KARACHI: NIB Bank on Tuesday announced its intention to divest stake in the National Fullerton Asset Management Company (NAFA) to the National Bank of Pakistan (NBP) to meet a regulatory requirement.
The deal for NIB’s 27 per cent stake in NAFA will probably be sealed at a price between Rs38 and Rs42 per share, NIB said, but added that the exact price and documentation are to be finalised over the next few weeks.
NIB took the decision in order to comply with laws which bar a bank from holding interest in two asset management funds at a time. Following acquisition of PICIC by NIB in December 2007, NIB also acquired 100pc ownership of PICIC Asset Management Company.
Along with NBP and Alexandra Fund Management, NIB founded NAFA in 2005. NAFA currently manages eight fixed-income and equity open-end funds.
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