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September 23, 2014updated 04 Apr 2017 1:59pm

Orix Leasing Pakistan signs MoU with Standard Chartered Bank (Pakistan)

Orix Leasing Pakistan Limited (OLPL) has inked a non-binding Memorandum of Understanding (MoU) with Standard Chartered Bank (Pakistan) (SCBPL).

By Verdict Staff

Orix Leasing Pakistan Limited (OLPL) has inked a non-binding Memorandum of Understanding (MoU) with Standard Chartered Bank (Pakistan) Limited (SCBPL).

The MoU hints at a likely merger of SCBPL’s subsidiary Standard Chartered Leasing Limited (SCLL) with and into OLPL or acquisition of SCBPL’s 86.45 per cent equity stake in SCLL.

The MoU also indicates the acquisition of SCBPL’s 100pc stake in Standard Chartered Services of Pakistan (Private) Limited, as well as acquisition of SCBPL’s 20pc stake in Standard Chartered Modaraba.

However, it is not certain whether the MoU will lead to a binding transaction.The deal is subject to regulatory and corporate approvals.

A source with knowledge of the proposed deal stated: "The SCBPL will add value to OLPL while the Standard Chartered Modaraba, being a multi-purpose modaraba, would give access to Orix in several Islamic instruments, such as Ijarah, Musharaka and others."

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