Corporate corner: Burj Bank merges into Al Baraka Bank
The amalgamated entity will operate with a combined network of 224 branches
he amalgamated entity will operate with a combined network of 224 branches. PHOTO: REUTERS
KARACHI:
Al Baraka Bank (Pakistan) Limited (ABPL), and Burj Bank Limited (BBL) have successfully merged operations under the name of Al Baraka Bank (Pakistan) Limited. In the mid of 2016, Al Baraka Bank (Pakistan) Limited received the approval from the State Bank of Pakistan (SBP) to conduct the due-diligence of BBL, one of five full-fledged Islamic Banks in Pakistan. The amalgamated entity will operate with a combined network of 224 branches and net assets in excess of Rs120 billion in addition to Al Baraka Banking Group’s (ABG) global presence in 15 countries spanning from Europe to MENA and Asia, with a network exceeding 775 branches. On the occasion, ABG Chairman Sheikh Saleh Abdullah Kamel said, “The merger between ABPL & BBL is part of the group’s strategy to expand its reach in Pakistan and strengthen the global footprint of Islamic finance.
Published in The Express Tribune, November 8th, 2016.
Al Baraka Bank (Pakistan) Limited (ABPL), and Burj Bank Limited (BBL) have successfully merged operations under the name of Al Baraka Bank (Pakistan) Limited. In the mid of 2016, Al Baraka Bank (Pakistan) Limited received the approval from the State Bank of Pakistan (SBP) to conduct the due-diligence of BBL, one of five full-fledged Islamic Banks in Pakistan. The amalgamated entity will operate with a combined network of 224 branches and net assets in excess of Rs120 billion in addition to Al Baraka Banking Group’s (ABG) global presence in 15 countries spanning from Europe to MENA and Asia, with a network exceeding 775 branches. On the occasion, ABG Chairman Sheikh Saleh Abdullah Kamel said, “The merger between ABPL & BBL is part of the group’s strategy to expand its reach in Pakistan and strengthen the global footprint of Islamic finance.
Published in The Express Tribune, November 8th, 2016.