Abu Dhabi Group has full confidence in Pakistan, its people and economy. Addressing a press conference here on Monday, Sirajuddin Aziz president and Ikram Sehgal director Bank Alfalah said that recently there has been reports, in a section of media that Bank Alfalah Limited is either on sale or is to merge or acquire a financial institution.
"We want to make it clear that these reports are baseless, untrue and without any substance or foundation," they added. "The Chairman of Abu Dhabi Group, His Highness Sheikh Nahayan Mubarak Al Nahayan and the Chairman of Bank Alfalah Limited H H Sheikh Hamdan Bin Mubarak Al Nahayan have expressed their full confidence in Pakistan, its people and economy," they said.
The Group has no intention at all, to either sell or merge with another institution, its flagship investment in Pakistan ie Bank Alfalah, they added. To the contrary, while some members of Abu Dhabi Group have sold their stakes in United Bank Limited, the Group's Chairman H H Shaikh Nahayan Mabarak Al Nahayan has retained his personal holding in United Bank Limited, where he continues to be the Chairman of the Board of Directors, they pointed out.
They said that Bank Alfalah Limited in a short span of 13 years, has grown into a formidable institution, with 386 branches, covering Pakistan (378), Bangladesh (5), Afghanistan (2), Bahrain (wholesale unit) and a representative office in Abu Dhabi.
"In Pakistan, Bank Alfalah's footprint is 150 in towns and cities with a branch network of 378. In 2010 alone, the bank added 65 branches and with necessary regulatory approvals, we intend to open more branches," they added. It is, therefore, unequivocally clarified that Bank Alfalah Limited is not for sale or in talks for any merger with any financial institution, they emphasised. Adding all reports to this effect are vehemently denied. Bank Alfalah continues to enjoy the support of a very loyal clientele base, which are offered new and trend-setting products and services. The Bank has an extremely diligent and committed management team and staff, they concluded.
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