Deals
Noor Weighs Sale of Stake in Pakistan's Meezan Bank
- Noor Financial said working with Credit Suisse on options
- Investment firm’s stock jumps to its highest level in 5 weeks
Pedestrians pass in front of a branch of the Meezan Bank in Karachi.
Photographer: Asim Hafeez/BloombergThis article is for subscribers only.
Kuwait’s Noor Financial Investment Co. is weighing the potential sale of its 49 percent stake in Pakistan’s largest Islamic lender Meezan Bank Ltd., according to people familiar with the matter.
Noor hired investment bank Credit Suisse Group AG to explore options for the holding, including finding possible buyers, the people said, asking not to be identified because the information is private. The stake has a market value of about $396 million at the current market price, according to data compiled by Bloomberg. No final agreements have been reached with any of the parties and the plan is at an early stage, the people said.