According to Forbes list, Pakistan’s richest man, Mian Muhammad Mansha, is hoping to buy a majority stake in a Dubai-based bank, a news report has said. I would prefer to go through the acquisition route, although it has many pitfalls. I think there will be many institutions which need help in Dubai,” Mr. Mansha told Arabian Business.
He is also considering setting up a banking operation in Iraq. Mr. Mansha, however, indicated that the proposed acquisition of Abu Dhabi Group’s 21 per cent stake in Pakistan’s United Bank had fallen through. “There were considerations that it might raise some controversy, as it was the second and the third biggest bank together, and that it was too large,” he said.
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MCB is already active in the Gulf via a subsidiary in Bahrain. The bank also has an office in Dubai with permission to carry out restricted banking. The Pakistani bank saw a nine per cent rise in net profit during 2010 to $198 million, the report said.