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Pakistan's JS Bank joins queue to buy HSBC
Publication Date : 15-06-2012
Pakistan's JS Bank has entered as a third contender aiming to buy Hong Kong and Shanghai Bank (HSBC)'s operation in the country, after it succeeded in getting permission from the State Bank to carry out due diligence, banking sources said yesterday.
Earlier, KASB Finance and Isbank of Turkey were busy in due diligence of the HSBC.
HSBC decided in April to sell out its Pakistan operation in the wake of shrinking foreign interest in the country.
However, the largest bank of Turkey entered for the first time in Pakistan’s financial sector, giving support to the market that foreign banks were not leaving in absolute term.
The JS Bank is relatively new bank like KASB Finance but has strong financial background.
However, market experts were not able to comment over this possible deal as they said any one can buy the HSBC.
A leading banker said the Turkey’s Isbank has strong financial backing and could offer a better price.