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| 20 May, 2018

Noor Financial to divest stake in Pakistan's largest Islamic bank

Last year Noor Financial's stake was valued at $375 million

Image used for illustrative purpose. A broker monitors an electronic board displaying stock prices during a trading session at Karachi Stock Exchange .

Image used for illustrative purpose. A broker monitors an electronic board displaying stock prices during a trading session at Karachi Stock Exchange .

REUTERS/Akhtar Soomro

Noor Financial Investment Company will divest a portion of its 49 percent stake in Meezan Bank, Pakistan’s largest Shari'ah-compliant lender and sixth largest bank, according to Arabian Business.

According to a filing with the Pakistan Stock Exchange dated 16 May, the company has started non-binding discussions with foreign institutional investors for a proposed divestment of 9.59 per cent of the total issued and paid up capital of Meezan.

It has been reported that Kuwait’s Noor, a publicly listed investment company that manages the wealth of several investors, has been considering a sale since at least 2013, and in 2017, Bloomberg reported that it had hired Credit Suisse Group AG to explore options for the holding.

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Meezan Bank is Pakistan’s fastest growing bank, posting a profit in each year of operation and its net profits grew 13.5 percent in 2017 to $93 million. Noor’s stake in the bank was valued at $375 million in 2017, said Arabian Business.

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