Crescent Standard Investment Bank Limited is the
largest investment bank in Pakistan operating with a total asset base of
PKR 6.45 billion and an equity base of PKR 784 million. The history of
the bank dates back to 1990 when it was incorporated under the name of
Al Baraka Investment Bank Limited as a public limited company and was
licensed to carry the investment banking activities. It was re-named as
Al-Towfeek Investment Bank Limited in 1991. The bank started commercial
operations in the same year. The bank was re-licensed in 2003 to carry
out activities of investment banking services and leasing operations.
The bank's registered office and head is located at Crescent Standard
Tower in Lahore, the second largest city and business centre of
Crescent Standard Investment Bank Limited's creation
stretches over a period of 14 years. The turning point came in 1997,
when First Crescent Modaraba initially acquired and merged Al Ata
Leasing Modaraba and thereafter First Confidence Modaraba into it. This
was followed by another acquisition of First Crescent Modaraba of Al-Towfeek
Investment Bank Limited in the year 2002 and merger of its operations in
the investment bank in year 2003. The emerging entity was named as First
Standard Investment Bank Limited. The bank continued its quest for
further consolidation and acquired Paramount Leasing Limited, First
Leasing Corporation Limited and Pacific Leasing Company Limited and
merged them into its operations earlier this year. It is arguably the
largest and most complex process of consolidation experience in the
corporate history of Pakistan, where seven small and weak companies have
been merged to create a large and viable organization. The merger is
also a mega union of diverse groups of human resources with different
set of expertise.
Crescent Standard Investment Bank is a subsidiary of
the Crescent Standard Group, the premiers of which are among the most
well reputed business personalities in Pakistan. Crescent Standard Group
is a sub-conglomerate of Crescent Group and is controlled and owned by
three brothers of the Crescent family; Mian Altaf Saleem, Mian Ahsan
Saleem and Mian Anjum Saleem. The three brothers represent third
generation of the greater Crescent Group, the history of which dates
back to early 1940s when their forefathers started with leather business
that went on successfully. It all lasted till the partition, when the
family had to let go the business set up on the other side of sub
After migration to Pakistan, the family started off
with its focus on textile and agro-based business and established
Crescent Textile Mills Limited in 1954 followed by the establishment of
various other industrial units between fifties and sixties including
Crescent Jute Products, Crescent Boards Limited and Shakarganj Mills
Limited, which is currently one of the largest sugar mill in Asia. Rapid
expansion during the 1950s and 1960s due to aggressive industrial
policies of the government, allowed Crescent Group to emerge as the one
of the top industrial conglomerates that dominated Pakistan's industrial
sector in the sixties.
Crescent Standard Group has emerged as the focus of
premiers have widened towards Pakistan's banking and financial sector.
The group has undertaken extensive mergers and acquisitions in Modaraba,
Leasing, Mutual Fund and Investment Banking domains and now holds a
cluster of most prominent financial institutions in Pakistan.
Crescent Standard Investment Bank Limited with a
highly skilful management and operational experience, provides financing
and investment opportunities to both corporate and individual investors.
The bank is committed to provide solid returns to its clients based on
sound investment decisions. The bank provides a broad range of
investment opportunities such as Certificates of Investment (COIs),
Islamic financing such as Musharika, Morabaha and Portfolio Management
Based on specific customer needs, the bank offers
both short-term and long-term financing facilities that include but not
limited to leasing, Morabaha, Musharaka and term financing. For the
corporate clients, the services offered include Underwriting, Initial
Public Offerings, Private Placements and Asset Management Schemes.
The bank has opened a separate Islamic Banking window
in the true spirit and offers products both in asset management and
liability management. The Islamic banking operations are completely
segregated through a tailored Management Information System.
The management of Crescent Standard Investment Bank
Limited consists of experts that have professional qualifications and
years of experience in their respective areas of expertise. The bank has
currently been awarded an entity rating of 'BBB' (long-term) and 'A 3'
(short-term) by JCR-VIS Credit Rating Company.
The synergies of the merger of Paramount Leasing
Limited, Pacific Leasing Company Limited and First Leasing Corporation
Limited into Crescent Standard Investment Bank Limited have started to
emerge and the bank posted an earnings per share for June 30th 2004 of
Rs. 1.42 compared to a negative earnings per share of Rs. 0.61 for the
same period last year. The bank has successfully completed its
management re-structuring by consolidation of the existing expertise
available and also by hiring new professionals in order to provide most
efficient services to its customers.
At present, the bank is carrying out its business
through a network of four branches situated at prime locations of
Karachi, Lahore, Islamabad and Peshawar. The bank is head quartered at
Lahore in Crescent Standard Towers, at main boulevard Gulberg, a
building owned by the Crescent Standard Group with of all its key
The bank's main focus, among others, has been to
penetrate the market of corporate finance & advisory and investment
banking. The bank has a centralized corporate finance group undertaking
client-focused investment banking and corporate financial advisory
services to corporate clients.
The corporate finance group has an extensive network
of clients, investors and business relationships that have been
cultivated over a very short period of time. Their expertise lies in
both financial and industrial sector, financial engineering and debt
raising. They have carried out some of the most exclusive and prolific
transactions that have made them pioneer among the corporate financial
advisory circles in Pakistan.
The broad range activity base of corporate finance
and investment banking group of the bank includes issuance of debt
instruments for companies, structuring, arrangement and advising mergers
and acquisitions, public issue structuring arrangement and advisory,
initiating green field projects, underwriting public issues, leveraged
buyouts, mergers and acquisitions, securitisation, project advisory and
finance, privatization advisory and associated financial due diligence,
capital markets placements, corporate credit rating advisory, loans and
syndications and financial restructuring etc.
Another major activity center of the bank is the
treasury management group, which is being managed by some of the most
reputed and dynamic professionals in the market. The bank's treasury in
addition to undertake the core treasury functions is also involved in
undertaking portfolio management for the Crescent Standard Group,
capital market placements, trading debt instruments and maintaining
credit lines etc.
The Islamic banking department of the bank is focused
towards implementation and maintenance of riba-free banking through
constant development of Islamic instruments for the bank. The same is
done through extensive research in the domains of assets and liabilities
management with the assistance of Islamic scholars, followed by product
development, training of personnel and implementation of the products
through out the activity base of bank.
Crescent Standard Investment Bank is well poised and
geared up to maintain its growth potential for the coming years. The
management is planning to further expand its business operations by
operating eight new branches for broadening its customer base and
intends to make the bank as one of the largest Islamic investment bank
of the country.
The management has inherited rich experience of
Islamic investment banking and professional ethics through Crescent
Group's prolific background and is ready to face the challenges imposed
by the international and Pakistani economic avenues while maintaining
its course according to the vision and mission of the Crescent Standard