KSE notice: NBP to conduct due diligence of Burj Bank

It is expected that the task would be completed in a short time frame.

KARACHI: Earlier this year on August 9, the Karachi Stock Exchange (KSE) published a notice on its website, announcing National Bank of Pakistan’s (NBP) intent to conduct due diligence of Burj Bank Limited, one of Pakistan’s five full-fledged Islamic banks. In a notice sent to KSE, NBP stated that the State Bank of Pakistan (SBP) has given its consent to conduct the due diligence. Sources have confirmed that NBP will commence due diligence shortly and it is expected that this task would be completed in a short time frame. NBP is Pakistan’s largest public sector bank with a network of over 1,350 online branches nationwide, while Burj Bank has a network of 75 branches across Pakistan. Burj Bank is backed by strong investors from the Middle East & Saudi Arabia, like ICD, Jeddah (the private sector investment arm of Islamic Development Bank).

 

Published in The Express Tribune, January 1^st,  2015.

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