According to an official notification issued by the central bank on Friday, the amalgamation of RBS Pakistan into Faysal Bank was sanctioned on December 29 and the central bank has cancelled the former’s licence with effect from the close of business on December 31.
“This merger has been completed in record time, within three months of acquiring controlling interest,” said a release issued by Faysal Bank. It highlighted that all RBS branches in the country have been converted and branded under the Faysal Bank name.
The acquisition has expanded Faysal Bank’s branch network to more than 200 and has taken the combined asset base beyond Rs250 billion. “This merger results in greater career and development opportunities for employees,” contended Faysal Bank President Naved A Khan.
Faysal Bank was incorporated in Pakistan on October 3, 1994 as a public limited company. The majority shareholding of the bank is held by Ithmaar Bank BSC - a Bahrain-based, retail-focused Islamic bank.
Atlas Bank merged into Summit Bank
The SBP has announced the cancellation of the banking licence of Atlas Bank with effect from the close of business on December 31, according to an official notification issued on Friday. In yet another notice, the central bank has also de-scheduled the bank with effect from the same date. Atlas Bank has henceforth been officially amalgamated with and into Summit Bank Limited.
Published in The Express Tribune, January 1st, 2011.
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