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ORIX unit acquires Standard Chartered Services of Pakistan, leasing company

ORIXCorp. unit ORIXLeasing Pakistan Ltd. has acquired and a Pakistani leasing company for ¥1 billion, The Nikkei reported July 13.

The acquisition makes ORIX the first Japanese company tohandle Modaraba, a Shariah-complaint financial instrument. The news came afterORIX Leasing Pakistan announcedin June that it acquired a 10% stake in Standard Chartered Modaraba.

The acquisitions were part of a under which ORIX LeasingPakistan had agreed to acquire Standard Chartered Leasing Ltd. and Standard CharteredServices of Pakistan, as well as a 20% stake in Standard Chartered Modaraba,from Standard Chartered Bank(Pakistan) Ltd.

As of July 12, US$1was equivalent to ¥104.51.