BankIslami to sign MoU with EGIBL

BankIslami will take over or merge with Emirates Global Islamic Bank Limited (EGIBL) Pakistan after due diligence, it said.

"The Board of Directors of BankIslami has decided to enter into an MoU with EGIBL Pakistan in relation to a proposed acquisition or merger in such a way that BankIslami remains the surviving entity," said BankIslami.

"The transaction is subject to satisfactory due diligence, regulatory consents and execution of a bidding agreement between the parties," said BankIslami.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.