Takeover: UBL acquires Khushhali Bank

KARACHI: A United Bank Limited (UBL) led consortium has completed acquisition of 67.4% stake in Khushhali Bank Limited (KBL) for Rs2.35 billion, says a notice issued to Karachi Stock Exchange on Tuesday. The consortium comprising UBL, Incofin Investment Management, Shorecap II Limited, ASN-NOVIB Microkreditfonds and Credit Suisse Microfinance Fund, now controls 79.2% of the country’s largest microfinance bank following the agreement. The deal valued Pakistan’s largest microfinance bank at Rs3.48 billion. UBL alone held 11.74% share of KBL, and with this

acquisition takes its cumulative holding to 29.69%. UBL’s share price closed Rs0.06 up at Rs76.57.

Published in The Express Tribune, June 6^th, 2012.