KARACHI (November 30 2005): Atlas Group has taken over Dawood Bank Ltd in Karachi on Tuesday. According to market sources, around 154 million shares held by Hussain Dawood and family have been bought at Rs 11.70 per share.
Atlas Investment Bank and Atlas Leasing Company are to be merged into the commercial bank in order to raise its capital and meet SBP requirement of Rs 2 billion minimum capital for commercial banks.
Dawood Bank has seven branches and is required to open another three by end of the year. On behalf of the new owners, Saqib Sherazi reportedly addressed the Dawood Bank staff and senior management on Tuesday.