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.
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.