KARACHI – A consortium comprising of UBL, ASN-NOVIB Microcredit Funds (Triple Jump B.V), Credit Suisse Microfinance Fund Management Company (Responsibility Global Microfinance Fund), Rural Impulse Fund II S.A. SICAV-FIS (Incofin Investment Management Comm.VA), ShoreCap II Limited (Equator Capital Partners LLC) has acquired a 67.4pc equity stake in Khushhali Bank Limited (KBL), a major portion of which has come in the form of FDI. Post the acquisition the consortium holds 79.2pc of KBL’s share capital inclusive of UBL’s existing 11.7pc shareholding in the institution. The signing ceremony for the acquisition was held on June 4, 2012 in Karachi, says a press release.
UBL president Atif Bokhari commenting on the initiative, stated “UBL has always been at the forefront of innovation both in terms of introducing new technologies as well as rolling out new business models.