Bank Alfalah and CLSA agreed on partnership

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KARACHI: Bank Alfalah Ltd (BAFL) on Monday announced that it is entering into a strategic partnership with CLSA, a Hong Kong-based investment group, in BAFL-owned Alfalah Securities Ltd on Aug 30.
“In Pakistan and Bangladesh we are either the largest foreign broker (measured by value of trade done) or in the top three. This is a position we have occupied for many years. In all countries we have in excess of 10 per cent market share of foreign business and as much as 35pc in some countries,” said the statement posted on the website of the investment bank.
CLSA is owned by CITIC Securities, part of the CITIC Group, China’s largest conglomerate and a constituent of the Hang Seng Index. Among their diverse global businesses, focus is primarily on financial services, resources and energy, manufacturing, engineering contracting and real estate.
BAFL also posted half yearly profit after tax at Rs6.032 billion, higher by 23.6pc, from Rs4.88bn in the first half of the previous calendar year.
The earnings per share were recorded at Rs3.75, as against Rs3.04 in the corresponding period of last previous year.
The bank announced a Re1 (10pc) cash dividend for the half year ended on June 30 while it also announced to issue interim bonus shares in proportion of one share for every 10 shares held; 10pc.