Wednesday, December 28, 2011

Temasek looking to sell majority stake in Pakistan bank

SINGAPORE - Singapore state investor Temasek is looking to sell its 88.6 percent stake in Pakistan's NIB Bank after heavy losses, the Business Times reported on Thursday quoting a source.

The paper also said NIB had suffered a cumulative net loss of about 17 billion Pakistan rupees (S$245.6 million) since Temasek first invested in the bank in early 2005.

Business Times quoted a Temasek spokesman as saying the firm did not comment on market speculation. The Singapore state investor could not immediately be contacted by Reuters for comment.
Reuters reported last month that Khawaja Iqbal Hassan, who was instrumental in bringing Temasek as an investor, had stepped down as CEO of NIB and that Singapore was looking at a paper loss of about US$400 million of its US$540 million investment.

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