Bestway has upped its stake in United Bank, the second largest lender in Pakistan, to 51.07%.
The cash & carry giant took a stake in the bank in 2002 as part of a consortium with Abu Dhabi Group. The latest $230m (£142m) investment by Bestway leaves Abu Dhabi with a holding of just 10.3%.
United Bank has 1,100 branches in Pakistan and a strong presence in the Middle East, North America, Europe, China and Central Asia. Its UK arm, United National Bank, has six branches.
"This is a strategic long-term investment for Bestway," said CEO Zameer Choudrey.
"United is a solid bank with huge potential. We will continue to focus on strengthening its balance sheet through acquisition of low-cost deposits and improvement in asset quality, as well as growing its international business in a secure and selective manner."
Meanwhile, Bestway has been awarded the Carbon Trust Standard after reducing its group carbon emissions by 1%. It has now cut energy use 50% at its Batleys depot in Coventry, 40% in Leeds and 30% in Birmingham.
"Staff have reduced their energy consumption by monitoring use of lights, heating systems and vehicles," added Zahir Fazaldin, who manages the project.
The cash & carry giant took a stake in the bank in 2002 as part of a consortium with Abu Dhabi Group. The latest $230m (£142m) investment by Bestway leaves Abu Dhabi with a holding of just 10.3%.
United Bank has 1,100 branches in Pakistan and a strong presence in the Middle East, North America, Europe, China and Central Asia. Its UK arm, United National Bank, has six branches.
"This is a strategic long-term investment for Bestway," said CEO Zameer Choudrey.
"United is a solid bank with huge potential. We will continue to focus on strengthening its balance sheet through acquisition of low-cost deposits and improvement in asset quality, as well as growing its international business in a secure and selective manner."
Meanwhile, Bestway has been awarded the Carbon Trust Standard after reducing its group carbon emissions by 1%. It has now cut energy use 50% at its Batleys depot in Coventry, 40% in Leeds and 30% in Birmingham.
"Staff have reduced their energy consumption by monitoring use of lights, heating systems and vehicles," added Zahir Fazaldin, who manages the project.
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