Bank of Khyber expresses interest in Burj Bank

KARACHI: The Bank of Khyber has sought the central bank’s permission to conduct due diligence of on-sale Shariah-compliant Burj Bank, a bourse filing said on Friday.

“Subject to approval of the State Bank of Pakistan, Bank of Khyber intends to conduct due diligence of Burj Bank Limited,” the bank said in a statement issued to the Pakistan Stock Exchange.

An official said the bank will evaluate Burj Bank’s customer portfolio, its network and products to determine its market value.

“If we find it viable we will acquire the bank, subject to regulatory approvals,” said the official, requesting anonymity.

Earlier, the National Bank of Pakistan (NBP) has conducted due diligence of Burj Bank and offered a price to acquire the bank. The deal, however, failed to get executed for some reasons, an official at NBP confirmed. MCB Bank also conducted the due diligence of Burj Bank but later dropped the idea.