Pakistan raises $387m in United Bank stake sale

June 13, 2014 - 8:01:31 am

KARACHI: Pakistan has sold its 19.8 percent stake in one of the country’s largest banks for $387m, officials said yesterday.

The government decided to sell its shares after receiving a high level of interest in United Bank Limited (UBL), which became a private entity in 2002, a government statement said.

“There was an unprecedented interest from both the domestic as well as foreign buyers and the UBL deal was oversubscribed by almost two times,” the statement said.

Foreign buyers including Morgan Stanley, Wellington and Templeton and other international equity funds bought more than 80 percent of the stake, Mohammad Zubair, Pakistan’s privatisation minister said.