Al Baraka Banking Group from Bahrain has said to merge its Pakistani unit with the country’s based Burj Bank.
The banking group from Bahrain is one of the top Islamic Banks from the Gulf. The merger will bring about an organization with $1.1 billion worth of assets.
The decision still requires regulatory approvals to get finalized. The shareholders approved the merger last month upon the conditions that for every 1.7 shares in Burj, the Burj Bank will receive one Al Baraka Bank (Pakistan) share.
With 74 Burj Bank branches to convert to Al Baraka Bank (Pakistan), the merger is predictable to happen in the last quarter of this year with forming of 224 branches through joint network in the country. Bahrain’s bank will hold the majority of shares in the merged setup.
Burj Bank is the one of the most developed Islamic Bank that brought interest of many institutions in the country to hold due assiduousness before approving to merge with Al Baraka.
As per today, Bahrain’s Bank Al Khair and Jeddah-based Islamic Corporation owns the highest number of shares in Burj Bank, 37.9% and 33.9% consecutively.
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