Faysal Bank Limited has merged with the Pakistani division of the Royal Bank of Scotland limited.
Faysal Bank issued a press release stating that “This merger has been completed in record time, within three months of acquiring controlling interest.” In addition, all RBS branches in Pakistan are now being marketed under the Faysal Bank label.
Faysal Bank now has a network of more than 200 branches throughout the country. Its new asset base is more than Rs250 billion. Naved A Khan, the president of Faysal Bank noted that “This merger results in greater career and development opportunities for employees.”
Ithmaar Bank BSC, a retail-oriented Islamic bank, headquartered in Bahrain is the majority shareholder of Faysal Bank.