Stocks Observer. com

Askari Bank Limited has dropped the idea of acquiring Mybank Limited. AKBL has informed the Karachi Stock Exchange on Friday saying that the bank is no longer interested in the amalgamation scheme of Mybank with Askari Bank. It is important to mention here that AKBL had applied to the State Bank of Pakistan last month for conducting the due diligence of Mybank with an aim of evaluating Mybank’s balance sheet, at the same time analysing its loss/profit, asset and liabilities and deposits position and looked for suitable proposed transaction. During the proposed period of due diligence, the interested banks are allowed to go for auditing of the balance sheets of the bank/institution that is put on sale. Sources said both concerned parties had submitted their due diligence report to SBP but they failed to make any consensus on the swap ratio accepted for this deal taking into account the book values, fair values and industry historical benchmarks. In June 2009 Askari Bank Limited had show...