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Pak’s MCB Bank may buy Afghan bank

Pakistan’s MCB Bank is competing with an Afghan company to buy New Kabul Bank. The New Kabul Bank has 114 branches and $ 330 million in deposits, which don’t pay interest under Islamic banking rules. Afghanistan finance ministry treasury director Mohammad Aqa Kohistani said the Pakistani bank is one of two preferred bidders. Within four months, the bank will be privatized and sold to one of them, he said. According to him, the contender from Afghan has vowed to invest $ 1 billion if announced the winner. MCB Bank has proved it has enough funds to buy New Kabul Bank and has placed a $ 20 million guarantee, matching the minimum needed under Afghan law, while the Afghan company has provided $ 168 million, he says.

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