Press Release

JCR-VIS places entity ratings of Arif Habib Rupali Bank Limited under ‘Rating Watch-Developing’ status

Karachi, June 28, 2007: JCR-VIS Credit Rating Company Limited had assigned an entity rating of A/A-2 (Single A / A-Two) to Arif Habib Rupali Bank Limited (AHRB) on February 2, 2007. Ratings had incorporated the positive implications arising out of the proposed merger of Arif Habib Securities Limited (AHSL) into AHRB, both in terms of improved capitalization and the banks access to the earning streams from the current investment portfolio of AHSL in diverse business segments, subsequent to the merger.

On account of implications arising from certain proposals in the Budget 2007, the decision to merge AHSL into AHRB is being reconsidered and alternatives are being evaluated. In view of this, JCR-VIS has placed the entity ratings of AHRB on ‘Rating Watch-Developing’ status. Investors will be notified of future developments on this front.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-72 or fax to 5311873.


Faheem Ahmad
President & CEO

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