The Bolan Bank Ltd has been taken over by a well-known industrial group, headed by Iqbal Ali Mohammad of Gul Ahmed Textile fame who has acquired about 40 percent shares from the owners.
The Bolan Bank has its head office in Quetta with paid up capital of Rs 101.5 million.
It was owned by a group headed by Mian Mehboob Ahmed. The management has shown a small profit in the balance sheet but did not distribute any dividend for the 2000-02 period.
The bank has ample reserve and good reputation with a well-known banker, Azizullah Memon, as its president.
The shares of Bolan Bank were being traded at below Rs 10 and have recently gone up to Rs 10 per share with the induction of the new industrial group.
It may be mentioned here that big industrial groups are showing interest to enter the banking sector. Altaf Saleem, of Crescent Group, has acquired Mashreq Bank.
Khadim Ali Shah Bukhari has acquired Platinum Bank and renamed it as KASB Bank. Dawood Group has acquired Bank of Ceylon.