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Tue 1 May 2007 12:00 AM

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Samba buys Pakistani bank

Samba Financial Group has completed official procedures to purchase a 68% stake in the Crescent Commercial Bank of Pakistan (CresBank).

Samba Financial Group has completed official procedures to purchase a 68% stake in the Crescent Commercial Bank of Pakistan (CresBank).

Eissa Al-Eissa, CEO of Samba, said: "Samba has bought 600 million shares of CresBank with a total value of six billion Pakistani rupees (US$100m). Both banks have completed all legal procedures and received necessary approvals."

CresBank has 18 branches in five cities in Pakistan, including Islamabad, Karachi and Lahore.

Samba owns a 5% stake in an Indian bank and will be increasing its activities in the Middle East, either by purchasing the operations of other banks or by opening its own branches in other countries. This will include opening a branch in Dubai in the near future.

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