The Standard Chartered Bank (SCB) has initialed an agreement with a Saudi combine to acquire 66 percent of its shares in the Pakistani listed Union Bank Limited for 513.76 million dollars.
SCB is the biggest foreign owned banking entity having 45 branches in 10 Pakistani cities. The acquisition of 338 million shares of Union Bank at 1.52 dollars per share will enable SCB to extend its Pakistan network to 24 cities. The Union Bank has 65 branches in Pakistan and two branches overseas.
SCB is the biggest foreign owned banking entity having 45 branches in 10 Pakistani cities. The acquisition of 338 million shares of Union Bank at 1.52 dollars per share will enable SCB to extend its Pakistan network to 24 cities. The Union Bank has 65 branches in Pakistan and two branches overseas.
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