HBL AMC buys 100pc PICIC AMC shares

The Pak Banker - - FRONT PAGE -

HBL As­set Man­age­ment (HBL AMC) signed an agree­ment to ac­quire 100pc shares of PICIC As­set Man­age­ment Com­pany (PICIC AMC), a wholly owned sub­sidiary of NIB Bank. The cer­e­mony was also at­tended by Nau­man K. Dar, Pres­i­dent Habib Bank Lim­ited and Atif R. Bokhari, Pres­i­dent NIB Bank. Af­ter con­duct­ing due dili­gence last year, HBL As­set Man­age­ment made a suc­cess­ful bid to ac­quire PICIC As­set Man­age­ment for Rs. 4.1 bil­lion. PICIC As­set Man­age­ment has as­sets un­der man­age­ment of Rs23 bil­lion in 8 mu­tual funds.

The agree­ment was signed af­ter ac­quir­ing nec­es­sary reg­u­la­tory ap­provals. At the event HBL As­set Man­age­ment's CEO, Re­han N. Shaikh said, "HBL As­set Man­age­ment takes pride in this ac­qui­si­tion and it is in line with HBL As­set Man­age­ment's com­mit­ment to cre­ate value for all its stake­hold­ers." He fur­ther stated, "HBL As­set Man­age­ment will work closely with PICIC As­set Man­age­ment to en­sure smooth and seam­less tran­si­tion and to pro­vide con­tin­u­ous and un­in­ter­rupted ser­vices to in­vestors." HBL As­set Man­age­ment is a 100% owned sub­sidiary of HBL. With a global pres­ence in over 25 coun­tries span­ning across four con­ti­nents, HBL is the largest pri­vate sec­tor and also the largest multi­na­tional bank in Pak­istan with over 1,600 branches and 1,700 ATMs glob­ally and a cus­tomer base ex­ceed­ing 8 mil­lion re­la­tion­ships.

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