Saudi Pak Bank

completed

The proposed project involves IFC acquiring an equity stake up to 19% in Saudi Pak Commercial Bank (SPCB or the Bank) along with the consortium of financial institutions which is proposing to acquire majority stake in the Bank. SPCB is a small size bank with a capital base on PKR3.9 billion and a network of 50 branches spread all over the country. As of Dec. 31, 2006, the total assets of the Bank were PKR 59 billion whereas deposits closed at PKR49 billion. The other consortium members include an Omani Bank, Sinthos Capital and Nomura. This project has not yet been approved by the investment committees of the consortium investors, including IFC and depends on a satisfactory outcome of the price negotiations for all the parties involved. Finally, the project shall require approvals from State bank of Pakistan, Securities & Exchange Commission of Pakistan, Monopoly Control Authority and acquisition commission.