Mashreqbank has signed a Memorandum of Understanding (MoU) with Crescent Investment Bank (CresBank) and International Housing Finance Limited (IHFL) concerning the proposed amalgamation of their businesses in Pakistan.
The agreement, which is subject to the approval of the Pakistani government and various other regulatory authorities, would lead to establishing a locally incorporated banking company, which would be listed on the stock market.
Mashreqbank currently has two branches in Pakistan located in Karachi and Lahore, while CresBank has four branches and IHFL has two branches. All three organizations have posted positive quarterly growth earnings in 2002.
Mashreqbank has 22 million Emirati dirhams (six million dollars) in total assets, making it the largest private bank in the United Arab Emirates (UAE). It is the second oldest commercial bank in the UAE having originally been established as the Bank of Oman in 1967 in Dubai. Mashreqbank has international coverage with 14 branches and subsidiaries in 11 countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com )