Lovells advises Standard Chartered on landmark Pakistan banking deal
Lovells
Lovells has advised Standard Chartered (Pakistan) Limited ('Standard Chartered') on its acquisition of an 80.9% stake in Union Bank Limited for $413 million, the biggest acquisition in the Pakistan banking sector to date. The deal was signed on 9 August 2006.
The consideration for the acquisition will be cash financed by Standard Chartered from internal resources. Prior to completion, Standard Chartered is obliged under Pakistan law to make a tender offer for the remaining shares of Union Bank Limited. This is likely to start on or around 12 August and should close by 1 September. The acquisition is expected to close shortly thereafter.
Union Bank is Pakistan's eighth biggest bank. This deal will make Standard Chartered the sixth biggest bank in Pakistan by market share of assets.
The Lovells team was led by Head of Corporate Finance Hugh Nineham, assisted by James Parker.
Commenting on the deal, Hugh Nineham said:
We are extremely pleased to have had the opportunity to assist Standard Chartered in making this strategically important acquisition - the largest ever in the Pakistan banking sector. We believe that our close working relationship with Standard Chartered's experienced in-house legal team has made a significant contribution to the success of this transaction. The transaction further underlines our expertise in relation to international and emerging markets M&A."
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Dr. Christian Seidenabel
PR Manager Germany
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