Maybank pays dearly for 20% stake in Pakistani bank

The generous $687 million investment in Pakistan's MCB marks Maybank's third acquisition this year.

Malaysia's Maybank will pay M$2.17 billion $686.4 million for a 15% stake in MCB Bank in Pakistan previously known as Muslim Commercial Bank with a right to buy up to a further 5%.

The agreed price is an 11% premium to MCBÆs most recently traded price and 5.1 times trailing book value. Maybank said the price was agreed based on the audited net assets of MCB on December 31, 2007 and qualitative considerations. Maybank is being advised by Aseambankers...

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