JP Morgan to re-open equity brokerage in Pakistan

JP Morgan is planning to re-open its equity business in Pakistan, the first foreign brokerage to return since they abandoned the South Asian nation in the early 2000s, sources familiar with the development said.

The No.3 US bank shut its Pakistan equity broking arm five years ago as part of a consolidation plan. “JPMorgan will be opening an equity platform in Pakistan along with equity and economic research,” said a market source with knowledge of the development.

ABN Amro eyes stake in Prime Bank

Dutch bank ABN Amro is eyeing a stake in Pakistan’s Prime Bank and plans to start a due diligence review of the mid-sized lender soon, sources familiar with the development said on Wednesday.

“ABN Amro has been granted permission by the central bank to conduct the due diligence of Prime Bank,” said a banking source, who declined to be identified.

He, and other sources, however, did not say how much time the process will take. Senior ABN Amro and Prime Bank officials were not available for comment.