Rupali Bank's Karachi branch now Pak-Bangla jt venture bank
Bdnews, Dhaka
Arif Habib Securities, a multi-billion-dollar company in Pakistan, and its affiliates have taken over 80 percent of the stakes of Rupali Bank's lone overseas branch in Karachi to run it as a new bank, bank sources said. With the signing of a deal to this effect on Friday, the new Bangladesh-Pakistan joint venture bank will operate as Arif Habib Rupali Bank, the sources said, adding the Rupali Bank will have 20 percent stakes in the venture. Mohammad Abdul Hamid Miah, managing director of Rupali Bank, and Arif Habib, chairman of Arif Habib Group, signed the agreement on behalf of their respective sides. Hafeez Ibrahim, director of Rupali Bank and a member of parliament, was also present at the signing ceremony. "In continuation of the understanding between the Arif Habib group and Rupali Bank last year, the two had now signed a formal agreement to set up a joint venture bank in Pakistan to be called Arif Habib Rupali Bank Limited," said a statement received in Dhaka Sunday. Arif Habib Securities and its affiliates will now have commercial banking on its repertoire besides having controlling interests in a separate stock brokerage company and an asset management company, Arif Habib Investments, which is managing over Rs16 billion in assets, it added. The Arif Habib group also has major interests in multi-million-dollar industrial projects, such as Pak Arab Fertilizer and Thatta Cement.
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