Karachi, Faysal bank Limited informed Pakistan Stock Exchange that the Bank intends to acquire up to 19.99% voting shares of its Associated Company M/s. Faysal Asset Management Limited i.e. 2,998,000 shares from Mr. Razi-ur-Rehman Khan. The valuation of shares has been calculated by KPMG TaseerHadi and Company, Chartered Accountants at the rate of PKR. 30/- per share. The Board of Directors of the Bank has approved the said acquisition of up to 19.99% Shares from Mr. Razi-ur-Rehman Khan of FAML, subject to obtaining of all relavant Regulatory and shareholders approvals.
Faysal Bank Limited was incorporated in Pakistan on October 3, 1994. The foundations of the company were laid as a public limited company under the Companies Ordinance, 1984. Ithmaar Bank B.S.C., a Bahrain based retail bank, is the parent company of the bank. The business activities of the bank include commercial banking, consumer banking, corporate banking and Islamic banking activities. The bank has a branch network comprising of over more than 265 branches in around 80 cities of Pakistan. The registered office of the bank is situated in Karachi. The stocks of the bank are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan.
The bank provides products to its customers in the field of personal and business banking. This includes deposits products, retail services, lending and insurance solutions. In the business banking the services related to corporate and agri solutions are provided.
The symbol “FABL” is being used by the stock exchange for the shares of Faysal Bank Limited.