Habib Bank Limited (HBL) has entered into an agreement with Diamond Trust Bank Kenya (DTBK) to transfer/sell the business, assets and liabilities of Habib Bank Kenya branches to DTBK in consideration for which HBL will receive an additional 13,281,105 shares in DTBK thereby taking its total shareholding to 16.15 percent from 11.97 percent.
According to material information sent to Pakistan Stock Exchange (PSX) on Wednesday DTBK is one of the largest banks in Kenya with subsidiaries in Burundi, Tanzania and Uganda.
The State Bank of Pakistan (SBP) has accorded its approval in relation to the subject transaction vide letter dated March 13, 2017. This transaction shall be completed upon DTBK obtaining the requisite corporate and regulatory approvals required under the laws of Kenya.
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