Escort Investment Bank, owned by Bahria Town’s Malik Riaz, is all set to gear up its operations with a new board which showed a symbolic establishment of a new branch at Bahria Orchid in Lahore.
The new branch was inaugurated by Ali Riaz, its CEO, said a stock filing.
The bank witnessed puts an end to the transition as the new board of directors took over the charge of the investment bank last month. The names of the directors are Umair Rafique Vadria, Karim Hatim, Zain Malik, Naveed Amin, Rashid Ahmed, Tahir Saeed Effendi.
It took nearly a year for the management of Bahria Town to acquire the investment bank, due to some issues in compliance and regulations.
The real estate giant has a strong financial health which succeeded to ensure the regulator regarding the investment bank’s operations, which is primarily being run in losses until now.
SECP gave a green signal to the bank not only to acquire a major shareholding (71%) in the bank but to acquire its brokerage house, Escort Capital Limited, as well at the price of Re. 1 along with liabilities of several million.
Analysts believe the acquisition of Escort Investment Bank by Bahria Town is likely to bode well not only for the bank but for the investment banking sector though it depends on the performance of the new management to drag the company from losses to profits.