Press Release

JCR-VIS places the A/A-2 ratings assigned to Arif Habib Bank Limited (formerly Arif Habib Rupali Bank Limited) on Rating Watch-Developing

Karachi, October 22, 2008: JCR-VIS Credit Rating Company Limited has placed the ‘A/A-2’ (Single A / A-Two) ratings assigned to Arif Habib Bank Limited (AHBL) (formerly Arif Habib Rupali Bank Limited) on ‘Rating Watch-Developing’.

The rating action takes into account negotiations regarding acquisition of substantial stake in the bank by a major consortium. Outcome of these negotiations may have implications for shareholding structure and management control, which will be incorporated in the ratings once the deal has been finalized.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 or fax to 5311872-3.



Faheem Ahmad
President & CEO

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