KARACHI: Habib Bank, Pakistan’s largest by branches, plans to sell shares locally and overseas this year to help expand its network in China, Central Asia and East Africa.
The Pakistan government will sell at least 10 percent in the bank through an initial public offering within the next three months and list global depositary receipts in Hong Kong or London by December, Habib Bank’s president, Zakir Mahmood, said in an interview Friday in Karachi.
“The government is close to hiring a financial adviser for the share sale,” said Mahmood. “Hong Kong could be a very strong contender for the GDR listing because Asia is a huge growth story with a lot of surplus liquidity.”
Habib Bank joins rivals like MCB Bank, National Bank of Pakistan and United Bank in seeking international funds. An economy forecast to expand 7 percent in the year to June 30, up from 6.6 percent in the previous 12 months, has helped make Pakistani bank shares more attractive to investors.
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Habib Bank is also “close to finalizing” the purchase of a minority stake in the Kyrgyz Investment & Credit Bank in Bishkek, Kyrgyzstan, Mahmood said.
In January, Habib Bank bought a 4 percent stake in Diamond Trust Bank Kenya, for $5 million to expand in Tanzania and Uganda.
The Geneva-based Aga Khan Foundation, which bought a 51 percent stake in Habib Bank for $390 million in 2004, also owns stakes in the Nairobi-based Diamond Trust Bank and the Kyrgyz bank.
Ismailimail 
ya ali madad , being a habibian [Habib Bank employee] and a true student of ismaili sect i am proud to congratulate the great efforts made by my great community for the upbringing of such a big financial institution of pakistan(Habib Bank)
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