Apr 27, 2011 The Dubai conglomerate Alokozay Group is in the final stages of acquiring Afghanistan's Brac Bank as it seeks to take a major step into the financial sector. Jalil Alokozay, the chief executive of Alokozay Group, confirmed the transaction but declined to comment about the details, saying only that he saw "great potential" in the Afghan banking sector. Najia Sherzad, the treasury manager of Brac Bank, said yesterday details of Alokozay's acquisition of the bank were "confidential".Any deal would be announced after the Alokozay Group was given authorisation to buy the bank, she said. 

Background:
Brac Bank, founded in 2006, is owned by the non-governmental organisation Brac, which works to alleviate poverty, the International Finance Corporation, Triodos Bank of the Netherlands and the US non-profit company ShoreCap International. Brac Bank focuses on small and medium-sized enterprises and has lent more than US$35 million (Dh128.5m) to 6,000 companies, according to its website.