Faysal Bank Limited has announced take over of the controlling interest in the Pakistan operations of Royal Bank of Scotland Limited (RBS Pakistan), from the RBS Group for Euro 41 million, thereby achieving a significant milestone in its growth strategy.
Faysal Bank''s commitment to Pakistan is reflected in the vision of its principal shareholder, Ithmaar Bank, and its Chairman, His Royal Highness, Prince Amr Mohamed Al Faisal Al Saud. This acquisition will expand Faysal Bank''s footprint to over 200 branches, with combined business assets of over PKR 260 billion, further strengthening its balance sheet and placing it amongst the top 10 banks in Pakistan. In a statement to the media, Naved A. Khan, President & CEO, Faysal Bank Limited, said:
"This acquisition is a significant milestone in Faysal Bank''s strategy to expand its presence and commitment to Pakistan, whilst offering a wider range of products across all business segments, with continued focus on improving customer experience.
This expansion will result in positioning the bank as one of the key players in the financial sector, which is undergoing consolidation. The bank remains committed to all its stakeholders, customers and employees, while continuing to fulfil its corporate responsibilities." Syed Naseem Ahmad, Chairman, Faysal Bank Limited, said: "This acquisition will significantly complement our ambitious growth plans. We will ensure that we optimise on the opportunities arising from this acquisition through providing the necessary support, investment and resources to the management of the bank." The merger of RBS Pakistan into Faysal Bank Limited is expected to be completed by January, 2011, subject to all regulatory approval.-PR