Bank AL Habib Limited (KASE:BAHL) agreed to acquire the remaining 70% stake in Habib Asset Management Limited for approximately PKR 150 million on November 17, 2019. Bank Al Habib is currently holding 30 percent stakes in Habib Asset Management Limited, which manages 6 conventional and two Islamic mutual funds. The transaction is subject to obtaining necessary corporate and regulatory approvals. Upon completion of the acquisition of the 70% shares, the bank shall inject additional equity amounting up to PKR 450 million into Habib Asset Management Limited in order to meet the minimum equity requirements prescribed by the Securities and Exchange Commission of Pakistan and to further support the operations of Habib Asset Management Limited. Bank AL Habib Limited (KASE:BAHL) completed the acquisition of the remaining 70% stake in Habib Asset Management Limited on May 21, 2020. The transaction was approved by Securities and Exchange Commission of Pakistan, the Competition Commission of Pakistan and the shareholders of the Bank AL Habib in their annual general meeting held on April 14, 2020. Habib Asset Management has become Bank AL Habib's wholly-owned subsidiary.