PACRA PLACES CRESCENT INVESTMENT BANK (CRESBANK)

RATINGS ON RATING WATCH

 

Lahore: October 24, 2002

The Pakistan Credit Rating Agency (PACRA) has placed Crescent Investment Bank Limited's (CIBL) long-term and short-term entity ratings of 'BBB-' (Triple B Minus) and 'A3' (Single A Three) on RatingWatch.

PACRA has taken this action subsequent to the signing of an agreement by CresBank and International Housing Finance Limited (IHFL) with Mashreq Bank psc to form a locally incorporated listed banking company in which CIBL, IHFL and the Pakistani branches of Mashreq Bank shall be amalgamated.

The amalgamation of business of CIBL, IHFL and Mashreq Bank is subject to the necessary regulatory approvals. The ratings assigned to CresBank will remain on RatingWatch and will be reviewed on completion of the amalgamation process.