Dubai: Pakistan's richest man, Mian Muhammed
Mansha, is hoping to buy a majority stake in a Dubai-based
bank, according to a news report.
Mansha is chairman of Muslim Commercial Bank (MCB),
Pakistan's largest lender by market value.
The Nishat Group, of which he is the chairman, has assets
valued at USD 5 billion and has operated an insurance company
in the UAE under the Adamjee Insurance brand for 40 years.
Nishat Group also holds a majority stake in MCB.
"I would prefer to go through the acquisition route,
although it has many pitfalls. I think there will be many
institutions which need help in Dubai," Mansha told Arabian
Business magazine.
"My idea is always to take a majority stake, but
initially, we could even take a minority stake with an
agreement with the sponsor that we would ultimately take a
majority step. So it could be a two-step or one-step process.
"But we are on the lookout. I think it should happen in
the next two or three years, because we are already in contact
with certain people in this market," he was quoted as saying.
He is also considering setting up a banking operation in
Iraq.
Mansha, however, indicated that the proposed acquisition
of Abu Dhabi Group's 21 per cent stake in Pakistan's United
Bank had fallen through.
"There were considerations that it might raise some
controversy, as it was the second and the third biggest bank
together, and that it was too large," he said.
MCB is already active in the Gulf via a subsidiary in
Bahrain. The bank also has an office in Dubai with permission
to carry out restricted banking.
The Pakistani bank saw a nine per cent rise in net
profits during 2010 to USD 198 million, the report said.
PTI
First Published: Monday, May 16, 2011, 14:01