Faysal Bank wins bid for RBS


May 20, 2010

Faysal Bank beat EFG-Hermes Bank in the bid for Royal Bank of Scotland's Pakistan operations on Thursday.

Sources with direct knowledge of the matter broke the news of the deal but the value of the transaction was not known.

The purchase would double Faysal Bank's branch base and will help grow Faysal Bank's business in Pakistan.

The Bahrain Islamic lender Ithmaar has a 68 per cent ownership in Faysal Bank.

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