KARACHI - In the context of current scenario of the domestic financial industry, the delayed acquisition deal of Mybank and the transaction for purchasing 50 per cent shares of Arif Habib Bank by a consortium of local and foreign investors led by Hussian Lawai is likely to complete soon, banking sources said. Sources said that the process of acquisition of Mybank is expected to complete soon as the high level management of Mybank has resumed talks with the sponsored party to get into the process of due diligence as early as possible. The acquisition deal of Mybank and the purchase of 50pc shareholdings in the Arif Habib Bank by the Lawai-led consortium were supposed to be completed in February, 2008, but a deadlock emerged between the concerned parties over the acquisition pricing formula. In addition to that, the sponsored consortium could not inject the proposed equity amount into the Arif Habib Bank. It must be noted here that a consortium led by Hussain Lawai had finalised a deal with Mybank in September 2008. The same consortium had signed a MoU with the Arif Habib Securities Limited (AHSL) to invest Rs4.5 billion to acquire up to 50 per cent take of the Arif Habib Bank Limited (AHBL). Sources said the amount involved in the deal of Mybank was about Rs5.3 billion, the paid-up capital of the bank is Rs4.243 billion, equity Rs5.148 billion and total assets Rs41.344 billion. The break-up of financial accounts of the Bank revealed that AHBL has a paid up capital of Rs6.132 billion and paid-up share capital of 5.0 billion as on December 31, 2008 while the minimum capital requirement (MCR) is Rs6.0b for 2009. Analysts held a view that the bank have been met the MCR for CY08 but may have faced some issues going forward with MCR increasing to Rs6.0b by 2009, Rs10.0b by 2010, and so on. The banks deposits amounted to Rs 16.616b while advances stood at Rs 15.758b. AHBL has assets of Rs 24.802b and as on December 31, 2008, the Bank posted the profit after tax of Rs 0.19b with earning per share of 0.38 rupees. Mybank Limited was incorporated in 1992 as a Commercial bank. As per the financial highlights of mybank during 2008, the paid up capital of the Bank is Rs 4.243b, equity is Rs 5.58b. Total Assets of the Bank amounted to Rs 39.083b. The Bank has 80 branches across the country. Mybank reported profit after tax of Rs0.35b with equity per share of 0.78 rupees in CY08. Erum Zaidi