ISLAMABAD: Pakistan’s Bank Alfalah Ltd. is open to further acquisitions to boost growth as the South Asian nation tries to emerge from a chronic economic crisis, Bloomberg reported this week, with the lender entering the final stages of reaching an agreement to acquire Saudi National Bank’s majority stake in Samba Bank Ltd.
Closing that deal should make Bank Alfalah a contender for future assets that go up for sale, Chief Executive Officer Atif Aslam Bajwa said in an interview to Bloomberg.
“One-off opportunities will come by, and we want to be in play for that,” Bajwa said. “We’re looking for organic and inorganic growth.”
Bank Alfalah is Pakistan’s fourth largest lender by assets and is owned by United Arab Emirates-headquartered Abu Dhabi Group. It has seen the second fastest deposit growth in the past five years among Pakistani banks, according to data compiled by Bloomberg.
That growth has come as its home country has been lurching from one loan to another from the International Monetary Fund to keep up with its debt payments that stand at about $26 billion for the year starting July. The nation expects the IMF’s executive board to approve a new $7 billion loan program later this month.
Pakistan has also asked China to “reprofile” some of its debts by extending the payment period to create more breathing room.
“The IMF program is paramount for the country to achieve because that will help in giving confidence to the rest of the world,” Bajwa said.
Pakistan’s central bank cut the policy rate by a cumulative 250 basis points in June and July from a record 22 percent. Inflation slumped from a record 38 percent in May 2023 to 11 percent in July.
The central bank’s efforts have been supportive to Pakistan’s equity markets, Bajwa said, noting that he expects interest rates to fall to single digits by 2025.
“The equity markets have been responding quite nicely,” he said.
The benchmark KSE-100 Index has rallied 71 percent in dollar terms in the past year, making it the best performing stock market globally:
“Some foreign funds have started coming back into the market to give it some support.”
Pakistan’s Bank Alfalah in final stages to acquire Saudi shares in Samba Bank — Bloomberg
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Pakistan’s Bank Alfalah in final stages to acquire Saudi shares in Samba Bank — Bloomberg
- Bank Alfalah is Pakistan’s fourth largest lender by assets and is owned by UAE-headquartered Abu Dhabi Group
- It has seen second fastest deposit growth in past five years among Pakistani banks, according to data from Bloomberg
Pakistan warns of heightened glacial lake flood risk as temperatures rise
- NDMA says early heatwave conditions could accelerate glacier melt in northern Pakistan
- Authorities urge contingency planning, early warnings and evacuations in at-risk areas
PESHAWAR: Pakistan’s disaster management authority warned on Thursday of an elevated risk of glacial lake outburst floods (GLOFs) starting next month as rising temperatures threaten to accelerate snow and glacier melt in the country’s northern regions.
The National Disaster Management Authority (NDMA) said seasonal forecasts point to higher-than-normal temperatures and possible early heatwave conditions that could destabilize glacial lakes in Gilgit-Baltistan and upper Khyber Pakhtunkhwa.
GLOFs occur when water from melting glaciers breaches natural barriers and is suddenly released, triggering fast-moving floods downstream.
“Increasing temperatures during March to June 2026 may accelerate snow and glacier melt in Gilgit Baltistan and Upper Khyber Pakhtunkhwa, heightening the risk of GLOF incidents,” the NDMA said in a statement. “Such events can trigger flash floods, causing damage to homes, infrastructure, agriculture, communication networks and may result in human casualties in vulnerable downstream communities.”
The advisory identified several potentially exposed areas, including valleys in Gilgit-Baltistan such as Ishkoman, Gulkin and Gulmit, as well as parts of Chitral and Upper Dir in Khyber Pakhtunkhwa.
The NDMA urged provincial and local authorities to review contingency plans, strengthen early warning systems and prepare evacuation arrangements where necessary.
Communities living near glacial streams were advised to remain vigilant, avoid unnecessary movement in high-risk zones and follow official instructions.
Climate change has become a major concern for Pakistan, which is frequently ranked among the world’s most vulnerable countries to global warming despite contributing less than 1 percent of global greenhouse gas emissions.
In recent years, the country has endured devastating floods, prolonged droughts and record-breaking heatwaves that have killed thousands of people, damaged critical infrastructure and deepened food security challenges.
