LAHORE – Escort Investment Bank, owned by Bahria Town’s Malik Riaz, is allset to gear up its operations with a new board which showed a symbolicestablishment of a new branch at Bahria Orchid in Lahore.
The new branch was inaugurated by Ali Riaz, its CEO, said a stock filing.
The bank witnessed puts an end to the transition as the new board ofdirectors took over the charge of the investment bank last month. The namesof the directors are Umair Rafique Vadria, Karim Hatim, Zain Malik, NaveedAmin, Rashid Ahmed, Tahir Saeed Effendi.
It took nearly a year for the management of Bahria Town to acquire theinvestment bank, due to some issues in compliance and regulations.
The real estate giant has a strong financial health which succeeded toensure the regulator regarding the investment bank’s operations, which isprimarily being run in losses until now.
SECP gave a green signal to the bank not only to acquire a majorshareholding (71%) in the bank but to acquire its brokerage house.
Analysts believe the acquisition of Escort Investment Bank by Bahria Townis likely to bode well not only for the bank but for the investment bankingsector though it depends on the performance of the new management to dragthe company from losses to profits.