abn-amro-pays-227-million-for-control-of-prime-bank

ABN AMRO pays $227 million for control of Prime Bank

The move makes ABN AMRO the second largest foreign bank in Pakistan.
ABN AMRO will acquire a 93.4% stake in Pakistan's Prime Bank for PkR13.8 billion $227.4 million and will launch a tender offer to minority shareholders for the remaining 6.6%.

The price represents over four times the net asset value of Prime Bank, as of the end of September 2006, and values 100% of the bank at about $243.66 million. On a per share basis, the price of PkR54 is about 2% higher than the most recent traded price and a 42% premium to the average share price over the last 12 months.

Prime Bank was established in Lahore in 1992 and is now PakistanÆs 19th largest bank with a network of 69 branches....
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