According to Pakistani officials, AKFED agreed to pay 26% of the sale price upfront, while the rest would be paid in two years. Habib Bank, one of Pakistan’s three biggest public sector banks, is the second successful privatisation of a bank since United Bank last year. United was sold for more than $200m to a Pakistani expatriate businessman settled in the UK.
Habib Bank holds a 20% share of Pakistan’s banking sector. It has more than 1400 branches across 26 countries.
