March 13, 2007

Mar. 13, 2007: Banking Update-Pakistan-Afghanistan

See Mar. 15 for the screen capture which had been below but disappeared. FHTR

Banking, Aga Khan Fund for Economic Development, Citigroup, ABN-Amro, Pakistan, Habib Bank

Foreign Banks May Spend $1 Billion on Pakistan Stakes (Update1) , By Warren Giles, Feb. 2, 2007 (Bloomberg)

Overseas banks, including Citigroup Inc. and ABN Amro Holding NV, may spend as much as $1 billion to buy stakes in Pakistani banks and take advantage of the rising demand for credit in the South Asian nation.

[....] Citigroup and ABN-Amro will consider acquisitions to catch up in Pakistan with Standard Chartered Plc, which bought Union Bank Ltd. in September for $487 million to cement its place as the biggest overseas lender in a nation of 160 million people.

On Sept. 5, in Pakistan's largest banking transaction, London-based lender Standard Chartered bought a 95.37 percent stake in Union Bank for $487 million to create Pakistan's sixth- largest lender by assets. In 2003, Pakistan sold a 51 percent stake in Habib Bank Ltd., the nation's second-biggest lender, to the Geneva-based Aga Khan Fund for Economic Development for $390 million. [....]

Citigroup Will Consider Acquisition of Pakistani Bank (Update3) , By Naween A. Mangi, Nov. 23, 2006 (Bloomberg)

Citigroup Inc. will consider the acquisition of a Pakistani bank as it seeks to close the gap with the U.K.'s Standard Chartered Plc in South Asia's second- biggest economy.

The biggest U.S. bank will also double branches in Pakistan in a year as it capitalizes on rising loan demand from consumers and small companies, [....]

The Union Bank purchase by Standard Chartered was the largest in Pakistan's banking industry. In 2003, Pakistan sold a 51 percent stake in Habib Bank Ltd., the nation's second-biggest lender, to the Geneva-based Aga Khan Fund for Economic Development for $390 million.

[....] Citibank plans to treble lending to small and medium Pakistani enterprises .... bank targets more buyers of cars and apartments.

Soomro said Citibank will also consider starting Islamic financial services in Pakistan, a nation where 97 percent of the population is Muslim. Islamic law, or Shariah, bans the payment and receipt of interest and stresses profit-sharing.

``This is an area of real opportunity,'' said Soomro, who arranged a $600 million Islamic bond sale for the government in January 2005. Citigroup also arranged the country's first Islamic corporate debt sale in February 2006 for Water & Power Development Authority. [....]

If interest is verboten, how will they make money? Check further ... Maybe it leads to other businesses?

All for the good of humanity ...

In trying to find out more about the recipient of $30-Million Canadian tax dollars, the Aga Khan through his foundation (The international wing is "private", not run by an elected Board of Directors responsible to shareholders nor to the Canadian government, so who tracks what happens?), I have been overwhelmed by the number of positive articles listed by Google. Then, on posting something, I received an anonymous comment, obviously from an Aga Khan accolyte, a believer who perhaps is tasked with ensuring that the media do not dig into the world's "official humanitarians". Well, apart from making a mistake concerning the AK's birthplace which I have corrected and noted more than once, I have not found anyone disputing the substance of what I have found. Even "righteous philanthropists" who receive taxpayer money need to be checked to find out where taxpayer money has gone ... Anonymous spurred me to check further.

Double click to enlarge; then "back" to return


Frost Hits the Rhubarb Feb. 25 2007

re: Global Development
Microcredit - CIDA - Aga Khan Foundation - Taxpayer Input - Public-Private Partnerships - Transparency - Ramifications - Private Microbank - AKCA / AKF

Scroll down; assume [...] after each

Feb. 27, 2007: Introduction

Private Microbank

The Micro Finance Bank Ltd set up by the Aga Khan Rural Support Program , the Aga Khan Fund for Economic Development

CIDA: a partner with the Aga Khan Development Network

Aga Khan Agency for Microfinance (AKAM), an arm of the Aga Khan Development Network

Feb. 26, 2007: Innovations in Microcredit

This is intended to provide more background to other posts ... on aid, microcredit, development, foundations, banking endeavours, and taxpayer money.

Feb. 26: 2007: Global Development ....

There is more and also links to other posts from months ago.

Frost Hits the Rhubarb Jan. 14 - 20, 2007

Banking and microcredit related -- Search:

Update-additions: Jan. 13, 2007: Financing Disaster #2 Introduction

Jan. 13, 2007: #1 CIDA Evidence to Senate Committee [i.e. Where has Canada's Foreign Aid been going in Afghanistan? - Continued below]

Jan. 13, 2007: #2 CIDA Evidence to Senate Committee [52-million-dollar micro-financing program in Afghanistan - $100 million per year - supervised by ARTF and the World Bank - Middle Eastern accounting firms - women trained in communication and media - radio - $3-Million out of $90-Million for basic education for girls]

Jan. 13, 2007: #3 CIDA - ARTF [Asian Development Bank, the Islamic Development Bank, the World Bank, the United Nations Development Program ... - officials from the Canadian International Development Agency: Hau Sing Tse, Vice-President of the Asia Branch, and Phillip Baker, Director of the Afghanistan, India, Nepal, Sri Lanka Division - Afghan ARTF Expatriates Services Program - which leads to or the International Organization for Migration - Lateral Entry Program to place 100 lateral entrants from NGOs and international organizations in middle- and senior-level line positions in government ministries and agencies]

Labels: , , , , , ,


Post a Comment

<< Home