Bank of Punjab receives approval to acquire financial entity

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Bank of Punjab receives approval to acquire financial entity

The Bank of Punjab (BoP) plans to acquire a 100 percent ownership position in Punjab Capital Securities (Pvt.) Limited and it’s subsidiary. with an investment of Rs. 300 million, 

The bank has received approval from both its board of directors and the State Bank of Pakistan (SBP) for the transaction. Before the bank can move forward with the transaction, the Securities & Exchange Commission of Pakistan (SECP) must still give its clearance among the regulatory bodies.

The Bank of Punjab is the ultimate holding company of Punjab Modaraba Services Ltd, a subsidiary of First Punjab Modaraba Limited, which is a subsidiary of Punjab Modaraba Limited. Punjab Capital Securities (Pvt.) Limited was registered as a private limited company in November under the Companies Ordinance, 2016, and is a complete subsidiary of that firm. Portfolio management, brokerage services, and consulting services are all provided by Punjab Capital Securities Limited.

The investment money will be used by the bank to buy the subsidiary’s issued ordinary shares as well as an injection of equity to help the financial sector’s operations after the acquisition.

The main goal of this transaction is to use the direct investment to boost the subsidiary’s commercial growth using both Islamic and conventional ways.

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