By NNN-KUNA,
Kuwait : Kuwait’s Noor Financial Investment Company (Noor) has signed an agreement with Bahraini Shamel Bank acquiring 7 per cent of its stocks in Pakistan’s Meezan Islamic Bank, Noor said in a statement here.
The company said Monday it bought 31.296,788 stocks, or 37 rupees (USD 0.864) per stock and totalling KD 4.579.850 million. (1 KD = USD 3.77).
The agreement also paved the way for the acquisition of the name Meezan Bank following approval by Pakistan’s central bank which increased Noor’s share to 41.6 from the total stock value.
Meezan Islamic Bank is considered the first and biggest Islamic bank in Pakistan with more than 100 branches in 33 cities.
The bank is also considered one of the fastest growing financial banks in Pakistan with an average level of growth totalling 60 per cent.