Bank Muscat shrugs off chaos to invest in Pakistan

Oman's Bank Muscat shrugged off rising violence in Pakistan, where it plans to invest in a $200 million takeover of Saudi Pak Bank, saying bomb attacks and other killings are "a passing phase".

A group including Oman's largest lender, Japan's Nomura Holdings and the World Bank's International Finance Corporation (IFC) agreed last week to buy 85% of Saudi Pak Bank at 29.03 rupees ($0.467) per share, Bank Muscat chief executive AbdulRazak Ali Issa told reporters on Sunday.

"We are not worried about our investment in Pakistan," Issa said in Muscat. "We think it's just a passing phase."

At least 40 people have been killed in bomb attacks in Pakistan in the last 10 days, a spiralling of violence after opposition leader Benazir Bhutto was killed in a gun and suicide bomb attack last month.

The agreement still needs regulatory approval, Issa said. (Reuters)

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