(From Asia Pulse)
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ISLAMABAD, Jan 1 Asia Pulse - The Pakistan government has sold a controlling stake in the country's second-largest commercial bank - Habib Bank Limited (HBL) to the Aga Khan Fund for Economic Development (AKFED) for Rs22.409 billion ($US391.4 million).
The AKFED submitted the highest bid of Rs22.409 billion to take over a 51 per cent strategic stake, along with management control of HBL.
The bank has consumed around Rs22.5 billion of the national kitty since 1999 in an effort to turn around its balance sheet.
Although the reserve price of the bank fixed by the cabinet committee on …