always holds discussions with different people but discussions do not equal commitments.”
Aziz offered an analogy to describe the much-hyped talks, saying that “any good host welcomes guests but that does not mean that the host is in total agreement with the guests.”
Responding to a question regarding recent resignations of Bashir Tahir and Pervez Shahid, Aziz clarified that only one person has moved out of the management while the entire team is intact. He added that Tahir will continue to serve as an adviser to ADG.
Published in The Express Tribune, January 11th, 2011.
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