KATHMANDU, Nov 3: Pakistan's Habib Bank has officially exited from Himalayan Bank Limited (HBL), with the Pakistani bank selling its entire stake with the Nepali bank on Sunday.
Habib Bank that invested in HBL in 1993 had 12.93 percent share in the Himalayan Bank. Through the bidding process, National Life Insurance Company (NLIC) has purchased the Pakistani bank’s 28,012,447 units of the shares in the HBL at the rate of Rs 118.88 per unit.
NRB gives final approval to Habib Bank to sell its stake at Him...
According to Nepal Stock Exchange (NEPSE), Habib Bank sold its 14,006,230 units of shares worth more than Rs 1.66 billion on Thursday. Likewise, the Pakistani bank offloaded its remaining stake in equivalent monetary amounts on Sunday.
Three weeks ago, Nepal Rastra Bank gave the final approval to the Habib Bank to hand over its shares of HBL to the insurance company. With the new development, the NLIC’s stake in the HBL has reached 14.18 percent.
Habib Bank decided to exit from the HBL seven years ago. In the first phase, it signed an agreement with Himalayan Reinsurance to offload its shares in the HBL.
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