CresBank gets Rs6bn from Saudi investors

Board of Directors of CresBank has approved foreign equity investment of Rs6 billion and it is expected the injection of this amount will help in strengthening and widening the business activities of the bank.

CresBank on Friday officially communicated the brief decision of the board of directors to the three stock exchanges of the country.

It said “the board of directors of Crescent Commercial Bank Ltd (CCBL) in its 31st meeting held on 17th November, 2006, after deliberating on definitive investment propositions from a number of potential investors approved an investment of Rs6 billion in the bank from a premier financial institution from Saudi Arabia. This investment is subject to appropriate regulatory approvals and execution of definitive agreements.”

The announcement did not name the Saudi financial institution and details of expected changes in the board of directors.

Source: The News