Bahria Town has achieved another milestone in its decades long journey of remarkable success and competence. The giant real estate company has entered the financial services sector by taking over Escorts Investment Bank Ltd and Escorts Capital Ltd.
Bahria Town has acquired 76.254% shares of Escorts Investment Bank Ltd, and taken over the managerial control of the company. EIBL is a listed deposit-taking NBFC which operates under the licence of Investment Finance Services from SECP. The license authorizes EIBL to issue various financial products including housing finance which is relevant to the core business of Bahria Town. Thus, Bahria Town is going to offer housing finance loan facility to all of its members in all bahria town projects across Pakistan.
As we already know that there is hardly any private bank which offers housing finance if you are going to buy or build anything in Bahria Town, due to the fact that you do not have ownership of land. Housing finance facility will benefit all those members who sock away their savings from monthly salary in order to accumulate the huge amount required for construction of their own house. Bahria Town will make the most of this option, as it owns the bank as well as the society, so you will be kicked out of your house if you fail to pay off your loan.
Bahria Town has also acquired 100% shares of Escorts Capital Limited through a separate settlement, and has taken control of its management. Management of Bahria Town is thankful to all stake holders, especially SECP and PSX for their assistance and guidance which made this settlement possible.
This major step of bahria town into the financial sector is a glaring example of far-sightedness and broader vision of the management of Bahria Town and we wish them best of luck in their future ventures.